Annual report pursuant to Section 13 and 15(d)

Oil and Gas Activities (Unaudited)

v2.4.0.8
Oil and Gas Activities (Unaudited)
 12 Months Ended
Jun. 30, 2014
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Oil and Gas Activities (Unaudited)
Note 20 - Oil and Gas Activities (Unaudited)
Costs Incurred in Oil and Gas Producing Activities
Costs incurred in oil and gas property acquisition, exploration, and development activities, whether capitalized or expensed, are summarized as follows:
 
United States
 
Australia
 
United Kingdom
 
Total
 
(In thousands)
Fiscal year ended June 30, 2014
 
 
 
 
 
 
 
Proved
$
1,729

 
$
—

 
$
—

 
$
1,729

Unproved
8

 
—

 
—

 
8

Exploration Costs
541

 
436

 
2,507

 
3,484

Development Costs
21,174

 
—

 
551

 
21,725

Total, including asset retirement obligation
$
23,452

 
$
436

 
$
3,058

 
$
26,946

 
 
 
 
 
 
 
 
Fiscal year ended June 30, 2013
 
 
 
 
 
 
 
Proved
$
3,399

 
$
—

 
$
—

 
$
3,399

Unproved
157

 
—

 
335

 
492

Exploration Costs
398

 
3,809

 
3,700

 
7,907

Development Costs
2,045

 
—

 
—

 
2,045

Total, including asset retirement obligation
$
5,999

 
$
3,809

 
$
4,035

 
$
13,843


Net Changes in Capitalized Costs
The net changes in capitalized costs that are currently not being depleted pending the determination of proved reserves can be summarized as follows:
 
United States
 
Australia
 
United Kingdom
 
Total
 
(In thousands)
Fiscal year ended June 30, 2014
 
 
 
 
 
 
 
Fiscal year beginning balance
$
497

 
$
3,976

 
$
1,762

 
$
6,235

Additions to capitalized costs (1)
19,459

 
1,104

 
948

 
21,511

Assets sold or held for sale
—

 
(5,258
)
 
—

 
(5,258
)
Charged to expense
—

 
—

 
(733
)
 
(733
)
Exchange adjustment
—

 
178

 
(87
)
 
91

Fiscal year closing balance
$
19,956

 
$
—

 
$
1,890

 
$
21,846

 
 
 
 
 
 
 
 
Fiscal year ended June 30, 2013
 
 
 
 
 
 
 
Fiscal year beginning balance
$
1,823

 
$
4,388

 
$
4,624

 
$
10,835

Additions to capitalized costs
1,954

 
—

 
335

 
2,289

Reclassified to producing properties
(3,223
)
 
—

 
—

 
(3,223
)
Charged to expense
(57
)
 
—

 
(3,035
)
 
(3,092
)
Exchange adjustment
—

 
(412
)
 
(162
)
 
(574
)
Fiscal year closing balance
$
497

 
$
3,976

 
$
1,762

 
$
6,235

(1) The Company began implementing a CO2-enhanced oil recovery pilot project at NP in the first quarter of fiscal year 2014.
During the third quarter of fiscal year 2014, the Company allowed petroleum exploration and development licenses in the UK to expire at the end of their term. As a result, $0.7 million of exploration expense was recorded in the consolidated statement of operations. During the third quarter of fiscal year 2013, the Company allowed a petroleum exploration and development license in the UK to expire at the end of its term. As a result, an impairment of $0.9 million was recorded in the consolidated statements of operations. Additionally, the Company recorded a write-down related to the Markwells Wood-1 exploration well in the UK operated by Northern Petroleum. As a result, an exploration expense of $2.2 million was recorded in the consolidated statements of operations. No further write-downs were recorded during the fiscal year ended June 30, 2014.
At June 30, 2014, the Company had no costs capitalized for exploratory wells in progress for a period of greater than one year after the completion of drilling.