EWC, the former Energy Equity Corporation, had a number of abnormal loss provisions. It dropped $9.4m on the transfer of the Indian PY-1 gas field to a joint venture partner and another $2.9 million on the non-current assets of subsidiary Australian Gasfields Pty Ltd, which owns the Gilmore gas fields and gas plant.

It also racked up an almost $6m write-down on the Indian Vypeen project, located near Mangalore in the nation’s south west. The company said it still held out hope the project can be recovered, it would write down the carrying value on the project.

Similarly, EWC has written off the carrying value of its foundation project, the small scale LNG production and transportation business which Energy Equity founder Maurice Brand second mortgaged his house to finance.

“The consolidated entity is continuing to pursue these developments, however, until such time as the company is positioned to attract additional funding to permit the development of this program recovery of costs linked to the LNG program are unlikely. Accordingly it has been decided to write down the carrying value of the LNG program,” said EWC in a statement yesterday.

It also said in its preliminary final report its 15 year LNG sales contract with Northern Territory Power and Water Authority (PAWA) which commenced in April 1987 had expired on 30 June this year and has not been renewed.