New World heralds oil progress

New World Oil and Gas yesterday posted an increased pre-tax loss of $1.4m (£862,000) for the six months to 30 June, compared to $995,000 over the same period last year. The oil and gas exploration company has made “significant progress” at its flagship Blue Creek Project in Belize, where it has identified a prospective 329m barrels of oil. The shares closed up 1.44 per cent at 12.25p yesterday.