Up till the BG deal there were a number of companies with leases...

Up till the BG deal there were a number of companies with leases over gas prone coal measures. The difficulty was that investors wew not prepared to ascribe any value to the gas as there was no market.

Catch 22 - show me the gas reserves but you cannot raise any money to drill the required holes to prove this as you cannot sell the gas anyway.

It is not a question of the management capability good or poor as that may be - investors would not put up drilling funds on a play that had no market.

If you rank the plays - Santos/Origin/QGC/Arrow are way in front with othere such as ICN way behind. But QGC is worth $5 billion on what - some capital sunk into wells and some gas supply contracts - the balance say $4 billion must be the value of the gas in the ground.

There must be real upside if a lease contains significant quantities of CSG - it seems that ICN can meet this test if it raises the drilling money.

With the value the leaders are creating the second rank of companies must be a reasonable play.

With a turnover of 200 million shares in the last month it is least likely that ICN is valued on fundamentals. Traders, chartists, leaders, followers the brave and the nervous are all in this stock but the fundamentals are the same as when the stock was 8 cents or 38 cents. In fact nothing has happened to prove or disprove CSG quantities - it must be greed -v- fear.