Exploration and evaluation activity in one of LNG Ltds areas of interest has not reached a stage

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Exploration and evaluation activity in one of LNG Ltd’s areas of interest has not reached a stage that permits a reasonable assessment of the existence of economically recoverable reserves. The exploration licence for that area is still current and LNG Ltd intends to continue exploration and evaluation activities in that area. One of the wells drilled by LNG Ltd in that area during the period did not result in the finding of any mineral reserves. However, other wells drilled in the area have resulted in mineral reserve findings.

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What alternatives does LNG Ltd have for determining the level at which to assess its exploration and evaluation assets for impairment in that area of interest?

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Financial Reporting

ISBN: 9780730396413

4th Edition

Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes

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