a different perspective

Ok,

first off, really? you guys are surprised? really???

The Facts.

1. Icon is low on funds
2. Delayed Rig drops SP and seems to put bpt in the drivers seat.
3. Icon is BARELY free carried in 855

They did such a terrible deal to give beach 40%, that in fact they have to give them 2 mill before they start, and their free carry will likely be gone before the frac starts.

So, if we drilled right away, we would also be out of funds right away. The sooner bpt drills the sooner they can offer us more money for more percentage.

Yes, I am the first to admit that that is what they should be doing 9 times out of 10.

But consider this, now, we are only saddled with the ridiculous salaries burning into the funds. It also gives us a lot more time to watch BPT in 218 and their results.

I might remind you, but their current frac is right on the border of our play. And with shale, a deep basin setting, we shouldn't be concerned about whether its there or not. It's there. the ocean doesn't go from deep ocean to desert in 1 km. it's a long transition.

So in my (newly formed) opinion, great. I don't have to stump up more cash for these guys lifestyles sooner. Let BPT do the work next door, paying 100% and we will get benefits (truly free carried). It's the best deal we have going at the moment.

If bpt gets taken out we will jump up big time. If they farm out a percentage, we will get that metric. So, we may as well delay as long as possible our position, because i'd hate to sell another chunk for a few million.

So for once, please, no action, conserve those funds, no more dilution.

If Icon really wanted them to drill that badly, I'm sure they could negotiate two verticals with existing in country rigs than waiting for the horizontal.

food for thought anywya