Drillsearch tips mild write-down

DRILLSEARCH Energy has revealed the quantum of its expected half-year impairment, expecting to take a hit of $65-75 million on a pre-tax basis, primarily in its longer term oil and gas exploration and appraisal assets.

The anticipated impairments are accounting adjustments relating to historical book values in the context of the collapse in the oil price since last June and weakening market sentiment.