IFRS = Intl Financial Reporting Standards = not used by Breitburn. Successful efforts accounting uses two step impairment process, L3 inputs used in step 1 (is impairment required? based on the future), step two the mechanics at $45 oil the same as PV10 for all practical purposes.
In other words, they just made up an impairment to try and keep more of the company for the bond holders. Hopefully the judge will see what they are trying to do.
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