AusTex Oil writes down oil and gas assets

US oil index is prime

ASIC has noted the decision by AusTex Oil Limited (AusTex) to make a US$6.17 million impairment charge against oil and gas assets in its financial report for the half-year ended 30 June 2017.

ASIC had raised concerns about the value of oil and gas assets in the AusTex financial report for the half year ended 31 December 2016.

ASIC called on prepares to focus on the quality of the financial report information impairment testing and asset values remain a focus area of our financial reporting surveillances.

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