Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations (Tables)

v3.5.0.2
Asset Retirement Obligations (Tables)
 12 Months Ended
Jun. 30, 2016
Asset Retirement Obligation Disclosure [Abstract]  
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.