Australia: Beach Energy Commences Legal Proceedings Against Icon

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;