Origin hit by Ironbark downgrade

Origin Energy expects to be hit with impairment charges of $533 million after tax for the first half of FY18, after a downgrade in reserves at the Ironbark gas field.

With its half year results to be released on 15 February, Origin expects to recognise an impairment for the Ironbark gas field of $360 million on a post-tax basis, after taking into account a downgrade in Ironbark reserves and a revised development plan.

The reserves revision follows a detailed assessment of Ironbark, applying updated assumptions consistent with the technical review of Australia Pacific LNG’s reserves carried out in June last year.

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