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.


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