icn--ade--bpt, page-11

6ULDV8
I just posted this on the ICN thread before I read your post but it does clarify who Primary are:

The registered interests in ATP 855P are as follows:
Icon Energy Limited 80.0%
Deka Resources Pty Ltd 10.0% **
Well Traced Pty Ltd 10.0% **

** Subject to a separate Farmout Agreement between Deka Resources Pty Ltd (Deka), Well Traced Pty Ltd (Well Traced) and Primary Petroleum Pty Ltd (Primary), pursuant to which Deka and Well Traced have agreed, subject to the terms of their separate agreements, to transfer a combined 12.5% working interest in the Permit to Primary. Deka and Well Traced are wholly owned subsidiaries of Adelaide Energy Limited.

Primary Petroleum Pty Ltd is a wholly owned subsidiary of Bounty Oil & Gas NL (BUY); this does not appear in any announcements or disclosures by BUY.

The new interests in ATP 855P post farmout completion to Primary would appear to be as follows:
Icon Energy Limited 80.0%
Deka Resources Pty Ltd 3.75%
Well Traced Pty Ltd 3.75%
Bounty 12.5%

This may affect some of the assumptions by posters on this thread.

Is anyone aware of the terms of the farmout agreement to Primary as it would appear to have a significant potential to increase the enterprise value of Bounty which stands at ~$20M.