Microsoft Word - ASX Release - Asset Impairments - 130215


For Immediate Release - 13 February 2015

Ref. #007/15

ASX Ltd / SGX Singapore Exchange Ltd Companies Announcement Office Electronic Lodgement System
Dear Sir,

NON-CASH ASSET IMPAIRMENTS

Non-cash asset impairment charges of $166 million (after tax) expected in relation to Cooper

Basin and Romanian interests

Beach Energy Ltd (ASX: BPT, "Beach") advises of asset impairment charges expected to be recognised in the FY15 half year accounts, due for release on Monday, 23 February 2015. Asset carrying values have been assessed as part of Beach's half year review process, with resultant impairment charges reflecting the current environment of lower oil prices (refer Note 1 below).
Cooper Basin impairment charges have been determined on an area of interest basis and comprise primarily non-operated oil, gas and gas liquids interests. The value of Romanian interests has been reduced to nil, with no further exploration scheduled. Summarised below are the estimated
impairment charges, which are subject to finalisation of the FY15 half year accounts.

Non‐cash Impairment Charges

($ million)

Before Tax After Tax


Cooper Basin interests $194 $136

Romanian interests $30 $30

Total $224 $166

Note 1: Brent oil price assumptions have been determined by reference to consensus estimates and include US$55/bbl in 2015, US$70/bbl in 2016, US$80/bbl in 2017 and US$90/bbl beyond 2017; A$/US$ exchange rate of 0.80 assumed constant in all years

Impairment charges are non-cash in nature and do not affect Beach's operating outlook or ability to fund future exploration activities.

Yours sincerely,

Reg Nelson

Managing Director, FAusIMM

Page 1

ASX Release

For more information please contact the following on +61 8 8338 2833: Corporate

Kathryn Presser Chief Financial Officer
Chris Jamieson Group Executive External Affairs

Investor Relations

Derek Piper Investor Relations Manager

Page 2

distributed by