Nostra Terra Oil & Gas Plc (LON:NTOG) told investors it has achieved cutbacks equating to 40% of year-on-year reduction in combined running costs.
Operational overheads have been cut by 49%, the company said, while it added that ‘Plc’ costs were down by 10% and management remuneration had been lowered by 25%.
These cost cutting efforts have been sought over the past twelve months, as a response to prolonged oil prices.
It believes the business is now better positioned to withstand the market’s current conditions, and it now remains committed to acquiring new assets.
Matt Lofgran, Nostra Terra chief executive, in a statement said: "We're pleased to have achieved a significant cut in costs during such a severe downturn in the commodity cycle.
“We'll strive to keep cost low while our focus remains on increasing production and revenues."