the new board?, page-8

Hi drwyas. The questions you pose are very good. I don't have a problem with your questions and I come from the Baldwin camp. There will be a response to your questions posted under the FAQ section on the Icon Energy Action Group website later today or early tomorrow.

The issue of funding for certification which is the core of your concern is absolutely spot on. You comment that the current Board are at least heading in the right direction with the Stanwell Deal and at first sight you would think that.

But you need to consider what is required for certification under the Stanwell Deal. The Stanwell Deal requires Icon to prove 340PJ's of reserves. That is a huge undertaking. For a comparison Pure have proved 394PJ's which is currently costing them $40 million a month. As a conservative estimate Icon would need at least $100 million to prove 340 PJ's of reserves.

And it doesn't have that money.

So my question to you is 'how will Icon fund its required certification program of $100 million when it doesn't have the money?'

I appreciate that what you want to know is how the new board will tackle certification and funding and you will get a considered response later today.

Regards
Thornynut