announcement, page-5

Yes...delay in MOU signing but now there might be involvement of a Chinese SOE.

The market likes it but I am bit underwhelmed. Reading between the lines the basic terms of the GSA (for which no reserves yet exist) are still being negotiated. Further, there is sneaking little reference at the end about delays to drilling (although for legitimate reasons). Icon need to get drilling a quickly as possible, both in 626 and to prove whether the shale gas next to BPT is viable. Apart from the GSA being signed and maybe announcement of drilling for shale, , which is would be positive news,it doesn't look like we will have drilling and any reserves upgrades until the 2nd half of 2011 at least.

Having said that, the market likes it much more than me it seems. Will be interesting to see where we are in 2 weeks time.