Why didn't they impair it earlier Obvious to anyone that it wont...

Why didn't they impair it earlier
Obvious to anyone that it wont get FID with oil at $50
So the market doesn't expect it to be worth much
Already in the price by the look of it

Santos wants to sell its 50% share
Wonder what that 50% is worth?
A transaction will tell us

AWE acquired 100% of this asset in February 2012 for USD39 million plus USD100 million of​

debt.

AWE sold STO 50% in August 2013 for US$100M + US$88M Carry dependent on FID

writing down the US$88M carry to zero is an admission that the project wont FID
the full impairment of A$220-230M is an effective writedown to close to zero

AWE reckons AAL is practically worthless