G'day Cmonaussie. Yes, I know it's Sunday, but, every day is the...

G'day Cmonaussie. Yes, I know it's Sunday, but, every day is the same at my age.
Those numbers, "values" that you have so interestingly deduced, when you look at the current Issued Capital of around 530 million shares, they concide amazingly similar to the per share value that Ray James put on the company back when he was talking about 626, when 855 wasn't even born and everyone was laughing at him. You have already said that great minds think alike.

Let's just say that 855 will more than adequately
"replace" 626 in his estimations of ICN's "value" and now with the 20 year GSA looking more likely to come into play, maybe Ray James will be proven right after all.

Please help an old bloke out here Cmonaussie, for the GSA to be implemented, ICN has to prove up 2.2TCF of gas.

Question 1. If Halifax-1 delivers closer to 3.5MMscfd, maybe even more, maybe even slightly less, will that change your estimate of 1TCF just for Halifax-1?

Question 2. The GSA is for 2.2TCF over 20 years. That equates to 110MMscf per annum. Which equates to 300Mscfd. That is correct isn't it? Now, with Halifax-1 alone probably delivering above 3MMscfd and ICN's "share" being 40% of that i.e. 1.2MMscfd, and you wouldn't imagine that Halifax-1 will be the only one that has gas in 855 would you, wouldn't you reasonably consider that ICN's share in 855 alone should be able to more than adequately satisfy both the conditions precedent AND the actual 20 year supply of the gas?

And just for the technos out there, it would appear that Haliburton stuffed up with the engineering of the well head and had not allowed for the far higher temperatures that would exist in the Patchawarra Formation way down there at 4,300 metres.
But, given that of the 14 stages that were fracked, 7 of them were from the very deepest Patchawarra Formation, that would be the hottest, and from what we have seen from all of those diagrams, would also have the much higher pressure. It's been there for a few million years longer after all.
Now, if there were 7 fractures in that zone, the deepest, the hottest and the highest pressure, wouldn't you think that the first gas out of that well would come from that zone, which would have literally exploded and would effectively block off everything else trying to come in to the well from the higher zones?
And the Patchawarra is the lowest producer of all the zones and that initial flow would have been nearly all hot sand and chemicals, yet there is already over 2MMscfd coming out.

I am a simple person and only try to use KISS principles and Bliss will agree with me here, if one just uses simple logic, wouldn't you already be able to conclude that ICN will be able to satisfy all requirements of the GSA and maybe even start selling gas well before the GSA comes into effect?

Just some thoughts from a simple old bloke on this lovely and warm Sunday.

And don't forget, I only have a very modest holding and sadly, can't afford to buy any more.