Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta

Email Facebook Twitter

Severn Trent CEO Liv Garfield speaking at the Hardman & Co Investor Forum Watch Now

Severn Trent CEO Liv Garfield speaking at the Hardman & Co Investor Forum
TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake

Alliance News

New World Oil & Gas Loss Widens On Higher Operating Costs

Thu, 19th Sep 2013 13:01

LONDON (Alliance News) - New World Oil and Gas PLC Thursday said its pretax losses widened significantly in its first half as an exceptional write-off and administrative costs hit the company.

The oil-and-gas exploration-and-development company focused on Belize and Denmark said its pretax losses widened to USD9.5 million for the six months ended June 30 compared to USD1.4 million the previous year.

The company is yet to make any revenues but experienced a one-off USD6.9 million write-off on one of its dry-wells and an increase in administrative expenses to USD1.2 million from USD485,000 after the company undertook an in-depth review of all overhead expenses, including the remuneration of directors.

As a result, the company said it made an operating loss of USD9.2 million from USD1.4 million the previous year which represents the bulk of its losses.

The company said that after the first-half period its shareholders approved a USD25 million investment by Niel Petroleum, together with a related conditional USD25 million debt facility.

"The partnership with Niel provides the company with substantial financial resources and access to exciting new projects in highly prospective areas which will go a long way to help us achieve New World's transformation into a sustainable oil and gas company with producing assets," Chairman Bill Kelleher said in a statement.

New World shares were down 6.7% to 0.980 pence Thursday.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

Copyright 2013 Alliance News Limited. All Rights Reserved.

Alliance News

Back to Alliance News

Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk

Home  |  Contact Us  |  About Us  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy  |  Mobile Site  |  About this website design

Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.