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LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Monday said its pretax losses widened in its first-half as high costs offset increased sales.
The hydrocarbon exploration and production company with operations in the US, said its pretax losses widened to GBP529,000 from GBP356,000 for the six months to June 30.
The company said its sales vastly increased to GBP415,000 from GBP162,000 as initial production at its Chisholm Trail wells exceeded original expectations and the company increased its interest in strongly producing sites.
However, the cost of sales at the company increased to GBP546,000 from GBP105,000 and led to its pretax loss widening.
The company won a court case with Richfield Oil and Gas Company during the period and expects a USD1.5 million payment from the company imminently.
Nostra Terra shares were down 2.41% to 0.405 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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