Basker-Manta-Gummy: Asset Impairment
22 FEB 10
ROC advises that the recent Basker-Manta-Gummy ("BMG") project reserve downgrade has resulted in an impairment of ROC’s carrying value of its interest in the BMG project of US$98.8 million (before and after tax), subject to final audit and Board approvals. The BMG project impairment charge will be incorporated in the 2009 Annual Financial Results.
Resource Investment Strategy Consultants ("RISC") has completed the annual independent review of ROC's reserve estimates. RISC estimates that gross Remaining 2P Oil Reserves at the BMG project as at 31 December 2009 are 3.1 MMBBL, assuming no further development activity is undertaken. The Joint Venture has not yet reviewed the outputs of the work undertaken by ROC and is yet to evaluate potential development opportunities.
Further information relating to the BMG project reserves downgrade and impairment charge will be included in ROC’s 2009 Annual Financial Results, which will be released on 25 February.
For further information see: Stock Exchange Release 22.02.10