Beach Energy Limited has commenced legal proceedings against Icon Energy Ltd to protect its position in relation to Beach’s entitlement to earn up to a 40% interest in ATP 855.
In October 2009, Icon accepted Beach’s offer to farm-in to ATP 855. As a result of this acceptance, Beach asserts it has a current legal entitlement to a 25% interest in ATP 855, with the remaining 15% subject to the exercise of its option to earn-in by contributing to exploration costs. Icon has disputed Beach’s assertion as to the legal effect of their agreement.
The proceedings have been listed before the Federal Court in Adelaide next week.
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Source: Beach Energy, March 25, 2011;