Chairman Buying, page-3

Hi Chickm61 - congratulations on continuing to buy - I expect you to be well rewarded. The IEC share price has already priced in caspian so any positive news should see IEC move well above 5c. After 3 quarters IEC is on target to achieve an EBITDA of $6.5-$7.5m and has estimated cash after 3rd qtr of $6m. The value of IEC's proven reserves are at least a minimum 10 to 20c/t - so the market cap should be well above $20m post Caspian announcement (last immediate key risk). Hopefully a sensible arbitrated or commercial outcome.