the new board?, page-20

Again pertinent questions drwyas.

First unscrambling the Stanwell egg as AV has described it. I understand that there are issues concerning the agreements which need to be considered by the New Board so that they can then negotiate with Stanwell. Whilst the Deals may have been signed the fat lady may not have started singing just yet. It will require hardnosed negotiating backed by first rate commercial lawyers to ensure that Icon's interests are protected. They are unbelievably bad deals.

As to a drilling program and whether it would run alongside any existing ones, the New Board will first ascertain whether there in fact exists any scheduled drilling program. There have been a series of promised drillings which have never eventuated. The word on the street is that this in part is because drilling rig companies are reluctant to work for Icon due to problems with payment.

Even if there is a program the New Board will ensure that it is reviewed. I also understand that the New Board have specialist drilling consultants available to commence immediately. I assume that the first drilling program will be run solely by Icon. No doubt the New Board will explain their strategy fully if they are appointed.