@gassed have been having a good look into the sector recently as I believe the surging gas prices will see a sector wide rerate occur. Are you able to reference the $16/GJ contract? Most of what I have seen suggests current gas is contracted around $8-10/GJ.
This link takes you to the AEMO dashboard which displays the spot price (generally behind the contracted gas price by a buck or 2)
http://www.gasbb.com.au/Market Prices.aspx
In my research into ICN I like the ground and the locality to infrastructure however my key concern is in managements exorbitant salaries, these IMO are not fitting for a company with a low MC and limited cash reserves. Check out the comparison with KEY and RLE (another Cooper Basin BSG play) which are of a similar size. Seems to me these guys are a 'lifestyle' management team who need to deliver well beyond what they have to date to be worth what you shareholders are paying them. If they were to withdraw their snouts to a level consistent with the rest of the junior market then I believe that the SP could move more freely.
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