Thanks grahod.I'll be digesting your responses along with the...

Thanks grahod.

I'll be digesting your responses along with the remainder of Xmas leftovers.
Great to see some logical and helpful responses to the lines of enquiry.

Just some quick responses:
- Tiger Resources is testament to focus. Icon hasnt had a project focus equivalent to Tiger's and they have also not been afraid to turnover management and boardembers to seek the right mix of expertise and skill sets. You are right, speculative company's can take a long time to incubate but there also needs to be consitency and focus along the way.
With Icon, its been scab-oil, conventional gas, conventional oil, dot-com, drilling innovation, geothermal, CSG, shale gas, shale oil, micro LNG, commodity dealing, NG platforms...what else?

- The placement wasnt much of a premium and was a substantial discount to the large 30c placement they did when they based their strategy on a Lydia focus, since then, micro-LNG, chasing commodity dealing style contracts (buyers mandates), expanding their exploration reach beyond their budgetry capability, buying property and still paying themselves above industry standards has evolved as part of their business strategy. A company that has large aspirations (ie large future capital financing requirements) MUST be coherant and consistant with the 3-5 year strategy that they are basing a lot of their capital raising initiatives on. Icon have consistantly changed their business model within the standard 3 year planning cycle which tells me that despite their long standing history in the market they are yet to put together credible stratey that survives the test of quarterly or yearly performance pressures.

- Icon had $15M of cash they could use for drilling other areas on top of the $30M now dedicated to Stanwell. They wouldnt need to use the Stanwell funds and they could replicate the farmin success they have had with Stanwell in other tenemeants if they acted METHODICALLY and COMMERCIALLY. There's a lot of inefficient costs embedded in the RJ empire that is Icon Energy. An MD attracted from the development market would be able to slash operational costs and drive a culture of "low cost mindset" and "business decision making aligned to long term strategy".

- Icon is not focusing on 2 projects. They have about 5-6 and a big distraction to RJ is this whole micro LNG and pipeline dream that he is chasing. They seem very distracted from their core capability - Converting leases into development businesses. There's in no doubt they know how to hunt down leases and EL's but it would appear that there is some serious technical ad operational deficits when it comes to developing those permits into reserves.

- On the Chinese investors. If there is any strategic benefit to these investors "what is it?" That hasnt been disclosed to the market. So we have to assume that there is none. Chinese names on the register is good to support their initiatives with SinoGas? Why is that? The names appear to actually be Taiwanese...thats not China. And lets not be so naieve to think that just because the SinoGas see Chinese names on the register doesnt mean that this automatically makes them more favourable towards Icon. Who's to say that in fact this increases the perceived barriers to the deal (because another investor that understands Sino business is now competing for the reserves).