Tap's impairment pain

IMPAIRMENTS have rocked Tap Oil's first-half results, with failures at Starfish-1 and Taunton-5H wells leading to a net loss after tax of $13.6 million, with revenue and gross profit also down on the previous corresponding period.

Releasing its numbers to the market this morning, it said the $12.75 million cost of the Starfish-1 well offshore Ghana had been fully impaired as a gross 230m sandstone target was water-wet.

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