AUSTRALIA

Writedowns hit Drillsearch

DRILLSEARCH Energy says it has started a sales process for non-core assets on the Eastern Margin of the Cooper Basin and its 40% interest in the oil producing Tintaburra block, and is reviewing its appetite for expenditure in its ATP 940 unconventional permit as it looks further afield.

Haydn Black

As a horror annual reporting season rolls to a close, Drillsearch posted a loss of $8.1 million yesterday, after non-cash write-offs and $109.5 million impairments despite a net profit after tax of $57.8...

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