Hi Gassed, I have upmost respect for your infomed posts both on...

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Pos1

98 Posts.

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24/08/17

12:36

Post #: 26725602
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Originally posted by gassed ↑

I fully respect your obvious frustration with this company. But, the only money that has kept the company and its management going in the last 5 years has come from the number 1 shareholder with $18.8 million in 2013, another $18 million from Beach to exercise their option for an additional 4.9% of APT855 in 2013 WHEN APT855 was being so successfully explored and similar amounts from research and development grants and a $10 million placement to SI's.
I, personally, have not contributed one cent directly to Icon management and all that I have spent on Icon is buying their shares on market for which I take full responsibility for those decisions.
Halifax was a MAJOR exploratory well with 8-9 different zones being tapped and cost over $18 million, it was plugged to further explore where that gas came from and would have been a shocking misuse of that $18 million to use it as a production well before all those follow up tests were completed.
That is what Stage2 will be all about together with the other 5 wells that have been drilled.
ALL of that progress ceased when the price of oil crashed and the entire industry crashed with it (you only have to see what happened to our biggest company BHP to see the disastrous effect that resulted worldwide.)
The company's Issued Capital has actually dropped to less than 600 million, with no "consolidations"and there is still no debt. Not many, if any, small exploration companies on the ASX would be able to claim what Icon HAS proven and does HAVE . But, all of that will be academic if they cannot proceed with APT855 and possibly get a cash flow from APT594 in the interim.
I'm taking interest in market activity.

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Hi Gassed,
I have upmost respect for your infomed posts both on the industry and ICN.

Management issues aside I agree there is no debt, still some cash in the bank (9.6M) and possibly a couple of great assets and not a ridiculous amount of shares on issue.

855 "stage 2" exploration program should determine viability of the project. From the quarterly report "Icon has appointed several agents overseas to introduce a new finance investment partner and participant in the area." Maybe that could explain recent share activity?

594 is in a great location and if a farm in is sourced IMO it will be successful.

I will continue to hold ICN rather than sell, although my days of "averaging down" on this one are long gone.
Lets hope someone sees the potential here and invests before time catches up with management.

All IMO only.
Cheers, Pos1.

ICN Price at posting: 2.4¢ Sentiment: Hold Disclosure: Held
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