beanpea I believe this approach should support share price...

beanpea I believe this approach should support share price stability and short term growth as:

Shareholdesr are more likely to stay on board in order to realise the returns from
1) ICN premium - if they were ICN holders in the first place and

2) premium on BPT shares resulting from JV or takeover approach

The main benefit of this approach is that it conserves the CASH flow, which is the lifeblood for development companies, ie once Beach 'proves up its reserves' and commercial potential across PEL 218 and ATP855, it can take the foot off capex on exploration wells and use the cash to sit and wait for the market to do its thing and run an auction. Holding onto cashflow lets the market know that there is no desperation to sell, and allows the focus to be on location, location, location with which cooper basin is well placed with its gas infra pipelines etc.

Like you I want to make sure I win, the first shale gas producers will win the easy contracts.