icon energy, page-3

From Occam: The reserve picture is a long long way from being known. First there must be extensive drilling and testing, something that RJ has been talking about for too long but doing nothing. The last announcement was all about discussions and negotiations with a rig company but as yet there has been no announcement regarding a rig contract being signed -

And, how to pay for it. Previously it seemed they had enough cash to drill, assuming they had the rig and were going to drill straight away. With current admin costs at around 1 million a quarter and $4 million in cash, I wonder whether they will need to raise some more finance by Feb next year. This is the earliest possible - but unlikely - availabiltiy of the rig they have inspected. If things push out to April or May - as is the Icon way - there may not be much left in the kitty I suspect.

Given the shammozzle, although I can't help out, I think an EGM is necessary. A new MD with some contacts with a major may inspire some confidence from potential farminees and get Icon back on the fast track...otherwise by the time Icon is ramping up production we will be operating in a purely hydrogen economy.