old hc back, page-14

Brilliant Casmack - loved it but I think we do need a govt investigation into a breach of the continuous disclosure provisions. Beach will claim the events regarding the shut in are not material and its only a test well re reduced flow but ICON cannot claim that. ICON will claim they are not the operator but nevertheless they are deemed to know. I am trying to find a rational explanation as to why ICON did not know. In a normal JV relationship BPT would ring ICON to explain what has happened - not necessarily at CEO level. It should have been obvious (with such a wealth of experience) to ICON that the weather conditions were such that there was potential for a temp halt to operations.

You would also think that one of the many on the ICON payroll would be tasked with sentry duties to cover the flanks with periodic visits. Obviously not.

The two directors - James' and Hu's shareholdings value have dropped by $1.86 million - there is no rational explanation as to why they would want to see their assets fall in value to such an extent. They will not be looking for a hostile TO and current SP levels. That can be discounted.

Its all very bizarre to say the least. I am at a loss why Ray - someone I respect with such a wealth of experience and common sense has been so horribly caught with his pants down totally exposed for all of us to see.

I will make a half hearted attempt at approaching ASIC and do the paperwork but we all know the result - is it worth it. They are totally under-resourced and nothing will come of it. Its a filthy business and we have no voice. How can Icon ever approach the market for another raising with their credibility shot to pieces? The JV operation and structure is clearly dysfunctional. As we are all painfully aware throughout the time of the shut in as they call it there has been selling pressure - somebody knew and took full advantage.

I can only conclude unfortunately ICON is a lame duck in fact its totally ducked! - to coin a phrase! The big end of town does not want ICON to have the largest stake in this baby and are out to destroy. Our two directors are a tad powerless even although they have such a large shareholding.