Ann: Quarterly Activities Report , page-9

Q.R. The transfer of a 40% interest by Icon Energy to Beach is conditional on drilling a shale gas well to the base of the shale section and then selecting a horizontal lateral extension of the well for 1600 metres and completing the well ready for fracing.

Beach as the operator of ATP855P, has secured the Ensign #65 drilling rig to drill a horizontal pilot unconventional production well in ATP855P. Beach has stated that the Ensign #65 rig, a new 1,500 horsepower rig, will arrive in Australia from North America in April 2012 and will be ready to commence drilling in ATP855P by no later than June 2012.

Suggestion only:- BPT must drill 855 to get the 40%((fact-it's conditional) and (unavoidable technical problems excepted) to start by "no later than June 2012."
OR take over ICN before end June 2012 to have total control??? Thoughts??