New World O&G more than halves FY pretax loss

New World Oil and Gas has more than halved its FY pretax loss to USD4.2m, from a loss of USD11.7m. Revenue was nil. The result included a USD2.2m impairment of intangible assets, versus USD10.5m a year earlier.

"Whilst oil prices appear to be bottoming out, we do not see the oil and gas industry recovering sufficiently in the near future to generate enthusiasm in capital markets to fund new ventures," the company said in a statement.

"We intend to maintain a tight control on costs and manage overheads to a minimum whilst exploring all options available to the Company.

"We believe that we will be able to secure an attractive value accretive option to deliver shareholder value and a long-term future for New World and we plan to provide further updates in due course."

At 9:24am: (LON:NEW) New World Oil Gas PLC share price was -0.01p at 0.06p