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17-290MR AusTex Oil writes down oil and gas assets
ASIC notes the decision by AusTex Oil Limited (AusTex) to make a US$6.17 million impairment charge against oil and gas assets in its financial report for the half-year ended 30 June 2017.
ASIC had raised concerns about the value of oil and gas assets in the AusTex financial report for the year ended 31 December 2016.
As outlined in ASIC Media Release 17-162MR ASIC calls on prepares to focus on the quality of the financial report information impairment testing and asset values remain a focus area of our financial reporting surveillances.