huge capaital raising on the cards, page-4

Magpie is squaking twaddle again. Current cash reserves are Icon's, not Stanwells. Stanwell will provide costs for the farm in agreement as they come due. Then again we shouldn't let the facts get in the way of a good story.

From the annual report:

On 16 August 2010 Stanwell Corporation agreed to proceed to Stage 2 of the Farmin Agreement covering Icon Energy?s key
coal seam gas tenement ATP 626P, committing a further $30 million. Stanwell Corporation?s Commitment Notice is
unconditional and not subject to any further consent. Under the Stage 2 agreement, Stanwell Corporation can make the funds available via approved budgets and cash calls as work proceeds. Previous costs under Stage 1 have already been paid and some early works conducted by Icon Energy will be recovered under Stage 2. Stanwell Corporation is now assigned a 50% working interest in the farmin area covering four of 30 blocks within ATP 626P, along with a 1% title interest in the whole of ATP 626P.