Ann: Santos announces expected non-cash impairment, page-6

The Santos forecasting cell needs a performance review
Their record from the first big writedown 12/2/15 (1)
Now another writedown 15/8/17 (2)
Brent $US
2015 2016 2017 2018 2019 2020 2021 2022
(1) 55 70 80 90 90
(2) 50 55 60 65 70 70
(actual Av) 52 43 52

So their forecast a year out is OK but from there on it is awful.
At least they have now reduced their year-on-year forecast growth to sub 10%.
However they still maintain the view that the price will continue to go up.
There are alternate scenarios - see the actuals the last few years - flat-lining about $50.

Billions of real dollars were invested in LNG plants and capitalized. The writedowns reduce the asset value. $ thrown down the hole.

Anyway so impairments after tax
GLNG -US$870
AAL -US$150
Cooper Basin + US$330
equals the US $690

Good legacy asset the Cooper Basin holds up the dog's belly to prevent it getting gravel rash

The dog is looking a bit wan
The Vet is still on call

Nothing to hold up the share price so might be going back to $3