Cairn basically impaired Fan etc. Total amount impaired is US206.6mil, which includes Exploration assets worth 144.7mil & some Development asset worth 61.9mil till June end.
Once the deal is completed by December, they'll record a loss of USD230mil on the sale.
In simple words, they've spent a lot on drilling costs for 11 wells plus 3Dseis etc. Final dollar value received from the asset sale is less then the Book value, hence a loss on sale.
COP on the other hand had spent US286mil on drilling Fan-1, Sne-1,2,3,4 & BEL-1, plus 3Dseis & recorded a gain of US156mil from the US442m.
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Wait & see how FAR go with the sale. As per their HY, SNE costs as an Asset held for sale are US166.010577mil with US17.399 mil liabilities.
Should they get a sale price less then this, then they would have sold the asset at a loss.
FAR's share of SNE has an Implied value of US112.5 based on Cairn's sale price, which is less then the figure mentioned above. Its all there in the HY report.
Cairn basically impaired Fan etc. Total amount impaired is...
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Last
43.8¢ |
Change
0.003(0.57%) |
Mkt cap ! $40.42M | |||
| Open | High | Low | Value | Volume |
| 43.5¢ | 43.8¢ | 43.5¢ | $66.15K | 152.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 26646 | 43.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 44.0¢ | 15693 | 1 |
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| Last trade - 15.59pm 07/06/2024 (20 minute delay) ? |
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Last
43.5¢ |
Change
0.003 ( 3.33 %) |
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| Open | High | Low | Volume | ||
| 43.5¢ | 43.5¢ | 43.5¢ | 1467 | ||
| Last updated 10.15am 07/06/2024 ? | |||||
| FAR (ASX) Chart |