New Zealand Oil & Gas Limited
(ASX:NZO) has reported a net loss of $45.2 million for the half year compared to a loss of $7.7 million for the same period last year.
The company says asset write downs due to the lower oil price and changes in the book value of exploration assets were the main contributors to the disappointing result.
The company says it still has strong cash flow despite the loss and has upgraded reserves in some of its oil fields.
The energy firm has also adjusted it corporate strategy to account for oil prices in the $30 range and will make widespread corporate cost savings including reducing directors fees.
In another cost saving exercise outgoing chairman Peter Griffiths will not be replaced in the short term.
