Beach Energy recognizes Cooper Basin impairments

Beach Energy informed of asset impairment charges of $166 million after tax, expected to be recognised in the FY15 half year accounts, due for release on Monday, 23 February 2015.

Asset carrying values have been assessed as part of Beach’s half year review process, with resultant impairment charges reflecting the current environment of lower oil prices.

Cooper Basin impairment charges have been determined on an area of interest basis and comprise primarily non-operated oil, gas and gas liquids interests.

The value of Romanian interests has been reduced to nil, with no further exploration scheduled.

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Image: Beach Energy