It would be nice if Icon were in BPT's position, but they are...

It would be nice if Icon were in BPT's position, but they are not.

Icon has zero free carry, so they have to stump up 40cents/every dollar put into 855 at present.

If they take the 18 mill, that gives them some breathing room up to 51 million in exploration costs. Should be 3-5 verticals with completions (assuming low case of 10 mill/well).

As for BPT, they get to do the work and send Icon and Chevron a bill, nice.

And please correct me if I'm wrong, there is no minimum expenditure for Chevron in 855. They have paid cash to Bpt with no carry and no commitment. The expenditure will be driven by BPT as operator, as long as Chevron and Icon keep paying their share and doesn't really have a value at this point (ie could be a little, could be a lot, depending on results)