July 6 (Reuters) - AGL Energy Ltd AGL.AX :
* Upstream gas review results in asset impairments of circa $435 million after tax
* FY 2015 underlying profit guidance unchanged
* Says it would focus on core gas projects and divest non-core and under-performing gas assets and activities
* NGSF is expected to generate a pre-tax loss of around $10 million in FY 2016 before generating a profit in the following year
* It would not proceed with the proposed Camden northern expansion project, which has been on hold since February 2013
* Camden gas project will continue its current operations focused on reducing production costs
* Sale of cooper oil is underway and expected to result in a loss on sale of approximately $7 million to be recognised in FY 2015 accounts
* Says assets to be divested include the hunter gas project assets (pel 4 and pel 267) and associated agriculture activities
* Expects to write down the value of the Gloucester gas project by approximately $193 million after tax
* Overall, the underlying profit contribution of moranbah in both FY 2015 and FY 2016 is expected to be similar
* Sale of Cooper oil is underway and expected to result in a loss on sale of approximately $7 million to be recognised as an impairment charge
* NQE business should be "valued separately"; this is expected to result in an impairment charge totalling approximately $237 million
* Source text for Eikon ID:nASX9NsLLf
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