Oh dear.... Santos management announce bad news again....
http://www.asx.com.au/asxpdf/20160815/pdf/4399jtl6r1rnz9.pdf
"The expected impairment charge gor GLNG is clearly disappointing but it is a consequence of the challenging environment which we now face. We have decided to adjust our long-term operating assumptions for GLNG to reflect the reality of the current oil price environment".
The timing of this smacks of a horrid arnings report this Friday. It is a red flag to try to dampen expectations of the upcoming results. Obviously they have failed to hedge (again, so no surprise). If only they locked in some prices in the US$50's as the Mexican soverign did...
Short from Friday and expect to make some decent money. Sorry to all holders, but this is a sign that things are getting worse - not better for the co.
Ann: Asset Review Outcome-STO.AX, page-2
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