free fall, page-12

"What happens if Beach has not drilled by, say, end of 2012"?

That is a 40% of 855 question jake. It all depends on WHY they have not drilled by the end of 2012, or, end of June, more to the point.

If the rig arrives from U.S. in April, as expected and there are NO physical or technical reasons preventing it, then, there will be no excuse for BPT not to have commenced the drilling "as expected under the J/V agreement".

ICN and BPT have signed that off as an inalienable expectation and should BPT not deploy the rig on 855 as its first operation on arrival and at the earliest opportunity, then, unlike the Court action that ICN could not prosecute by not being able to PROVE the understandings of the first J/V, I am sure that ICN would have NO hesitation in taking BPT to Court to dissolve this J/V. There are BILLIONS of dollars at stake, possibly the very future of ICN.

More to the point, BPT will do NOTHING to risk losing that 40% and regardless what its intentions are during and after the drilling, drilling will happen ASAP after the rig arrives from the U.S. Bet your bottom dollar on that.