Jake, for starters Beach have not committed to spend $14.25...

Jake, for starters Beach have not committed to spend $14.25 mill. As I read it assuming the well costs $16 mill, Beach will spend 80% of that (Beach and Icons share) less the $1.75 mill contribution by Icon (total $11.05 mill), $6.4 mill of which is their share anyway (net benefit to Icon of $4.65 mill).
Regarding the previous deal, as I read it (and like I said I may be wrong) that was $8.5 mill net to Icon. Here is part of the announcement, people can make up their own mind.

Icon Announcement 26 October 2009

Beach can earn up to a 40% interest for an up to 8.5 m commitment.

In the first stage of the farmin a 25% interest in ATP 855P will be acquired by Beach Petroleum by contributing 80% of the cost of seismic reprocessing and the acquisition of an additional 300 kms of 2D seismic.

The remainder of the seismic costs will be borne by the existing 20% interest holders in ATP 855P.

Beach have the option to earn a further 15% by contributing to Icons participating interest share of the drilling costs up to 7 million.

Mr James said "at current costs for seismic data gathering, the total farmin would be valued at 8.5 m."