Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v3.5.0.2
Discontinued Operations (Tables)
12 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures
The adjusted carrying amounts of the major classes of assets and liabilities included in discontinued operations are as follows:
 
 
June 30,
 
 
2016
 
2015
 
 
CO2 Business
 
Weald Basin
 
Total
 
CO2 Business
 
Weald Basin
 
Total
 
 
(in thousands)
Carrying amounts of major classes of assets included as part of assets held for sale:
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
$
141

 
$

 
$
141

 
$
282

 
$

 
$
282

Accounts receivable
 
249

 

 
249

 
504

 

 
504

Inventories
 
232

 
301

 
533

 
297

 
354

 
651

Other classes of current assets that are not major
 
34

 

 
34

 
77

 

 
77

Property and equipment, net
 
23,941

 
812

 
24,753

 
35,593

 
953

 
36,546

Other classes of assets that are not major
 
332

 

 
332

 
376

 

 
376

Total assets of the disposal group classified as held for sale in the balance sheet
 
$
24,929

 
$
1,113

 
$
26,042

 
$
37,129

 
$
1,307

 
$
38,436

 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying amounts of major classes of liabilities included as part of liabilities held for sale:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,594

 
$
670

 
$
2,264

 
$
1,752

 
$
485

 
$
2,237

Note payable
 
5,500

 

 
5,500

 
5,500

 

 
5,500

Asset retirement obligations
 
2,818

 

 
2,818

 
2,647

 

 
2,647

Other classes of liabilities that are not major
 
56

 

 
56

 
104

 

 
104

Total liabilities of the disposal group classified as held for sale in the balance sheet
 
$
9,968

 
$
670

 
$
10,638

 
$
10,003

 
$
485

 
$
10,488

Summarized results of the Company's discontinued operations are as follows:
 
 
June 30,
 
 
2016
 
2015
 
 
CO2 Business
 
Weald Basin
 
Total
 
CO2 Business
 
Weald Basin
 
Total
 
 
(in thousands)
Revenue
 
$
1,990

 
$

 
$
1,990

 
$
4,459

 
$

 
$
4,459

Operating, exploration and general and administrative expenses
 
3,070

 
361

 
3,431

 
6,708

 
370

 
7,078

Depletion, depreciation, amortization and accretion
 
651

 

 
651

 
1,001

 

 
1,001

Exploration
 

 

 

 

 

 

Impairment expense
 
11,280

 

 
11,280

 
18,027

 

 
18,027

General and administrative
 

 

 

 

 

 

Interest expense and other disposal costs
 
926

 

 
926

 
168

 

 
168

Total expenses
 
$
15,927

 
$
361

 
$
16,288

 
25,904

 
370

 
26,274

Non-controlling interest
 
49

 

 
49

 
411

 

 
411

Loss from discontinued operations before tax
 
$
(13,888
)
 
$
(361
)
 
$
(14,249
)
 
$
(21,034
)
 
$
(370
)
 
$
(21,404
)
Asset Retirement Obligations Roll-Forward
The following table summarizes the asset retirement obligation activity included in liabilities held for sale for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
Fiscal year opening balance
$
2,647

 
$
2,476

Accretion expense
171

 
171

Fiscal year closing balance
2,818

 
2,647

Less current asset retirement obligations

 

Long-term asset retirement obligations
$
2,818

 
$
2,647

The following table summarizes the asset retirement obligation activity for the fiscal years ended:
 
June 30,
 
2016
 
2015
 
(In thousands)
Fiscal year opening balance
$

 
$
397

Sale of assets (1)

 
(346
)
Effect of exchange rate changes

 
(51
)
Fiscal year closing balance

 

Less current asset retirement obligations

 

Long-term asset retirement obligations
$

 
$

(1) In fiscal 2015, the Company sold its 40% interest in PEDL 126, the exploration license that contains the Markwells Wood-1 wellbore. By selling the license and the wellbore, the Company was able to eliminate its current asset retirement obligation related to the wellbore.