its actually a win!, page-11

Extract from ICN's March Quarterly Report:

"By way of background, in 2009, Beach approached Icon Energy, seeking to farmin to ATP855P. On or around October 2009, the companies signed a brief letter agreement for Beach to farmin up to a 40% interest in the tenement, subject to undertaking various seismic and drilling operations and subject to the companies negotiating a formal Farmin Agreement, Joint Venture Operating Agreement and Share Subscription Agreement"

"various seismic and drilling operations"

Hopefully a lot more than just one unfractured well for the $16M.

Regards

SP