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Santos rules out writedown of CSG assets


The Australian, 07 March 2013

OIL and gas producer Santos says it expects to avoid a writedown of its coal-seam gas assets in NSW, despite growing expectations that its stalled progress could prompt a revision of their value.

AGL Energy last week flagged a possible writedown over NSW coal-seam gas assets currently valued at $325 million, citing new measures put forward by the state government that could restrict coal-seam gas activity, in particular near populated areas.

Santos spent $722m acquiring NSW coal-seam gas explorer Eastern Star Gas in 2011, wrapping up the purchase in November of that year.

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