Yes Jake, 855 is a LOGICAL extension and addition for BPT. But,...

Yes Jake, 855 is a LOGICAL extension and addition for BPT. But, let's not forget that BPT and ICN were getting along very nicely and even has a j/v with part of 218. ICN welcomed BPT's request to take a share of 855 and asked them to go away and dot a few I's and cross a few T's and to come back with a "deal", which, there was no reason wouldn't have been done.
ICN had to go away and get all the paperwork tied up as their part of the deal. ICN did that and got all the necessary conditions precedent to satisfy their part of the deal.
For some very unknown reason BPT did NOTHING for over 17 long months and in the meantime ICN gets that 20 year GSA with Shento. That and a complete reappraisal of the "value" of shale, changed ICN's (AND BPT's) attitude towards the "deal" and saw that 855 was far more valuable than when they started discussions.
When BPT finally realized, obviously through their two wells in 218, how potentially valuable 855 could be, they then got back to ICN, but, ICN said sorry, you've had enough time, so, that deal was no longer on the table.

How they didn't try to re-negotiate a new deal no doubt will come out of the court hearing, but, from what I have gathered, BPT just walked away and said that they'll see ICN in court.
Now, that is not the "relationship" that instills any confidence that there will be an amicable outcome to this. They couldn't talk this out 2 months ago, so, what will change their "relationship" other than an outright victory for BPT? If BPT doesn't win, I can't see how ICN will voluntarily invite BPT back into 855 after having been taken to court.
Just IMO, but, 855 is a potentially 25 year, plus, asset and it will take a great deal of co-operation and goodwill from ALL involved to make it work.
BPT has effectively taken out a divorce petition against ICN BEFORE the surface of 855 has even been scratched, so, how can these two companies reconcile and agree to a 25 year "marriage."
It IS serious and the repercussions will be very huge for both companies. I am just taking a bit of confidence from the strengthening SP, but, my guess is as good as anyone's as to how it will pan out. Logic says that BPT would be a natural partner, but, without goodwill logic might be the ultimate loser. Be great to see an "out of court" resolution, but, maybe that is too much to hope for.