new value of shale gas permits, page-2

BHP has just paid out another $A11 billion in US for what appears to be a far inferior property than 218 and 855!!


Nobody gave Icon ANY credibility re their ability to exploit 855 and that was reflected in the low SP. Nor have they given any credibility to Icon being able to deliver on its GSA. In other words, nobody gave Icon any credibility at all, thus a market cap of below $80 mill.

NOW, people will be judging Icon as a j/v partner with a $1billion, well respected local company with the cash, expertise and more importantly, the respect and credibility to assist Icon to deliver on all of its potential.

I can see a total re-assessment of Icon in the eyes of fund managers and am anticipitating that BPT will be taking some equity interest in Icon to get their hands on some of that GSA. The first "deal" had BPT picking up $3.5 million from an off market placement of shares, that no longer exists and if BPT want equity in Icon they will have to buy on market and that will put a strong support base to our SP for the foreseeable future.

BPT combined with ICN and its GSA, plus 218 and 855, MUST (IMO) be starting to look very tempting and attractive to "the big boys" when you see them already paying $100's of millions for other local companies who don't have anythiing like the potential of both Icon and BPT.

Must also keep in mind that Icon's issued cap is less than 500 million shares, which will put a huge premium on its SP when the buying starts. Now, let's see how it unfolds, but, I will be looking for some pretty serious buying at these low prices by the likes of BPT to start with. Be interesting to see our Top 20 list in a couple of months time.