almost $2M for the top 3 head honchos in the Co and their buddy directors letting them get away with these absurd remuneration packages...and that's not even including the payroll for the rest of the company!!!
like you need $40,000 car allowance when you're earning over $400k & $500k...to what, drive from the office to your mansion?! Because you haven't driven anywhere near an exploration well or oilfield in how many years?!? Geeze it's hard being at the top!
ICN shareholders, you are being royally duped! in my humble opinion, it looks like to me they have been using your money, or what little money is left, as their own personal bank account!
Do the math, with about $9.5M in the bank as at 30 June, they have $5.2M in restoration provisions, that is, money they can't use or touch, leaving them with just over $4M. At the going cash burn, they won't see the end of this financial year!
they are trying to sell some fracking equipment inherited with the 855 license...I'm sure people are lining up to buy some old and obsolete fracking equipment from failed fracking attempts...$4.89M worth of equipment you say? hahaha that's nice.
on a different note, look also at pg 64 of the report "work program commitments"...they require $12.5M in exploration expenditure commitments over the next 5 yrs just to maintain the permits and "If any of the above expenditures are not met within the life of the tenement then the Department of Mines and Energy (QLD) /the Department of Primary Industries (VIC) will require the permit to be forfeited without liability."...and voila', it's gone.
only asset left is the land and building they own in Broadbeach...anyone care to place a wager on how much they will sell it for??? how else are they going to be able to sustain their lifestyle otherwise???
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