BEACH RAMPS UP PROCEEDINGS AGAINST ICON

Written on the 30 March 2011

BEACH RAMPS UP PROCEEDINGS AGAINST ICON

THE day after it inked a prospective $30 billion deal to supply coal seam gas to the China-owned Shantou Sinogas Energy Co, gas explorer Icon Energy’s legal wrangle with Beach Energy has intensified.

The South Australian-based Beach Energy yesterday received an undertaking from Icon not to deal with a 40 per cent interest in its ATP 855 site on the South Australia and Queensland borders.

Legal proceedings commenced on March 24, when Beach lodged an application with the Federal Court to prevent Icon dealing with its claimed stake in ATP 855.

When the matter came before Justice Lander yesterday, Icon gave undertakings that it will not deal with Beach's claimed interest until the court releases it from the undertaking.

Beach will now prepare for a trial to start on July 18.

Icon Energy company secretary and general counsel Wesley Glanville, says no agreement was entered into and claims a lack of official documentation will be used as evidence. Icon received the initial proposal 17 months ago but Glanville says the negotiation process had yet to occur.

ICN shares dropped this morning to 24c – down 9 per cent from a Friday high of 31c.


Latest News

GUVERA ESCAPES WIND-UP ORDER

GUVERA has avoided being wound up after a claim for a $1.78 million debt by Kwong Properties was dismissed at the ...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

WESFARMERS' COAL BUSINESS ON FIRE

WESFARMERS (ASX: WES) has lifted its first-half profit guidance due to surging coal prices and higher than expected c...

SIXTH CONSECUTIVE RECORD PROFIT FOR AP EAGERS

AP EAGERS (ASX: APE) will beat guidance with its sixth-consecutive record profit when it reports its full year result...

Related News

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

SMES TAKE RETAIL MARKET SHARE AS CONSUMERS CHOOSE PERSONALISATION

IN a battle for the hearts and wallets of Australian consumers, it appears that small and medium retail businesses...

KNOWLEDGE WORKERS AMONG MOST SOUGHT AFTER IN 2017

BUSINESSES searching for efficiencies and improved systems are in search of knowledge workers early this year, say...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter