Ann: Quarterly Activities Report , page-12

Thanks 6379. My "thought" was that as the 40% to BPT is still conditional, and you can back your proverbials that BPT wants it really badly, that, if they haven't started drilling 855 before the end of June, technical problems excepted, it might just put the whip handle back into Icon's hand and THEY can go to Court to have the j/v annulled on the grounds that BPT had not made every reasonable attempt to comply with the agreement.

Now, how ironic would that be?? I bet that Icon still reckon that the original j/v had lapsed and Icon would probably win. BUT, to resolve that potential once and forever, BPT would HAVE to take Icon over.

But, my slant on it is that BPT have got a million things on their plates, many with other j/v partners who will be insisting on performance, they only have $58mil left in the bank and will probably have to dip into their loan to meet all of their commitments.

So, apart from a very generous paper offer, I frankly cannot see ANY t/o of ICN by BPT any time this year,if ever. So, my view is that 855 will be drilled as soon as the rig is in place, hopefully, before end June 2012 and that BPT will fulfil the j/v agreement and that ICN will know EVRYTHING that comes out of that drilling.

855 IS ICN's future, they will fight all the way to get maximum benefit from it, whatever it takes.
But, from the QR, unless something sprouts from left field, looks like a very quiet few weeks, especially if the rain that QLD is having delays any further drilling in 626, for what that is worth. Big seller(s) today suggests that some have already lost fait and/or, patience. Cheers.