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.


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