i'm out

Incompetence of the highest order with regards to releasing information.

Most concerning was that the drop off was not for an hour or two (as I suspected previously shenanigans by Beach) but over several weeks. Icon clearly wanted to sit on the result (in contrast to their very prompt updates on the good early results). It was only Beach's rigid release of a monthly report that saw the information released to us.

Its clear the fault lies with Icon. After being caught with their pants down, they release a somewhat panicked statement about future wells.

Unless they come up with a clear explanation for the drop off in flow rates, you'd think they (BPT/CHEVRON) would be prioritising the acreage across the border for a lower risk approach.

I still suspect there may be games being played to depress Icon's shareprice for a takeover (maybe in three months or so when Icon is looking for cash again). And I think Icon will be taken out eventually. But given Icon's handling of the situation thus far I am not sure they can play with the big boys.

At least Beach will get their 4.9% now. It would be suicide to try to raise capital now.

Sorry guys, I have been one of Icon's cheerleaders but the drop in flow rates and general incompetence has burst my bubble.