Not sure if this has been discussed in detail before on ICN threads. I noticed this little statement in an oldish report-
2011 Australian Shale Overview (found on the NSE website in the broker report section, pg 11).
"No wells have been drilled on the license but encouragingly seismic data shows the REM sequence targeted by the adjacent PEL 218 is 20 to 30% thicker in ATP 855P."
Sounds to me like ICN is indeed sitting on possibly some of the best shale acreage in Australia.
855 sweet spot for shale gas, page-16
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