beach commences legal proceedings against icon, page-20

Its pretty simple really,

855 has been derisked by what appears to be successful results by BPT and ADE.

so, Icon looks at the original deal and says, wow, we are getting nothing for 40% of what potentially could be there.

Icon then looks at the deal that was (or wasn't done) and says hey, this has expired/not been fulfilled, therefore its null and void.

You want that 40%, your gonna have to pay more to get it

Beach looks at the original deal and says, sweet, we got 40% of 855 that has been derisked, for peanuts.

Beach looks at the deal that was (or wasn't done) and says, hey, this has been fulfilled apart from some minor details.. (maybe they've paid the previously agreed upon seismic costs and the rest wasn't nutted out yet).

Either way, Icon is in a better position, as the worst case scenario is Beach will get the 40% for the previously agreed upon costs, and Icon will pay legal fees, which, with the increase in share price (coincidence?) increases the amount beach has to pay for the previously agreed upon shares as part of the farmin. so, icon will still likely end up ahead.

Best case scenario, deal lapses, Icon just increased holdings in derisked 855 by 40% for peanuts (lost beach costs). Either beach re-farmins at a better deal for icon, or they don't. Pretty sure someone else might be interested in a punt on 855.... (Stanwell comes to mind, and maybe that was what was talked about to get them to go to stage 2 in a tenemant with no gas. maybe theres an agreement to cut them into 855 if they recover the 40%?)