start ramping sandune, page-5

re: strange trading pattern Santos and ICN have still not confirmed a date for Stitch. From their last announcement, "The drill has been placed in line for drilling in the first quarter of 2007."
How large is this line ? This statement is vague, no comitments made.

So what can ICN announce soon, in order of probability:

1 USA:
ICN are in negotiations with CLK. They will sidetrack the well and place the deeper zone on production, 31/7/2006. Timing unpredictable without update ??

2 Stitch:
Timing maybe March 2007 - assume end of 1st quarter.

3 New drill rig:
Negotiating with Tiger LLC USA Timing unpredictable without update but likely to take time after negotiations to build the rig ??

It is likely that unless the CLK negotiations are concluded soon nothing will happen for 6 months. Shareholders will get bored and continue to sell at low prices.