money for nothing, page-3

In the year ended 31 December 2008, a total of $1,045,000 was paid in cash to the Directors of Icon Energy.

The $1,045,000 paid to the Directors represents 22.5% of total operating cash outflows in 2008.

In 2008 Pyecroft resigned and received a ‘golden handshake’ of about $100,000 from shareholders money. Barry could not have received more than $80,000 and McNamara could not possibly have been given more than $150,000 for his part time efforts so this leaves Ray James pocketing over $700,000 in benefits. Shareholders should demand a full and detailed explanation.

no rubbish Dargus - the facts - over paid to the hilt !


During 2008 $7,374,000 was raised from the proceeds of share issues. Therefore the cash paid to the Directors of $1,045,000 represents 14.2% of funds raised from shareholders.

The cash payments to Directors in 2008 totalling $1,045,000 represent a 41% increase on the salaries and fees paid to Directors in 2007.

In consideration for this 41% increase, the Icon Directors during 2008:-

DID NOT drill one well
DID NOT dewater one litre of water
DID NOT flare one gigajoule of gas
DID NOT prove one PJ of 2P or 3P of gas