RE: Re Rns13 Sep 2019 09:57
"For the period ended 30 June 2019 the Company recorded a loss of $29.325 million (30 June 2018: $3.198 million loss). The loss was largely attributable to the impairment of the Winx-1, Icewine-1 and Icewine-2 exploration wells during the half-year, together with general and administrative costs, finance costs and employee benefits expense. "
Impairment
Reduction in the value of an asset because the asset no longer generates the benefits expected earlier as determined by the company through periodic assessments. This could happen because of changes in market value of the asset, business environment, government regulations, etc.
Sound financial practise whether we like it or not?