In June the company sold its CBM acreage around Australia and declared that the US would become its focus.

The decision was almost made for the company when it was unable to raise new capital to support an intensive Australian CBM appraisal and development program, whereas in the US it was in the final stages of $US45 million capital raising based on an oil development strategy in Louisiana.

Another big factor in the move was the relatively high gas prices in North America compared to Australia. At around $6 per gigajoule at present it is roughly three times the value of Australian production.

Icon indicated that funding for the project would be secured in July and finalised in August, with the drilling program to begin shortly after.

The company now says the financial arrangements are still being pursued along with other avenues and funding is now expected in October following recent extensive negotiations.

Icon has reached agreement with the joint venture partners on future planning with a drilling rig available to start the shallow drilling program, as soon as the funding is finalised.