News: TAP Tap Oil Posts FY Net Profit Attributable Of US$15.3 Mln, page-2

Can anyoneexplain how can the BDO Independent Experts Report adjust the value of ‘heldfor sale assets’ to nil, when TAP received A$680,000 for the ‘held for saleassets’ ? See below

 

BDOIndependent Experts Report, Page 39, 10-July-18

Note d) Heldfor sale assets and liabilities relating to held for sale assets

We haveadjusted the value of ‘held for sale assets’ (US$0.472 million at 31 December2017) to nil. The held for sale assets related primarily to permit WA-8-L whichwas sold during the March 2018 quarter.

We have also adjusted value of the liabilitiesdirectly associated with the held for sale assets (US$0.211 million at 31December 2017) to nil.

TAP OIL PRELIMINARY FINAL FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER2018

WA-8-L (20% interest)

-         Tap entered into a sale and purchase agreement for WA-8-L. Tap hasrecognised a gain of sale for A$680,000 as at 31st December 2018 A furtherA$100,000 payable upon a Final Investment Decision being made for a developmentupon the Licence. Final completion of the sale is expected to occur during2019.