statoil takeover - early next year?, page-23

Interesting discussion guys.
I have bitten my tongue a couple of times as I find the discussion a bit wild regarding certain 'facts'.

Sorry Gassed, but firstly, lets remove ICN's %33 PEL 218 Post Permian section from the discussion. For starters it is not being drilled/tested in PEL 218. So for the foreseeable future it is of no consequence to what you are discussing.

I agree it is best to go with the correct terminology. However you might have noticed that since BPT first booked its 2C resource (not reserve) on the 10 Aug 2011, nothing has changed, the resource has not been upgraded to 2P. So that's 13 months later. The GSA requires 2P by March next year.

Anyway, here are the facts-
http://hotcopper.com.au/announcements.asp?id=285511

(b) In favour of Icon Energy (as the Seller):
• Seller delivering to Buyer by 31 March 2013 a Reserves Certificate of at least 2.0 TCF of Proven and Probable Reserves (2P) of Natural Gas (which the Parties
agree is a sufficient quantity of Natural Gas to enable Seller to comply with its LNG supply obligations to Buyer under the LNG Sales Agreement).

• Seller obtaining by 31 December 2012 all required authorisations (including for the development and operation of any feedstock fields and LNG facilities) on terms satisfactory to Seller in its sole discretion.

Lastly, regarding ICN getting taken over cheaply, I think you and I can at least agree on the fact that ICN is cheap when looking at the productivity of its main asset 855. BUT...
Many many juniors in the resource/oil gas sectors have Billion dollar resources.. but are suffering because the projects cost $$$ which they cannot provide. ICN has already sold %40 for $16 million to BPT. Many many stocks I have owned, have had huge resources, great prospects, but get gobbed up by those with the capital necessary to get the resources to market.

btw-yes I do hold ICN, but only because I know they will be taken over and to put it in perspective, by ICN holding is 1/24 the size of my BPT holding. I think the one thing that frustrated me a little gassed, was your view that you can close the discussion....? No one is forcing you to participate. I for one enjoy the discussion, even though I don't agree with everyone's opinions/thoughts.

Well, I hope all entrants in the Cooper reward their holders.