the originsal F/in agreement was:
1. Beach operator
2. Beach to earn UP TO 40% by paying $8.5m - (that was for seismic and up to $7m of drill costs but at election of beach)
3. Beach to subscribe $3.5m of ICN shares
new F/in agreement:
1. Beach Operator
2. Beach immediately gets 40% interest now
3. Beach commits to drill Horizontal well, and 30 days later frac it
4. Beach to free-carry ICN for net $15m
5. ICN to be CSG Operator of ATP855 and PEL218 Post Permian J/V.
So imho, ICN has got almost DOUBLE cash value out of BEach, PLUS commitment of Beach to drill a horizontal well in ATP855 AND Frac it within 30days, plus Operator ship of CSG resources.
I think the commitment of Beach to drill horiz well is important, because you would think Beach would want to just spend money on permit PEL218, simply because it owns 90% of PEL218!
am not sure of Phase2 business.
cheers
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