fyi article, page-4

i reckon the introduction of a "major" will not come from ICN's end - it will have to come from Beach end.

the napp Trough will be the first big shale gas resource to be developed.

everyday the extremists hit out at the CSG industry, brings this shale gas resource closer to development.

we already have some of the big boys in Aust shale, ie Conoco, BG and another?

i keep saying, what about all the middle rankers in US?
what about those big boys that we rarley hear about such as Petrohawk etc etc over in US.
Those guys would have plenty of cash to raise for the dev't of Napp Trough, and all the expertise required.

So BPT is probably beating-off potential partners right as we speak!

as i mentioned earlier, the clock is ticking.

Beach will not want ICN as an independent J/V party.

It will NOT want ICN to selldown its holding.

I guess BPT would have a pre-emption right?\
Maybe that will be our saviour??

but we have just witnessed the beginning of the Napp Trough consolidation.

ALl those reasons BPT proferred as to why BPT needed to mopup ADE, and as to why ADE s/h should sell - ALL of those reasons apply to ICN imho!!!

BPT will NOT want to farmout to a major with only 60% of ATP855, and 100% of PEL218.

It MUST get control of 100% of each permit *** !!!!!

the issues would be unfettered operatorship, development/operational issues wrt proving-up/drilling of both the unconv and conv resource (and this issue was what was at the heart of the BPT/ICN fight). Plus total control of both permits would give them huge economies of scale advantages and make the total package FAR more valuable, and SIMPLER - plus give Beach a far greater flexibilty in funding options.

and again, it will not be sharing 40% of profits with the head-beaten s/h in ICN!

(see - stay on Beach's side of the fence!)

If ADE got $91m for 20% of ATP855 and 10% of PEL218, then ICN must get roughly double that for 40% plus the other CSG assets and 2 GSA ?

that works out to somewhere near 40c a share.

But if BPT waits, and we get some drilling results from ATP855, then the price will escalate dramatically.

cheers