Beach writedowns hit profitability

BEACH Energy's loss for the last six months of 2015 exploded by almost 66% to $600 million as revenues plunged, and was forced to write down $634.6 million in assets, primarily for its sprawling Cooper Basin production.

Assuming that oil will only rise to $US55/bbl in 2018, and $70/bbl after that, Beach decided to impair the value of its Cooper Basin heartland by $A525 million, plus $83 million for its exploration

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