gas sale agreement

Not many are understanding this deal. Indeed this is a MOU but one needs to take into account that a Chinese firm will not be allowed to sign any sort of agreement if due diligence is not processed - let alone a potential 32 billion dollar memorandum. As another poster has so eloquently put out, the chinese firm has already got approval to develop a 726 million LNG plant and as such will need the supplies in due course. This is a fact and should not be taken lightly.

Indeed, the board is paid highly but shareholders should not fret too much if the important aspects of the project is going along. That is, the proving up of resources into reserves AND the gas sale agreement to be negotiated and signed by August 2010. It is quite apparent that ICN will have proved up a portion of their resources by then.

The trend is up and the share price will rerate accordingly. Current prices are still pretty low.