PERTH (miningweekly.com) – ASX-listed oil and gas company AWE on Monday warned of a A$50.1-million noncash impairment charge in its interim results for the period ended December.
The impairment charge reflected the impact of lower oil prices on the carrying value of oil producing assets, AWE said, which resulted in adjustments to the book values of the Cliff Head and Tui assets.
AWE owns 57.5% of the Cliff Head project, offshore Western Australia, which produces at a rate of 2 250 bbl/d of oil, and 57.5% of the Tui asset, offshore New Zealand, which produces 3 800 bb/d.