New Times Energy Corporation Limited provided earnings and impairment guidance for the year ended December 31, 2015. The group expects to record a significant loss for the year ended December 31, 2015. The expected loss was mainly attributable to the significant impairments on certain of the Group's oil and gas assets, including but not limited to the Group's Tartagal Oriental and Morillo concessions, as a result of the slump in international oil and gas prices in 2015 resulted in a further decline in oil price in Argentina, and low oil prices expected to persist in 2016.

The Company is still in the process of evaluating the impairment amount of these assets with independent valuers. Nevertheless, the recognition of impairment losses on valuation of the Group's oil and gas assets is one-off and non-cash in nature, and therefore, would not have any material adverse impact on the cash flow and the operations of the Group.