Chevron Australia Farmin to ATP 855
25 Feburary 2013
Icon Energy Ltd (“Icon”) welcomes the announcement on Monday 25 February 2013 by Beach Energy Ltd in relation to the farm-out of part of Beach Energy’s equity in the PEL 218 and ATP 855 permits to Chevron Australia Exploration 1 Pty Ltd (“Chevron”).
Under the farm-out Beach Energy will assign 60% of its interest in PEL 218 and ATP 855 to Chevron Australia. Icon will retain its 40% interest in ATP 855. Icon has consented to and waived its pre-emptive rights in relation to each stage of the farm-out transaction. In addition to this, Icon has been granted a put option by Beach Energy, exercisable by Icon up to 30 June 2013, where Icon can require Beach Energy to acquire a 4.9% interest in ATP 855 from Icon on payment by Beach Energy of US$18 million.