It wouldn't be the first time that a company did something like that .
However :
In this case , considering BPT is funding most of the well ( up to $16 million vs ICN's $ 1.75 million ) , I would think that this would be an incredibly risky strategy . Not forgetting that they went to court to gain ( or reclaim ) an 40% of atp 855p previously.
As much as I am not a great fan of ICN management so far , I do believe that they're pretty good at wheeling and dealing so I'm guessing that they would see a play like this a mile off.
As I have previously posted , I feel that BPT are actually very keen to see Halifax return positive results . This is because that it will help support the belief that the Patchawarra formation is indeed a vast and hydrocarbon rich structure . If they can prove this to be so , it will be worth way more to BPT than trying to pull a swifty by drilling in the wrong place.
Also , ICN has stated that they are very happy for BPT's participation here because of their recent experience and success in PEL 218. I am assuming that the reason Halifax was changed from a horizontal to a vertical was because of BPT's experience and advice so it is really important that they get it right .
ICN Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
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