I totally agree. Basically the move by ICN is a like waving a...

I totally agree. Basically the move by ICN is a like waving a white flag. They probably feared they would have lost as BPT was entitled to 25% interest in ATP855 and then moving up to 40% interest when BPT met certain requirements.

So now they are scared so they give the full 40% interest to Beach in return if Beach can pay the ICN's share of the first $16m of exploration and drilling costs, cause THEY GOT NO MONEY. $16m to BPT is like peanuts. But ICN has less than $15m cash in the bank (I would be very keen to see ICN's quarterly report when it comes out, I'm sure their cash would be lower, so capital raising is on the cards).

So I believe ICN was greedy to uniamiously cut BPT out of ATP855 and try and score a better deal, probably probably like NSE-ConocoPhillips $US109.5m deal.

But for ADE this is good news. As the 20% holder, we have certainty that exploration and drilling we be on the way, as with the PEL218 experience. BPT is our most trusted and experienced partner.

But somewhere along the track, BPT may want to takeover us.