The way I read it Jake is that Beach will carry ICN through the horizontal drill only, estimated to cost $16 million (ICN's share of this would only have been $6.4 million). On top of this ICN does have to contribute $1.75 million so really there is only a saving there of $4.65 million.
So apart from the 218 post permian farmin, which I dont think beach was interested in anyway, all they have got for a 40% stake in a multi, multi TCF resource (which has been 3/4 proven up is $4.65 million). Actually seems worse than the original deal to me.
If I'm correct in thinking this (I may have it all wrong) then I could only assume that ICN never really had a leg to stand on, and I would then have to seriously question managements tactics.
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