ICN alert ..... astrostuff update ..... :)

[yogi-in-oz]

:)

Hi folks,

ICN ..... chart seems to be primed for some news .. v-bottom will be confirmed this
week, after a small hammer and an increase in volume last Friday, just ahead of a
major and positive time cycle coming into play, from Tuesday next ..... :)

have a great week all

paul

:)

=====

[drillfix]

A little late on the cycle there paul.

But saying that, here is the NOW news out for ICN.

Icon Energy Signs China Gas Deal for up to $A32 Billion

http://imagesignal.comsec.com.au/asxdata/20100408/pdf/01053405.pdf

Could be huge, whats all the Gas / Coal FA people think on this one?

[The Big Ease]

I don't know how they have managed to do this.

[Corporate]

No booked reserves..this is crazy.

[drillfix]

I don't know how they have managed to do this.

Dont know either TBE, one moment problems with flooding tenements and then suddenly, Billion dollar gas MOU's

Surely somebody knows something, as by looking at the selling going on, if it were that big of a deal, surely nobody with any sense would sell the stock off as it has after such a big volume/price spike?

Something is suss, dont ya think?

[ELYOB]

One needs to study Raymond James , he is the man , see what he has done in the USA with other companies over time . ICN is only a tool . He has squeezed it for a good take home pay for years . I am not necessarily saying anything + or - here . But , this is a case , of follow the man ! The game is risk, to get reward ..........???? See what info they put to us tomorrow ?????????????????????????????????????????????????? ?????????

[drillfix]

Dont think he will be putting me to anything there ELY, as I dont hold. (trying to remember if I traded or not back when it was 30c, hmm)

Do you hold or have you been a holder of this stock?

[STRAT]

This one has gone off before when it has had the attention of traders. Might be worth keeping an eye on

[Anna Naum]

Gas win for Coast firm
Nick Nichols, business editor | October 9th, 2010

GOLD Coast gas hopeful Icon Energy has snared a major new shale gas permit that is pivotal to the company making good on its proposed $32 billion gas deal with China.

The State Government has awarded Icon the ATP 855 tenement located in the rich Nappamerri Trough which is said to have 200 trillion cubic feet of gas in place -- a potentially bigger reserve than the mammoth North West Shelf.

"This is the one we've been waiting for," said Icon's managing director Ray James, describing it as a 'historic milestone' for the company.

"It's a huge boost for us.

"This is what we were using to underwrite the Chinese contract so it now means our Chinese memorandum of understanding has been given a boost."

Icon Energy earlier this year secured a deal to supply Shenzhen SinoGas with 40 million tonnes of LNG over 20 years. A gas sale agreement, worth up to $32 billion in revenue, is expected to be signed before the end of this year.

Icon firmed up its gas supply prospects last month by securing the rights to explore a new gas and oil permit in the Gippsland Basin.

But it is the shale gas prospects in the Nappamerri Trough, near the border of Queensland and South Australia, that has excited Mr James. "The grant of ATP 855P now places Icon into a significant shale gas play," he said.

"Icon was an original applicant for the tenement and has interests at all stratigraphic levels."

Mr James said shale gas was emerging as a major resource that has 'saved' the US market.


He said the Nappamerri Trough 'compares with the best in the US'.

Beach Petroleum, which is undertaking a 50-day test well on an adjacent tenement, has proposed a farm-in agreement with Icon Energy that would see it take half of Icon's 80 per cent interest in ATP 855 for $8.5 million in operational expenditure and a $3.5 million placement in Icon shares.

The remaining 20 per cent is controlled by Adelaide Energy.

Icon's permit win may have caught index traders on the hop after the company's shares jumped 18 per cent this week.

The shares, which closed 1c higher at 19.5c yesterday, have been under pressure since Icon was dropped out of the ASX 300 index last month but could gain ground again next week.

The Nappamerri deal will see the indigenous owners of the permit issued with 50,000 Icon shares as part of a sign-on payment.

"It strengthens our relationship (with Icon Energy) as we have a share in the company" said indigenous spokesman Hope Ebsworth.

[ELYOB]

Brokers in Perth say be patient and follow the Beach on the shales . RJ may well be trying to give the big message . I am not a holder of ICN but have followed RJ before and made good money . The next 150 days may well complete the picture on shales in the Cooper Basin , when the sleeping players appear on the scene . Word is that there is substantial hidden USA interest ..... and BPT are not paying RJ that big money for nothing /and hold ADE solidly~!

Going to get excited in the shales area .

[upside_umop]

This one has been sleeping for a while in the threads but this caught my eye this morning on the asb morning brief:

http://www.theage.com.au/business/the-secret-to-success--have-great-neighbours-20120226-1twhr.html

A recent announcement by ICN stated they thought 'conservatively' that there was 20 TCF recoverable in their permit ATP 855...i.e. ICN share @ 40% = 8 TCF or around 2 billion boe! But then again, how much will Beach have?!

Current Market Cap: $120m

[The Big Ease]

I don't trust ICN to be conservative about anything.