no drilling no program no reserves no urgency, page-5

From last ann by ICN. While Shantou SinoEnergy proceeds with
its approval processes in China, Icon Energy will continue with its focus on securing the necessary
reserves to meet its commitments under the GSA. In that regard, various programmes have
experienced delays with the late award of tenements and the requirement to go through new and
protracted land access processes in Queensland, but our team is proceeding to recommence drilling
activities during 2011.
?Unfortunately, the weather is now an impediment to drilling in all our Queensland permits with rain
and flooding expected through the remaining Monsoon season ending in late March 2011. But this is
something which is affecting everyone,? Mr James said.

Shantou said, According to encouragement of relevant departments of government, we have reached a joint venture agreement with a state owned public company. Between February and March 2011 (now) we will launch the final application. Very soon we will get all necessary approvals and start building the receiving terminal.

If we ONLY get further positive news from Shantou, we are on the cusp of a massive company making ann!!!!

At .190 I can wait a little while longer.