Photo by: Reuters
PERTH (miningweekly.com) – ASX-listed Origin Energy on Wednesday flagged an additional A$337-million impairment charge for the 2015 financial year, on the back of lower reserves and lower oil prices.
The impairment charge related to the company’s upstream oil and gas assets and was in addition to the A$53-million impairment charge incurred on its New Zealand onshore assets announced during the 2015 interim period.
A post-tax impairment of some A$180-million would be recorded at the Cooper basin assets, a further A$122-million at the Bass basin assets and some A$35-million at the Otway basin assets.
The company noted that no impairment charges would be recorded for the Australia Pacific liquefied natural gas project, as the economics of Origin’s investment in the project remained robust.