APA Group Announces Impairment of Orbost Gas Processing Plant

Source: www.gulfoilandgas.com 2/18/2021, Location: Not categorized

APA Group (APA) announced it is expected to recognise, subject to finalisation of the half year accounts and review conducted by the external auditors, a non-cash impairment of approximately $249 million (pre-tax) to its Orbost Gas Processing Plant in its financial statements for the period ended 31 December 2020. The impairment reflects increased capital expenditure and reassessment of the plantís future cash flows following commissioning work during the half year period.

The impairment charge reflects the continuation of production levels and expenditure based on the current performance of the asset since re-configuration and resumption of processing at the processing plant. APA and Cooper Energy continue to work together to improve the plantís operation and processing capacity, with the objective to achieve nameplate capacity of 68 TJ/day. APA and Cooper Energy have a Transition Agreement in place and root cause analysis is underway to address gas processing issues to support a reliable and sustainable production rate.

The impairment charge is a non-cash item and is not expected to impact APAís FY21 underlying EBITDA, operating cash flow or distributions to securityholders. APAís 1H21 results will be released to the market on Tuesday 23 February 2021.


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