Ann: Halifax 1 Well Spudded , page-23

Zinkevin. I personally do not think that the change of plans was even contemplated by either BPT or ICN. The Ensign 965 rig was delayed by several months due to industrial action in the U.S. and both companies were prepared to accept that and made that point in separate subsequent anns.
But, the game breaker came when Encounter's results showed commercial quantities of gas from their vertical drill and that did not even test the full depth.
A combination of the GLNG owners desperatly looking for enough gas to satisfy their plants, the success of the vertical tests in Encounter and the delay of the Ensign 965 rig, provided the "perfect storm" scenario for Beach, in particular, and very happily for ICN, and they fortuitously had a suitable rig to drill Halifax-1 immediately with the Encounter rig nearby.
Beach has openly stated that they want outside financial assistance to fully develop their shale assets. At the moment, they "only" have 218 to "sell" to prospective j/v investors. IMO, by adding 60% of 855 to their shale asset base, it will not only make it easier for BPT to get that j/v investor, but, will be able to charge very much more to get in.
This is all about BPT and fortunately, ICN, is finally in the right place at the right time.
People are disappointed that ICN "lost" 40% of 855 to BPT, but, consider if ICN still had 80% with what they have in the bank. They would have had to have sold off most of their 80%, or heavily diluted their share capital to even drill one hole.
Sure, 855 has that "nearology" factor with 218, but, j/v investors are much too cunning to pay top dollar for "nearology" any more, this is not the '70's.
They would have been very lucky to get $16 million for a 40% interest in this market and would have been a dead duck takeover target at ADE price levels without BPT as a j/v partner. In fact, I find it extremely difficult to see how ICN could have done any better than how they ended up. BP as a j/v partner, they spending $16 million on the well, they having the expertise from 218, they having the respect of the market, they having the rig from Encounter. They are huge pluses for ICN and just compare that to ICN without BPT!!
This way, they are free carried for $16 million in a well that BPT are drilling and deserately wanting it to be successful and if so, ICN, derives massive benefits as a result and so do its shareholders.
There is a listed company that has a certified proven up resource of nearly $1 BILLION dollars worth of gold, in Qld (not Mongolia) and their market cap is $20 million and are unable to raise funds to fully develop it. Imagine ICN being able to attract the sort of money required to even start drilling 855 which is still a total gamble?
All Halifax-1 has to do is to prove the continuity of the Nappamerri Trough geology that is in 218. That is what Halifax-1 is confidently "expected" to do. That spot will be "sweet" enough being from shale and not CSG.
Don't lose your cynicism,let's just hope that it proves to be unfounded, but, a little cynicism is often very healthy, especially with O&G explorers. BPT's very optimistic involvement has reduced most of it for me.