Origin reveals $337 million writedown

Origin's Bass Gas offshore platform

Origin's Bass Gas offshore platform

Origin Energy has outlined an additional $337 million impairment charge as a result of re-assessment of reserves and revised development plans in the firm’s upstream assets.

In a statement published yesterday, Origin revealed the post-tax carrying value impairment along with a writedown of $53 million at the company’s New Zealand onshore assets.

According to the statement, Origin’s Cooper Basin assets carrying value written down an extra $180 million, Bass Basin assets is down $122 million and Otway Basin assets down $35 million.

The announcement come after a $270 million impairment was noted last week following Origin’s sale of its controlling stake in New Zealand utility Contact Energy.

According to the company, there is no impairment related to Australia Pacific LNG and “the economics of Origin’s investment in Australia Pacific LNG remain robust.”

Origin Energy’s 2015 full year results are set to be released on 20 August 2015.

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