Beach: At Odds with Icon Over ATP 855P

Beach Energy Limited stated Friday that it is in dispute with Icon Energy Ltd in relation to Beach's entitlement to earn up to a 40% interest in ATP 855P.

In October 2009, Beach and Icon exchanged correspondence pursuant to which Icon accepted Beach's offer to farmin to ATP 855P. As a result of this exchange, Beach asserts it has a current legal entitlement to a 25% interest in ATP 855P, with the remaining 15% subject to the exercise of its option to earn-in by contributing to exploration costs.

Icon has recently advised that it disputes this position and is seeking to maintain that Beach does not have an interest in ATP 855P.

Beach strongly refutes this and has taken appropriate advice. Accordingly, Beach will be taking all actions considered appropriate to protect its position as it may be advised.


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