icn about to break out on open, page-40

G'day Katok. Yes, that near line wipe of 3 million @ .30 early this morning was certainly from an "entity" and not just an accumulation of numerous buyers trying to scramble aboard. It was large, it was quick and very decisive. Clearly. "someone" wanted in big time and quickly. And it was done on a Friday!!

I still reckon that the importance of that GSA has been grossly under rated by the market. Imagine, if they can just prove up a bit over 2.2TCF, and we are told by independent experts to conservatively expect about 8TCF just from 855, there is an immediate signed contract of around $1.2 - $1.5 BILLION PER ANNUM for 20 years, and, apparently beyond!!!! How difficult would it be for ICN to find funding for their share then??

THAT is how VITAL 855 is to ICN and maybe, they are "friends" who are taking up this stake to protect that vital 50%, and not, as some are suggesting, a predator.

Would you imagine a predator showing their hand by taking out 3 million @ .30 virtually in one hit?? While that mountain was there, it allowed for subtle accumulation to take place. So, why remove it and expose the SP to much higher movements and consequently, a much higher takeover price???? Would make no strategic sense whatsoever.
So, I am punting on the buyer being "friendly" and with the mountain removed, hopefully, move quickly to nearer .40 to make that takeover even more difficult and expensive.

AND, who knows if that GSA is transferrable if ICN was not involved??

So, do not think that this is speculative buying, but, very likely a friend taking a "fortress" position to protect the co until at least the drilling has been completed in 855.
The alternative is that a T/O is on the cards, but, that would have to be very quick before the SP continues to rise. VERY interesting days ahead.