Impairment chargeI read the financial results and they mentionned an impairment charge on value adjustements on assets but considering the drop of oil price i can understand a part of the adjustements on our oil stock but i'm interested for more details, it's the major point i think (see below). If someone can explain me all that stuff in details please, it's gonna be really appreciate. Thank you.
''For the fourth quarter of 2014, the Company's net loss was $54.1 million ( $0.06 per share diluted), a result of lower realised oil prices and an impairment charge of $70 million as a result of carrying value adjustments on assets held due to the 2014 year-end reserves evaluation that was primarily driven by lower oil price projections for future years. This charge, which was not seen in 2013, coupled with the lower realized price of oil in the fourth quarter of 2014, were strong contributing factors behind the Company having a comprehensive loss of approximately $43 million for the current year, versus comprehensive income of approximately $49 million for fiscal 2013. The Company's capital expenditures for the fourth quarter were $19 million , all invested in Colombia . As at December 31, 2014 , the Company held 42 thousand barrels of oil ("Mbbls") in inventory.''