Icon Pens Drilling Contract in Queensland
Icon has signed a drilling contract with Atlas Drilling Co. Pty Ltd and would be proceeding to drill the North Maroon DW1 well (Well) in ATP 626P.
The Well is located approximately 30 kilometers south of the Moonie Oilfield, west of the Leichardt Highway in the Surat Basin in Queensland. Refer to the map below.
Icon Energy Managing Director Ray James said that the Well is being drilled to test the oil and gas potential of the Precipice Sandstone which is the producing reservoir in the Moonie Oilfield, from which 22 million barrels of oil have been recovered since 1961.
The Well is expected to take 21 days to drill to a deviated depth of 2100 meters using Atlas Rig No.1 (Rig) and will be operated by Icon Gas Productions Pty Ltd, a wholly owned subsidiary of Icon Energy. Refer to the attached map and seismic section.
"The Rig is expected to arrive on site today, so as to spud the Well on Thursday (November 24, 2011)," Mr. James said.
"Rain is expected in the area over the next few days so there could be some delay experienced with the spudding of the Well. All in all, however, any delays are not expected to materially impact upon the drilling of the Well," he said.
Icon Energy will hold a 100% interest in the Well, following Goondi Energy Pty Ltd's (Goondi) (a wholly owned subsidiary of Stanwell Corporation Limited) election to not participate in this drilling of a conventional oil and gas play.
Mr. James said that the Well is part of an ongoing program in the ATP626P Permit and that the coal seam gas potential will also be evaluated on the way down to the primary objective below the Walloon Coal Measures.
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call