MAJOR DRILL FOR ICON

Written on the 12 April 2011

MAJOR DRILL FOR ICON

GOLD Coast ASX-listed gas explorer Icon Energy (ICN) will commence work on its largest drilling program to date via a wholly-owned subsidiary Jakabar Pty Ltd in the Surat Basin, west of Brisbane.

Jakaba will mobilise the Atlas Drilling Rig # 2 on Thursday to commence drilling three exploratory wells in the ATP626P Lydia Block (Drilling Programme), in which Stanwell Corporation (Stanwell) has farmed into.

The exercise forms part of Stanwell’s $30 million Stage 2 investment (through Goondi Energy Pty Ltd) in ATP626P, to earn a 50 per cent interest in the four graticular blocks which make up Lydia.

“Icon Energy is very much looking forward to the commencement of this Drilling Programme, which is the first stage of what is expected, on a company-wide basis, to be the Company’s largest programme ever,” said Icon CEO Ray James (pictured), in statement to the ASX.

“Following this programme, we will be moving attention to drilling operations in the Cooper Eromanga Basin, where Icon Energy is targeting the Nappamerri Trough (and where Icon holds interests in the prized ATP855P Queensland tenement and PEL218 in South Australia), and then on to the Gippsland Basin (where Icon holds PEP170).”

In late March, Icon Energy entered into a landmark LNG Sales Agreement with Shantou SinoEnergy for the supply of 40 million tonnes of liquefied natural gas (LNG) over 20 years, with first delivery scheduled for June 2016 – potentially worth up to $32 billion.

“Meeting our supply obligations to Shantou SinoEnergy is obviously a key strategic driver for Icon Energy,” says James.

The drilling commitment is good news for Icon following a legal dispute with Beach over farmin activity at a promising shale gas tenement, located in far western Queensland at the South Australian border.

ICN shares remain unchanged today at 0.23c.


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