Blow for Empire

Blow for Empire (This news article in last Sat- The West Australian)
A writedown of Empire Oil & Gas’ Perth Basin reserves has seen the onshore producer-explorer post a $3.3 million annual loss.
Empire said a lower forward oil price assumption contributed to the $7.2 pre-tax impairment. The reduction in the reserves was flagged in an annual review this month.
The company had net income of $2.6 million, up $300,000, before tax and the impairment.
Gas and condensate revenue rose 4.5% to $20 million.
The increases were attributed to “a strong operational performance in the face of depressed commodity markets and declining condensate prices”.
Empire produces gas and condensate at Gingin. A poor cementing job in the drill hole has held up progress at the nearby Red Gully North discovery.