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

CROMWELL TRADES STEADILY IN FIRST HALF

CROMWELL Property Group has maintained a steady operating profit at $0.045 per security in the first half of FY17,...

WHY NEXTDC'S STOCK IS SOARING

AFTER posting its interim result, NEXTDC (ASX: NXT) gained more than 12 per cent on the stock market before noon.
...

PWR PROFIT CRASHES AS DOLLAR RISES AND COSTS MOUNT

A RISING Aussie dollar has offset PWR Holdings Limited's (ASX:PWH) overseas growth in the last half, forcing a...

SUPER RETAIL GROUP RESULTS SHINE ACROSS THE BOARD

A WELL-planned and executed half has paid off for Super Retail Group (ASX:SUL) as it posts a net profit result up ...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter