potentially game changing gas resource, page-23

To Gassed and others, just revisiting the ICN's GSA with Shantou SinoEnergy....it said "...The Company is also at liberty to introduce joint venture parties to the LNG Sales Agreement, who will become co-sellers of LNG under the agreement." So, given the co-venturing relation of ICN and BPT, BPT will most likely partake in the GSA.

On the GSA, one thing as written is not very clear is the last precedent condition: "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."

Can someone please explain?

I attach the complete Conditions Precedent as below:

Conditions Precedent
The LNG Sales Agreement includes the following conditions precedent:
(a) In favour of Shantou SinoEnergy (as the Buyer of LNG);
• Buyer obtaining any necessary import approvals by 31 March 2013 from Chinese Government Authorities to allow the construction and operation of the Receiving Facilities and the purchase and import by it of LNG under the LNG Sales Agreement.
• Buyer delivering to Seller by 31 December 2012 the written certification of a Rating Agency specifying for Buyer a credit rating of AAA (where the Rating Agency is S&P) or Aaa (where the Rating Agency is Moody’s).
(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.

The conditions precedent are for the benefit of both parties and cannot be waived unilaterally.