SINGAPORE (Aug 28): Oil and gas company Linc Energy's net losses for FY2015 ended June 30 widened by 11% to A$249 million ($249 million).

Group revenue slid 40.8% to A$87.8 million, on the back of decreased US oil and gas net sales and decreased realised price per barrel.

The group also recognised an impairment on oil and gas assets of A$173.4 million.

Linc Energy says the oil market is likely to remain volatile due to the uncertain supply and demand outlook and the lingering global growth and geopolitical concerns, both of which are likely to impact the group’s performance for FY2015 and FY2016.

The group did not declare any dividends for the current financial year.

Linc Energy’s shares closed 14.4% higher at 13.5 cents.