what is icn's valuation?, page-19

Answer to your question re "plan" for 855. No.

But, in your short time, you have hit on the very issue that has taunted many of us. Can, or, will, Beach see the benefit of becoming "involved" in the GSA? How bleeding obvious would that seem, UNLESS, Halifax-1 and 855 can prove up enough for ICN to satisfy the GSA conditions precedent in their own right?
I believe that Icon seriously believe that they can and don't NEED Beach!!!

By having successful results from Halifax-1 and everything that Beach has confirmed, so far, in 218, you would imagine that ICN would have little trouble in using their asset in 855 and very likely in the Post Permian section of 218, as bankable assets to obtain loan facilities to satisfy all of their 40% share in developing 855.

And, don't under estimate BPT's need to get both 218 and 855 to 2P status. They do NOT have any GSAs, but they have always stated that they are very comfortable with being a "swing" supplier, knowing quite well that there is a huge market, even domestically, that would just love to get their hands on their gas. Selling gas is NOT a problem, the price is the only issue and that is heavily balanced in favour of the supplier and will be so for many years to come.

This is THE most classic sellers market of an essential commodity in generations. Not only is there a huge demand for gas for environmental purposes, but, it coincides with the "green" problem facing CSG and therefore, making shale gas from the remote Cooper Basin, even more valuable. Beach WILL maximize their highly enviable position and the sooner they do it the better.

I can see this being a huge win/win for both companies, individually, and unless they stuff it up amongst themselves, BOTH companies should profit VERY handsomely, IF they are smart and I definitely think that they are.