Ann: Drilling Update ATP626P , page-22

The latest drill result is disappointing...but there are more to come. Will only take on sweet spot to turn sentiment about ATP626 around...although results thus far are not cause for optimism. Also, Stanwell did not need to commit to the $30million more and would not have done so unless, despite the disappointing results of the initial pilot wells, thought there was a good chance of getting better results elsewhere in ATP626. Stanwell have all the information we do not.

Also, lets not forget how good the shale it looking...and really BPT is proving that resource up for us by proxy.

The drill result was disappointing but not a reason to sudden sell Icon. I do grant that it gives you no reason to suddenly by either. The ~10% dip in price is probably fair.