agm, page-3

I attended the AGM. Here's my summary:

* All resolutions were passed very convincingly (http://clients.weblink.com.au/clients/iconenergy/article.asp?asx=ICN&view=4210773)

* The Trading Halt is related to an announcement due Monday morning regarding raising further finances. No details yet, but unlike previous occasions, they stated this time the shareholder will not miss out.

* RJ ran through the same presentation as the one used in the recent investor roadshow.

* The company is confident that $36mill from Stanwell for 25 wells will see the full 340PJ of 2P proven, as part of the agreement. When asked if the full amount is not proven by the time $36mill is spent, RJ indicated it would be a 50/50 commitment from both ICN and Stanwell to complete the process. Current drilling results are good and Stanwell will be expected to fully commit the remaining $36mill "within the next few months".

* Approximately 12 - 18 months is the estimated timeframe to get 2P reserve status in the Stanwell blocks

* ICN does not seem content resting on their laurels from the Stanwell agreement and RJ repeatedly acknowledged that the true value in ICN was in developing ATP626 reserves 100% owned by ICN, outside of the Stanwell blocks. When asked about moving ahead on this re: finance options and if this would commence possibly before or parallel to the work as part of the Stanwell agreement, RJ just smiled and said "read Monday's announcement". It seems they are very keen to get another pilot program going asap in ATP626, hence the finance raising, although I got the impression this was to woo another JV partner. I could be wrong though.

* The company will also look to drill some wells (2) in ATP849. This tenement is neighboured by BOW's Don Juan oil field, and SHG's Lacerta CSG field.

* RJ confirmed the farm-in arrangement with BPT for PEL 218, but didn't detail the terms, percentage of interest or cost to ICN. Their website - http://iconenergy.com.au/exploration.html - states they have a 33% working interest.

* Bayou-Choctaw/Geo-thermal/algae bio fuels were all mentioned, but only fleetingly and it is clear the company now has a full focus on CSG and optimising the resource at ATP626, acknowleding the value in proving the resource outside the Stanwell farm-in blocks.

* The company will make regular announcements with gas flow readings as they are know as the current Lydia pilot wells are dewatered.

There were other topics covered, such as water storage pond construction, usage and treatment of well water and RJ's view on whether the gas market in SE QLD will become oversatured by the "race to Gladstone LNG" (short answer; No, not if yearly export requirements of 30 million tonnes of LNG have to be met, plus the shortage that will create for the domestic markets) but the main points of interest to me were the ones I covered above.

Overall the meeting went very smoothly and it seems ICN are on the right track.