There is now an Intersuisse Investment Research document...

There is now an Intersuisse Investment Research document available on the ICN website - http://www.iconenergy.com/images/stories/Intersuisse_%2015-06-2009.pdf

There's plenty to read, covering the CSG process and some observations made on the future of the LNG projects in Gladstone, but in there also is a conservative estimate of a market cap for ICN of $275 million for their share of the Stanwell program (once completed).

After the placement and SPP, ICN have ~440 million shares on issue, giving the above market cap a resulting SP of about 62c.

They do stress that there is plenty of upside, indicating ICN are very likely to branch out into further 100% owned blocks in ATP626 to prove up their own reserves.

As this report was obviously done before the results of the placement and SPP, it's good to see the upside has greater potential to happen sooner than later.