c/b shale, page-4

Yes Jake, given that BPT has 90% of 218 and have clearly stated in their latest presentation that the development of (218 and 855) is going to be "huge" and "will be looking for a partner with expertise and the understanding of how to move to full scale delivery".
There is no doubt that even with BPT's MC, they admit that the shale in 218 and 855 is too big even for them.
ICN has no interest in the shale in 218 and will have to wait until June 2012 before the new rigs that BPT has commissioned will start working on 855.
BUT, and this keeps hitting me, ICN is the operator of the shallower zones in both 218 and 855. There is no reason, other than sheer bastardry on the part of the other j/v partners, or, ICN's sheer incompetence (I really doubt that) why that work can't start as soon as they can organize rigs.
But, we have heard absolutely nothing from the operator (ICN) as to what is the status of this, to me, vital exploration.
Is RJ so confident that he is in cruise mode and that as the Indian's always say, it will all work out in the end?? I sincerely hope not, (and doubt it) as his "value" vis a vis all other potential "partners" (call that predators) is looking more and more one sided against ICN while there is no news to stimulate the SP.
Surely(?) "something" happened in RJ's recent trip to China which will be reported to the market? That could be the price sensitive stuff that the market needs to restore some credibility into this company. But, before anything like that comes out, the SP will continue to languish at all of our expense and at high risk to the very future of ICN as an entity. I expect "something" "soon."