New City Energy say that during the year to 30 September 2015 its NAV, in total return terms, fell by 53.2% as the full extent of the price war in oil impacted the holdings in the Company's portfolio. The share price fell by 58.7%, ending the year at a discount of 27.9%. Over the period the oil price (WTI) fell from $93.21 on 30 September 2014 to $45.48 on 30 September 2015 - a fall in percentage terms of 51.2%. The sharp fall in the oil price over the last 12 months has led to a number of portfolio companies reducing or cancelling their dividends. As we reported a few days ago, the Board have concluded that the current level of annual dividends totalling 2.04p per share is unsustainable in the short-term and that an annual level of 1.00p per share is appropriate and will allow the portfolio managers to invest for future growth. NCE : New City Energy smashed by oil price fall