BassGas writedown hits AWE

AWE has flagged another significant writedown in the value of its BassGas project in Tasmania's Bass Basin after reviewing the technical data from operator Origin Energy, which has already reduced its own 2P reserves for the offshore project.

AWE has been forced to flag a further non-cash impairment of the carrying value of BassGas of between $40 million and $50 million after-tax in its full-year results that are due on August 25.