For BP and Rosneft, deadlines aren't necessarily dead ends.

The two companies could still resurrect plans for a share swap and joint-venture deal to explore for oil and gas in the Arctic, even though the deal's current terms have lapsed. To do so, the companies must combine to buy out BP's current Russian partners, oligarch-backed Alfa Access Renova, from their 50:50 joint venture TNK-BP. AAR is now clearly a potential seller, encouraging BP to believe a deal is still possible. Shareholders should keep a close eye on the terms if that happens.