Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations (Tables)

v3.3.0.814
Asset Retirement Obligations (Tables)
 12 Months Ended
Jun. 30, 2015
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations Roll-Forward
The following table summarizes the asset retirement obligation activity for the fiscal years ended:
 
June 30,
 
2015
 
2014
 
(In thousands)
Fiscal year opening balance
$
2,873

 
$
6,879

Liabilities assumed
—

 
7

Accretion expense
171

 
367

Sale of assets (1)
(346
)
 
(4,457
)
Revision to estimate
—

 
—

Effect of exchange rate changes
(51
)
 
77

Fiscal year closing balance
2,647

 
2,873

Less current asset retirement obligations
—

 
397

Long term asset retirement obligations
$
2,647

 
$
2,476

(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. In fiscal 2014, the Company sold its Amadeus Basin assets.