what is icn's valuation?, page-21

Cmon
Good to see you interested in the BPT/ICN story
Fyi , BPt have recently implemented a new way to classify reserves / resource per unconventional well , it in effect has resulted in smaller resource per well . Due to this I can't see how ICN can prove up the required TCFs ( for the 40%) from one vertical well . If you look at the resource booked for Encounter and Halifax , it would take a few wells not only flow tested production tested to get the necessary reserve ( not resource ) categorising and at the requisite size

The shale gas story is an interesting one and like you I do see USA a threat both due to size of their resource , techniccal superiority and lower costs . ICN and BPt have one advantage is that they can sell into the LNG developments and thus may avoid the huge capex costs .I also agree that BPT is well aware of the fact that ICN can't go it alone and don't have the funding to progress, infact it's near impossible for ICN to develop the gas themselves , in that regard I think ( for me ) preferred expire would be though BPT as you have the shale gas upside without massive dilution risk or development failure - I know it's very very dangerous to state this in the ICN thread