halifax-1, page-12

You're spot on again Mav. And if I might say, that is precicely what I was saying in my last paragraph. "Only reasonable to expect...."
Share ownership certainly does involve very different types of people. There are those that invest in the long term potential of a company and are prepared to wait for their reward. The entire Australian resource sector is based upon those types of investors and I believe that the vast majority of the substantial shareholders in ICN fit that type.
And of course, where there is a casino type environment that our ASX provides, it will always attract the ST punters. Good luck to them both. There is plenty of room for both to be rewarded, so just have to wait longer than others.
I just said that ICN's current SP will probably be totally influenced by the natural churn that takes place after a CR and great opportunities for ST punters to take varying percentage profits.
And that that scenario should continue until ICN comes out with some substantial news, like the commencement of fraccing of Halifax-1, plus everything else that will be coming out of Beach.
That's why there is a further sell down in our SP today as the STs were deterred by yesterday's ann from BPT that will delay Halifax-1. There are other fish to catch in this market.
That doesn't bother me and other LT holders one bit and good luck to the punters who want to play around with the SP in the meantime as I think those opportunities will soon be gone.

Now, did everyone read this morning that BHP is going to expand the Longford plant in East Gippsland. Please take a look at where ICN's PEP170 and PEP172 are situated. You guessed it!! The map is on Page 11 of the 2011 AR on ICN's website.

And hopefully, you also read about BHP selling their interest in the Browse project in N. W.A.

They held an aggregate of around 11% of Browse which holds, now look at this number carefully, 15TCF, yes, that "massive" project that is costing tens of billions of dollars for exploration and infrastructure and is driving all participants crazy, holds around 15, FIFTEEN TCF of GIP. Serious.

And BHP's "share" of that was about 1.6TCF and they sold it for $1.6 Billion!!! $1 billion per TCF GIP. And they won't be producing for another 4 or 5 years!!!! (If they are lucky).

I am not going to put words in anybody's mouth, but, seriously invite you to take a very good read of BPT's and ICN's reports on the anticipated GIPs in 218 and 855 and do the sums.
ICN is claiming around 40% of RECOVERABLE 20TCF (VERY conservative) just from 855. When you find that answer, divide that by our I.C. of 533 million and you will see why Ray (and me) seem to be so excited.
Not MY opinion, it's there in many places in black and white, IF you make the obvious deductions).

Problem is, all the other big boys can do simple arithmetic too and comparing Browse with possible commercial production within 9 months and the sheer size of 218 and 855, IS simple arithmetic and basic logic. That's where I add my Hmmmmms.