fin review page 20, page-7

Ozzy, you raise some very good points.I could see the possibility of a takeover because some predator company that has gas would then have the GSA to match , thereby creating an extremely valuable combined corporation.
However, having said this , you are right , Sino gas is not the same as the likes of Tokyo Electric and are not valued by the market anywhere near as much.There have been cases in the past where smaller Chinese companies have reneged on contracts. I am not saying Sino Gas would renege but I would like to see the full terms of the GSA to be sure that they have no other "outs" that would let them walk away , and if there is the normal take or pay clause backed up by a bank gaurantee.Incidentally, a take or pay clause means that if they dont take their full commitment of gas then they have to pay anyway.
Right now ICN is too reliant on the BPT permit, which might or might not produce in commercial quantities.
If the BPT permit does produce the goods it will take at least 18 months of drilling, fraccing and testing to certify recoverable reserves.Not only will this cost in the hundreds of millions , but there is still the big
hurdle of economics.
Bottom line is that the market has all these risks priced about right in my opinion.
I will continue to watch in case ICN looks like making good and an opportunity arises.
For all the longterm holders, I would not sell right now.Based on past performance there is always a sp run not too far away and after all this tax loss selling the sp might start creeping up in July/August.