Australia's Icon Energy Limited (Icon) disclosed Monday that Icon and Shantou SinoEnergy Co Ltd, of the Peoples’ Republic of China, have agreed to extend the completion date for conditions precedent in the Gas Sales Agreement (GSA) signed by both parties in March 2011.
The new date for completion of “Conditions Precedent” as detailed below is, on or before June 30, 2015.
The liquefied natural gas (LNG) Sales Agreement includes the following conditions precedent with amended dates:
(a) In favor of Shantou SinoEnergy (as the Buyer of LNG):
(b) In favor of Icon Energy (as the Seller):
On June 19, 2104 Icon Energy released the findings of an independent report by DeGolyer and MacNaughton showing an estimate of Gross Unconventional Prospective Raw Natural Gas Resources (as of June 15) in ATP 855 in Queensland, South Australia The report showed a best estimate (P50) of 28Tcf of which Icon Energy’s interest is 10Tcf (35.1 percent). The results are summarised as follows:
ATP 855 – Gross Unconventional Prospective Raw Natural Gas Resource
On August 26, 2013 Icon Energy announced an estimated Contingent Resource (prepared byDeGolyer & MacNaughton for Beach Energy) attributed to the areas around the Halifax-1 well as follows:
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