Ann: Plan to Drill 5 Wells , page-13

Hey Gassed ,

I must be reading a different version than you. I can't find the bit about flow rates. About all I can find are a couple of charts for dewatering.

Under the title "Reserve Certification for ATP626P " , it talks about what's required to move to proven reserves ( 2p/3p ).

" Therefore Icon Energy must find the sweet spots within this coal basin ".

We need to remember that even though the coals are saturated and contain 98% methane etc etc , the sweet spots may not exist. Suggesting that drilling a few more wells will get us to reserve status is a massive stretch imo.

The analogy is shale gas. The existence of shale gas ( and oil ) has been known for decades. It is only very recently that the technology and know how ( along with the right oil price ) has enabled it to be produced. CSG is also a similar situation. So it's quite possible that 626 may never be developed.

The takeover : I have no idea on this one. People ask why someone would take ICN over before 855 is drilled ? Pretty easy answer.

Because it will be way cheaper now than afterwards. Simple risk vs reward equation.

Will BPT do it ? Seems the most likely although I don't know how they will fund it. They certainly have the form in takeovers and the location is obvious. That said , the majors prefer to joint venture projects these days to reduce risk.

One thing i have observed about takeovers in the last ten years. The company being taken over ( the prey ) has almost always been at the mercy of the predator or the market. So whether they or their shareholders want to be taken over or not is irrelevant .E.g. AOE , BOW , ESG , QGC.