who says bpt not interested? better read this

this from BPT AGM presentation.

if one reads this, it seems clear to me that Beach would be lusting after ICN's share of ATP855.

they talk about Beach hold of "core" Napp trough. they include 855 in that "core"
they say game changing for Aust
they say 300TCF in 218 alone!
all of the positives which apply to 218 will apply to 855. you can count on it!

what bet a "raid" by BPT on ICN, similar to ADE.
its all there!

as shown by the ADE raid, BPT will be prepared to risk not getting to compulsory acquisition - ie if it doesn't get to 90% of ICN - no sweat.
why? because it will chuck out ICN board, and do what it wants.
it can later creep up register.
and thats the beauty of an on-market raid.

GUYS - its going to come - give it 6 mths
************************************

We believe PEL218 has the potential to contain recoverable sales gas of up to 60Tcf - to
put this into context, this would be:
• Equivalent to over 100 times Beach’s current 2P reserve base;
• Larger than the Gorgon project in WA which has around 40Tcf;
• Greater than all of Queensland’s gas reserves;
• Ten times the gas produced out of the Cooper Basin over its 40 year history; and
• Sufficient to meet Australia’s current domestic east coast gas demand for 90 years.

and

"Firstly, we have had outstanding success in the ‘Core’ Nappamerri Trough of the Cooper
Basin with the drilling of the Encounter-1 and Holdfast-1 unconventional gas wells.
Why do I call it the ‘Core’ Nappamerri Trough? It’s to differentiate the central part of the
trough, where Beach holds a dominant position, from the flanks of the trough. The
flanking regions, where Beach also holds a significant position, are certainly of interest,
but the core region is where the shales are thickest and overpressured – and likely to
deliver more gas per well.
But the shales are proving to be only a component of a much larger picture. An even
more significant result of our bold move to drill where nobody had dared previously – in
the deeper parts of the trough – was the discovery of more gas than we had
contemplated. The core of the Nappamerri Trough appears to be saturated with gas
throughout a basal section of sandstones and shales up to 1.3 kilometres thick and
covering thousands of square kilometres. We call this a basin-centred gas play and it is
one of the most exciting discoveries I have had in my career.
The huge gas potential of the Nappamerri Trough is just one part of our trailblazing
efforts to unlock the new world energy changer of unconventional oil and gas.

AND,AND,AND !! RE ADE T/O :

"We
anticipate getting to 90% prior to the close of the offer, at which time we will compulsorily
acquire the remaining shares. The rationale behind this takeover is: to take a greater
position in the ‘Core’Nappamerri Trough, which we believe to be the most exciting gas
acreage in Australia at the moment; and to deliver us 100% of PEL 218 (Permian JV),
simplifying the joint venture and allowing us to accelerate the exploration and
development program at a pace appropriate with market opportunities and with better
funding certainty. I believe that the acquisition of Adelaide Energy makes sense
strategically, and it shows the market that we really believe in our unconventional
program and are willing to put our money where our mouth is!


AND:
"..With Beach’s basin centred gas play starting to take shape, as well as an infill program
that is converting significant conventional resources to reserves, we believe that as an
independent ‘swing’ producer, Beach is likely to be a genuine source of supply to these
LNG facilities. The Cooper Basin has excellent infrastructure and is geographically well
placed to service the East coast markets, as well as the South Australian market, where
new large scale mining projects, such as BHP Billiton’s Olympic Dam project will
undoubtedly increase demand.

and:

"We then focused our efforts on looking for the best shale acreage in Australia and settled
on the Nappamerri Trough of the Cooper Basin as our first shale sweet spot, because it
held the prime attribute for a successful shale play: a thick target section; known to be
gas charged; overpressured; and with favourable mineralogy. After farming-in to PEL
218 and ATP 855P in the Cooper Basin, building on our extensive Otway Basin
tenements, we have also now secured excellent land positions in the onshore Gippsland
and Bonaparte basins. The Otway and Bonaparte basins are where we have some firm
ideas about oil or liquids potential

"It’s also worth noting the South Australian Cooper Basin (SACB) Joint Venture, of which
Beach has 20.21%, including the Moomba facility. This joint venture, operated by
Santos, has booked unconventional contingent resources (2C) of which 0.8 Tcf is
Beach’s share. The operator recently announced the first dedicated shale gas well will
26
be drilled in December 2011, at Moomba North, on the western flank of the Nappamerri
Trough. Although this is not as likely to be as overpressured as the section we have
tested within the core region of the trough (that region we now call the ‘Core’ Nappamerri
Trough), we look forward to success in this and other tests.

"This map highlights the 2,900 or so wells drilled in the Cooper Basin during its fifty-plus
history of petroleum exploration. It’s clearly evident that the less risky, so-called
conventional targets were drilled first, with no company willing to drill a well into the
‘Core’ Nappamerri Trough. A scant three wells were drilled by Santos and Delhi in the
early 1980’s to test (unsuccessfully) three structural high points (the three blue areas
within PEL 218).
After that, this semi-desert region lay dormant and unloved. Ever the first mover, with all
the advantages – and risks – that it brings, Beach was the first to take the bold step of
drilling deliberately off-structure to test what we felt could be a significant and huge
unconventional gas play.
It’s this foresight, vision – and daring – that I believe sets Beach apart most from its
peers.
And with that, I will now hand over to one of the key members from our unconventional
team, Carrie Trembath, to talk in more detail about what we have uncovered in this
potentially game changing play.

"...Basin centred gas occurs outside of structural
closure where the hydrocarbon source rocks are within the gas generation window.
Within the Nappamerri Trough, all lithologies are gas saturated, sands and shales, and
they form a very thick and aerially extensive basin centred gas play."'