ICON SHARES JUMP ON GAS FLOW DATA

Written on the 14 February 2013

ICON SHARES JUMP ON GAS FLOW DATA

ICON Energy (ICN) shares jumped 20 per cent today after the Gold Coast oil and gas explorer announced gas flows from its Halifax-1 well in Queensland’s Cooper Basin.

Icon says gas is flowing at a constrained rate of 2.23MMscfd, but it anticipates the unrestricted gas flow rate will increase as the choke is opened further and stimulation fluid is reduced.

Halifax-1 is a joint venture between Icon (40 per cent) and Beach Energy (60 per cent).

Icon’s managing director Ray James (pictured) says this is a significant find that puts Icon on the path to becoming an energy producer.

Halifax-1 is the first of six shale gas wells planned for the ATP 855 permit.

“We are eager to see the flow test results over the next few weeks as the stimulation fluid is flowed back leading to a stabilised flow rate,” says James.

“We look forward to working with Beach in developing this resource.”

Icon’s shares jumped as high as 24c on the news from a low of 20c. They closed at 22.5c with 6.7 million shares changing hands.


Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter