free fall, page-11

according to ICN:
"Icon Energy and Beach expect to commence drilling operations in ATP855P in June under the terms of a farmin agreement which provides for Beach to use its best endeavours to drill a horizontal pilot production well in ATP855P by the end of the first half of 2012."

i think the term "best endeavours" relates to the timing ie Beach to drill by the end of H1 2012.

i am not sure if there is a drop-dead date?

what happens if Beach have not drilled by say end 2012?

certainly if Beach has not fulfilled its obligations under the farmin agreement, ICN would try to rescind the transfer of that 40% it passed to Beach.

But imagine the S### fight around that.

fortunately once the vertical is drilled, then the horizontal will be drilled then fracced.
it says that the fraccing will take place 30 days after horizontal is drilled.


so one would think by July/August ICN should have some flow data.

cheers