The onshore US oil and gas exploration and production company said its pretax loss widened to
The company said its revenues jumped to
However, Northcote also noted that its cost of sales increased, it was hit by a
The company said its loss for the year reflected high levels of acquisition activity during the period and costs related to its listing in early 2013.
The company is currently carrying out a range of operational initiatives to deliver 250 barrels of oil equivalent per day in the near future, and said that it expects substantial improvements in profitability during 2014 as it moves from an acquisition phase to development operations.
Northcote shares were down 8.1% to
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