beach commences legal proceedings against icon, page-3

this again goes to prove how much value Beach puts on ATP855.

i guess BPT has not got much to lose.

according to Icon, Beach has no interest in ATP855, so if BPT takes ICN to court, and Beach loses, then Beach has lost nothing but legals and costs.

if it wins, it gets 40% of 855p.

at the moment, the ball was in BPT's court - ICN said it had 80%, and was moving to start drilling operations. so no pressure on ICN to get back to the negotiating table.

Now with a Fed Court hearing next week, ICN will be forced to either defend itself, or start talking to BPT again.

of course, either way, it must sour the relationship.

I reckon from what ICN stated earlier, that ICN has a good case. Because the "agreement in principle" was always subject to further negotiation and final documentation. eg the Subscription Agreement had no pricing agreed upon, there was no agreement as to access etc etc.

i hope ICN gets some DECENT legal representation - because almost certainly ATP855 is worth fighting for.

whilst BPT may be the experienced operator, I still would not trust those guys with my son's lunch money!