LONDON (Alliance News) - New World Oil & Gas PLC on Thursday reported a narrowed pretax loss in 2015 as it tightly controlled costs in a volatile year for the oil and gas industry.
The oil and gas company said its pretax loss in 2015 narrowed to USD4.2 million from USD11.7 million, in a year which it said was "dominated" by "sustained volatility in global oil and gas markets".
As a result of market volatility, New World said it made cash conservation the focus of the year, helping it to narrow its loss. New World does not generate any revenue.
"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. We intend to maintain a tight control on costs and manage overheads to a minimum whilst exploring all options available to the company," Acting Non-Executive Chairman Christopher Einchcomb said in a statement.
"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," he added.
Shares in New World were trading down 9.3% at 0.0635 pence on Thursday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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