28 September 2023

Nostra Terra Oil and Gas Company PLC

Interim Results for the six months ended 30 June 2023

Nostra Terra (AIM: NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA, is pleased to announce its unaudited results for the six-month period ended 30 June 2023. A copy of the Interim Results is available on the Company's website, www.ntog.co.uk.

Financial Highlights

·    $1,472,000 Revenue for the period (30 June 2022: $2,003,000)

·    $530,000 Gross profit from operations for the period (30 June 2022: $1,203,000 profit)

·    $481,000 profit before non-cash items (depletion, depreciation, amortisation, and interest)

·    $48,000 profit for the period (30 June 2022: $203,000 loss)

·    21,023 barrels of oil total production for the period (30 June 2022: 20,383 barrels of oil)

·    Borrowing increased to $4,203,000, an increase of $317,000 vs. 31 December 2022

Post-period events:

·    Favourable ruling regarding Fouke Wells increasing the production limit to 126 bopd per well (50%+) as announced on 30 August 2023

Chairman's report

The first six months of 2023 have been a period of consolidation and prudent progress for Nostra Terra Oil & Gas.

In the wider world, the war in Ukraine continued, though the global pandemic crisis has  finished with the end of lockdowns in China. This was supposed to release pent-up demand for energy in China as their economy fired back up. It has yet to happen for a variety of reasons. However, a global increase in energy demand and continuing effects from the war mean that the WTI spot benchmark price has strengthened to around $90 per barrel at the time of writing.

The Company continued to take advantage of these relatively high oil prices throughout the period to concentrate on optimising production from our existing producing wells. Toward that end, a further four workovers at Pine Mills were carried out to continue supporting production volumes and revenues.

Despite some well-specific operational issues, Nostra Terra produced an operating profit for the period of $176,000 ($48,000 after financing costs).

In March 2023, Jeffrey Henry LLP was replaced by MAH as the Company's auditors. Jeffrey Henry no longer had sufficient capacity to service Nostra Terra and many others of its clients' needs, and so had to withdraw from providing audit services to several companies.

Post period, in August 2023, the Texas Railroad Commission (as regulator) approved the operator's request for an increase in the allowable field rate from 82 bopd to 126 bopd each for the Fouke #1 and Fouke #2 wells. This significantly increased the cap on the production rate from the Company's two currently most productive wells, removing a regulatory brake on our potential revenue stream.

I would like to thank our shareholders again for their support over the last six months.

Dr Stephen Staley

Chairman

28 September 2023

Chief Executive Officer's report

We had a strong first half of the year. Our focus has been on increasing cash flow. This was achieved by maintaining production levels and keeping operating costs low.

Revenue was robust at $1,472,000 for the period (30 June 2022: $2,003,000). Gross profit from operations for the period was $530,000 (30 June 2022: $1,203,000 profit). Average oil sales prices during the period were $70.04 per barrel (30 June 2022: $98.28), and average production was 116 bopd (2022: 112 bopd)

At the beginning of 2022, the Fouke 2 (32.5% WI) well was drilled and put into production. The well was then tested and flowed at a rate of 145 bopd over a 24-hour period with 0% watercut and placed into continuous production. This production rate exceeded that of the offset Fouke 1 well by 77% because the Fouke 1 had been limited by field rules ("allowable") to 82 bopd per well. As a result of the past performance of the Fouke 1 and the test rate of the Fouke 2, the operator requested a substantial increase in the field allowable rate so that both wells could be produced at higher and more efficient rates. The hearing took place in March 2023, with the final order granting the proposed changes being approved in August 2023.

Due to the excellent returns from these wells, Nostra Terra continues to look for similar opportunities in the Company's 100% working interest acreage in Pine Mills. We have let our application for Tunisian acreage lapse for now but maintain good relations with the authorities there and may recommence the process in due course. Additionally, the Company continues  actively seeking and assessing new opportunities within the US and abroad.

I wish to extend a sincere thank you to our shareholders for your continued support, and I look forward to updating you as we continue to grow our Company.

Matt Lofgran

Chief Executive Officer

28 September 2023

Nostra Terra Oil and Gas Company plc

Consolidated Income Statement

for the six months ended 30 June 2023

The Group's operating profit or loss arose from continuing operations.

There were no recognised gains or losses other than those recognised in the income statement above.

Nostra Terra Oil and Gas Company plc

Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2023

Nostra Terra Oil and Gas Company plc

Consolidated Statement of Financial Position as at 30 June 2023