I've just been listening to the call and I think it's because...

I've just been listening to the call and I think it's because yet another reserve downgrade on what is supposed to be an important asset is signaling that they're simply not about to enter a phase of strong capital returns to shareholders which they've been trying to signal. The assets continue to disappoint and the cashflows are more than likely going to have to go towards M&A to grow the resource base. The other big issue flagged was that they missed their first gas into Waitsia deadline of end of July, so Brett said words to the effect "the extra contingency we'd built into our plans has mostly been eroded". I think it's almost certain there's further delays on that project.

Gotta say I'm thankful to the BOJ for the market panic a week or so back as I panic sold my position just below cost base, dodged this bullet through sheer dumb luck (the best kind). Good luck to those banking on the turnaround here, but it's off the list for me for now... too hard basket.