ICON HITS BACK WITH PLANS FOR TWO NEW WELLS

Written on the 27 April 2012

ICON HITS BACK WITH PLANS FOR TWO NEW WELLS

ICON Energy Limited (ASX: ICN) has entered the busiest period in its history after signing a contract with Ensign International Energy Services for Ensign Rig 960 to drill two wells in its Queensland ATP626P tenement.

The first of the two wells, named Eolus1 and Windom1 will be drilled in early May, bringing the total number to be spudded across Icon tenements in coming months to five.

Today’s news, announced in a statement to the ASX, has Icon’s share price up more than 6 per cent in early trading. It comes three days after the company revealed a rig set to drill at its ATP855P tenement would be delayed until the third quarter of this year.

“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 managing director Ray James (pictured).

Icon has formed a partnership with Stanwell Corporation’s Goondi Energy in ATP626P, located in the Surat Basin. A total of 22 coal seam gas wells have been drilled in the tenement since 2007. The two new wells are part of the stage 2 work program for this year.

Meanwhile, Icon is preparing to drill its first natural gas wells in Victoria’s PEP170 tenement – West1 and Dragon1 in the third quarter of this year.

The Ensign Rig 965 also arrives in the third quarter to drill the Halifax1 well in Icon’s ATP855P tenement at the Cooper Basin.

“The Tiger West1 and Dragon1 well prospects have the potential of addressing more than 1 TCF of gas-in-place”, says James.

Beach Energy (ASX : BPT), is the operator at ATP855P. Icon Energy has a 40% interest, while Beach is farming in to earn a 40% interest in addition to the 20% interest it already holds.

ATP855P is situated in the Cooper Basin’s Nappamerri Trough where United States Energy Information Administration’s World Shale Gas Resources Report (EIA Report) has placed the shale gas resource potential as a whole at 342 Trillion Cubic Feet (TCF) of gas, with the recoverable equivalent at some 85 TCF.

A gas accumulation is thought to extend from Beach Energy’s PEL218 tenement into ATP855P on the southern side of the trough and Ensign Rig 965 will be used to assess its continuation.

Icon also plans to undertake more than 600km of 2D Seismic acquisition - 400 km in PEP 170 in Victoria and the other 200km in ATP849P in Queensland.


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