Maybe Beach very cleverly obtained the put option as they believe ICN won't be able to meet their monetary obligations and be able to pick up some of their share for a song once Chevron ramp up their exploration.
If ICN cannot meet their obligations to the JV when tapped on the shoulder for money to meet their commitment, ICN have an easy out to let some of the acrage go to Beach via the put option.
I believe Beach thinks there's a good possibility this may happen, it also gives ICN some certaintly that there is a guaranteed buyer for their acreage if they need the cash in a rush.
Smart move by Beach IMO to ensure they still have a chance to obtain more exposure for relatively cheap.
should BPT take out ICN now?, page-26
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