ICON BEGINS DRILLING FIRST OF FIVE PLANNED WELLS

Written on the 8 May 2012

ICON BEGINS DRILLING FIRST OF FIVE PLANNED WELLS

ICON Energy (ASX: ICN) today confirmed a busy drilling schedule for 2012 with the announcement it has entered the ground at its Surat Basin tenement.

In a statement to the ASX, the company announced it had spudded Windom 1 in ATP626P.

“Windom 1 will be drilled over 14 days to a depth of 1200 metres”, says managing director Ray James.

James says the Ensign 960 drilling rig will move to begin a second well in ATP626P, Eolus 1, once it has finished at Windom.

The wells are being drilled in conjunction with Goondi Energy, a wholly owned subsidiary of the Queensland Government’s Stanwell Corporation.

The wells will continue Icon’s work evaluating gas potential in the tenement. Preliminary estimates suggest the reserves could be in the range of 2.00 to 7.00 trillion cubic feet (TCF), the company says.

ICN plans to have drilled five wells across two states by the end of the year.

Tiger West1 and Dragon1 will be drilled at the Gippsland Basin tenement PEP170, while Ensign Rig 965 will get to work on Halifax1 at the Cooper Basin’s ATP855P.

“This is the first time in our history that Icon Energy has been involved in such a concentrated exploration program across three tenements in two states, Queensland and Victoria,’’ says James.


Latest 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...

VOLATILE INDUSTRY CLIPS FLIGHT CENTRE'S WINGS

DESPITE achieving record sales in the first half, Flight Centre Travel Group (ASX: FLT) profit has suffered the ef...

ARDENT TAKES $95.2 MILLION HIT FROM DREAMWORLD TRAGEDY

ARDENT Leisure has taken a $95.2 million write-down on the value of its Dreamworld theme park following the tragedy t...

AGENT EXITS, LOW LISTINGS HURT MCGRATH

PROFITS have dived 72 per cent at real estate group McGrath (ASX:MEA) to $2.4 milllion on the back of low property...

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