If there is a capital raising, Icon will use the 15% rule and...

If there is a capital raising, Icon will use the 15% rule and only raise enough to tide them over for another year. Remember, RJ is a large shareholder and will only dilute to the extent necessary. Hopefully, they can/will hold out until after fraccing.

We are now waiting for fraccing and flow rates. We might expect Icon to fall back a little, but I actually think action in the wider shale sector could keep interest and demand high. Santos are starting to produce, and there could be some low-ball takeover offers for BPT or some other smaller shale explorers before widespread fraccing occurs. The question is: has enough data been collected to entice international companies into taking a risk on getting in early?

Icon itself may have enough data to start flirting with a major.

Anyway, I think enough is going on to at least stabilise the Icon share price, notwithstanding the possibility of a CR, and possibly see it drift up a bit further while we wait for the frac.
Of course some smaller, long-suffering shareholders/traders will sell but I think some larger players may be willing to suck these up. Icon suddenly looks a much better risk, I think.