Ann: Update on the Unconventional Drilling Progra, page-24

re: Ann: Update on the Unconventional Drillin... Elliot5. Frankly, all Icon can do while Beach is the operator is to keep annoying them for information. Just compare the two announcements today, which, without doubt, is probably the most significant announcement that Icon has ever put out in its entire history, at least as important as the GSA deal.
Both of Icon announcements can now be able to be considered in tandem and we can now just wait for further results (and I venture to say, better results) from the other three wells and then to the required 2P bookings. Having the GSA makes that step much easier and again, dare I say, now much more likely.

The "saving grace" is that with these results, Chevron look certain to proceed with Stage 2 of their deal with Beach and will then become the Operator and Icon, especially Ray James who was a former employee of Chevron, get on extremely well together.
Beach will just go by the wayside and Icon will become the major owner, with 35.1% and Beach will be by far the minor participant. One step at a time, but, this is a very serious step for Icon and its shareholders.