West Perth Ltd commences operations on 1/7/2013. They explore two areas and incur the following costs; Exploration & Evaluation Expenditure ($m) Site Crawley 10.2 Site Northbridge 14.8 Total 25.0 Other information: Financial year finishes 30/6/xx In Financial year of 2015, oil is discovered at Site Northbridge. Of Site Crawley, $7.2 million relates to tangible assets, $3 million to intangible assets. Site Crawley is abandoned as no economically-viable value (recoverable resources) exists and an impairment loss is recognised. Of the $14.8 million (Site Northbridge), $13 million relates to tangible assets, $1.8 million to intangible. Development costs - $10.5million are property, plant and equipment, $3.5 million are in intangibles. Development at Site Northbridge concludes at the end of 2015, production commences start of 2016. Development costs - are to be written off on a production basis in 2015 for Site Northbridge. It is estimated that Site Northbridge will produce 8 million barrels of oil, current price is $80 per barrel. In 2016, 400,000 barrels are extracted; production cost is $3.9 million. Sales for 2016