From Melbourne's The Age:GARIMPEIRO - Barry FitzgeraldLittle...

From Melbourne's The Age:

GARIMPEIRO - Barry Fitzgerald

Little Icon Energy has been attracting some interest ahead of the expected October start to drilling of its Stitch oil target in Queensland's Surat Basin.

In a refreshing display of frankness, Icon has admitted that it is not possible to say ahead of its drilling whether the prospect contains oil or not.

But with a share price of 7.3c and a market cap of about $20 million, the punters out there are thinking about dabbling anyway.

The well will test the Precipice sandstone, which is the same reservoir unit found in the Moonie oilfield 40 kilometres to the north. Moonie, discovered in 1961, produced some 25 million barrels of oil.

It is worth noting that the Ballymena and Widow exploration wells drilled close to Stitch did yield "significant" oi and gas shows.

Icon is not a one-trick pony either. It is also about to drill two coal-bed methane (CBM) wells in the same permit, with the known Jurassic-age Walloon coal measures the target.

Garimpeiro has always considered CBM to be "girlie" gas compared with traditional gas sources. But with the increasingly fancy valuations being placed on CBM projects, it's obviously good to have both.