UPDATE: STANWELL COMMITS TO ICON

Written on the 4 October 2010

UPDATE: STANWELL COMMITS TO ICON

STANWELL Corporation has committed $30 million to Stage 2 of a farmin agreement at Icon Energy’s ATP 626P well in the Surat Basin.

It means that a total of $36 million will be committed to establishing 340 PJ of 2P reserves in ATP 626P, located north of Goondiwindi.

Icon Energy announced the farmin deal with Stanwell Corporation in December 2008, with Stage 1 of the agreement comprising the $6 million Lydia pilot program.

Icon Energy managing director Ray James, says Stanwell Corporation would now be assigned an immediate 50 per cent working interest in the farmin area covering four of 30 blocks within ATP 626P, along with a 1 per cent title interest in the whole of ATP 626P.

He said that upon reaching a target of 340PJ of 2P reserves, an application would be made to the Queensland Government for petroleum licences over the areas covered by that reserve of coal seam gas.

“This reserve could be established within the current four block farmin area however Stanwell Corporation also has the right to extend the farmin area until the required reserves are found and are certified by leading international reserve certifier, Netherland, Sewell & Associates, Inc. (NSAI),” said James in a statement to the ASX.

Icon shares were placed in a trading halt today prior to the announcement.

Shares last traded at 20.5c.


Latest News

SLATER & GORDON AND MAURICE BLACKBURN SHOWDOWN IN BELLAMY'S CLASS ACTION

FIERCE rivals Slater & Gordon (ASX: SGH) and Maurice Blackburn have secured funding for class actions against Bel...

WHY VIDEO IS A "GIVEN" FOR BUSINESS

IN TODAY's digital-driven world, video is king and if used right, it can push a company's brand and brand ...

BRAMBLES TUMBLES AFTER REDUCING GUIDANCE

BRAMBLES (ASX: BXB) will miss its first-half guidance due to cost pressures at its North America business.

The com...

VILLAGE ROADSHOW PARKS HURT BY DREAMWORLD TRAGEDY

QUEENSLAND visitors to Village Roadshow (ASX: VRL) theme parks have declined 12 per cent in the wake of four deaths a...

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