Many of us know ICN only too well, but to be fair here are the...

Many of us know ICN only too well, but to be fair here are the good points.Improved exec management and board; Stanwell deal has led to current drilling at Stanwells cost to prove up reserves in 4 graticular blocks inside the permit; Lydia is the current well and should flow gas very nicely given the original Lydia well flowed without clean-up and preparation etc;If successful the Stanwell deal leads to a gas sales contract and a source of longterm cashflow.
Now,...back to the present placement.This is most likely to raise money to start proving up reserves in the non Stanwell blocks and maybe in some other CBM permits.This is where a lot of value can be added.Big/sophisticated investors might be a bit shy to rush in at 24 cents, which is where the sp was before suspension, so sp will need some support and placing the shares might take a bit longer than anticipated.
We all know the past risks of giving RJ some money to play with but hopefully the new board will ensure that we get some action and not just lengthy delays.In my book, although I supported the existing board at the EGM, RJ is still on trainer wheels and therefor on probation.
I see ICN as a reasonably good buy at this point , hence my re-entry.
Happy Easter to all.
Occam