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

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter