Australian independent Beach Energy has taken an A$148.6mn (US$139mn) impairment on its Egyptian assets with the relinquishment of two exploration blocks as it looks to “refocus capital allocation”.

“We want to ensure efficiency in capital allocation over the medium term. As part of that, we have looked critically at Egypt… we want to start focusing on reserves producing revenue and profitability as the key drivers,” the firm’s Managing Director Reg Nelson says. (CONTINUED - 145 WORDS)