Australia: Beach Energy Receives Undertaking from Icon

In the Federal Court yesterday morning, Beach Energy Limited secured the binding commitment it had previously asked Icon Energy Ltd to give, in a letter from Beach’s lawyers to Icon of 11 March 2011, and which Icon initially declined to give in its letter of response of 17 March 2011, that Icon not deal with the 40% interest in ATP 855 in a manner that is inconsistent with the rights to which Beach asserts it is entitled.

Legal proceedings commenced on 24 March 2011, at which time Beach asked the Federal Court to hear Beach’s application for immediate injunctive relief to prevent Icon dealing with Beach’s claimed interest in ATP 855, pending a final hearing. On 29 March 2011, when the matter came before Justice Lander, Icon gave undertakings to the Federal Court that it will not deal with Beach’s claimed interest until such time as the Court releases it from that undertaking.

Beach will now prepare for the early trial of the proceedings it requested, and which is listed to occur in the week of 18 July 2011, with the assurance that the interest that it claims in ATP 855 will not be dealt with in the interim.

[mappress]

Source: Beach Energy, March 30, 2011;