Cooper Energy (ASX:COE) to writedown $108 million

Company News

by Rachael Jones

Cooper Energy (ASX:COE) will writedown the value of its assets by $108 million (before tax).

This charge has no impact on underlying EBITDAX or cash flow and is excluded from underlying results.

The writedowns come as the price of uncontracted Victorian gas has fallen 50 per cent from this time last year.

Shares in Cooper Energy (ASX:COE) are trading 0.7 per cent lower at 36 cents.