gold coast business

Don't know if this part has already been posted.
The forum has been so active that I may have missed few posts.


http://www.gcbn.com.au/process/myviews/gcbn_article.html?articleId=2725

Beach last week commenced legal action against Icon, claiming an agreement had been met that would see Beach operate farmin activity at the promising shale gas tenement, located in far western Queensland at the South Australian border.

Icon Energy company secretary and general counsel Wesley Glanville, says no agreement was entered into and claims a lack of official documentation will be used as evidence. Icon received the initial proposal 17 months ago but Glanville says the negotiation process had yet to occur.

?The proposal was subject to negotiation and the execution of a range of documents and we haven?t got to that position yet,? he says.

?They should know that in this business you don?t make significant operational agreements on two-page documents.

?All we?ve seen in that 17-month period has been two pages outlining the proposal. The proposal also included entry into a share subscription agreement and we only received those documents on Thursday. The (lack of) documentation should speak for itself.

?We absolutely will defend our position in any forum and have given Beach notice of that.?

Icon Energy has been in a trading halt since yesterday.