Icon Energy Limited reported Friday the renewal of permit ATP 594 in Queensland, Australia by the Department of Natural Resources and Mines, with a grant date of April 17. The current approved term of ATP 594 is for 4 years, with an opportunity to apply for a renewal at the end of the 4 year time period. A further renewal after 8 years is also an option, which if granted would make up the maximum term allowable for an ATP of 12 years.
ATP 594 is located within the Cooper-Eromanga Basin approximately 62 miles (100 kilometers) west of Quilpie and 12.4 miles (20 kilometers) northwest of the town of Eromanga.
Several wells have been drilled in the proximity of ATP 594, mainly targeting conventional oil and gas, many with hydrocarbon shows. The Kenmore and Bodalla South oilfields are located south east of the permit.
Icon Energy has conducted a preliminary evaluation of the permit which has included a review of the well data within ATP 594 and the adjacent tenements including formation tops, formation thickness, reservoir quality, source rock quality and maturity, migration and timing of generated hydrocarbons. This review has provided focus for the first stage of exploration to be conducted within ATP 594.
The first stage of the exploration program in ATP 594 is planned to involve the acquisition of 3D seismic and the drilling of one well.
The recent success on the Western flank of the Cooper Basin can be attributed to a combination of an improved understanding of the geology and enhanced definition of the sub-surface structure which was achieved with the application of 3D seismic acquisition. This led to better well placement and therefore improved the chance of success.
Icon Managing Director Ray James said, “companies exploring for oil on the Western flank of the Cooper Basin in South Australia have had tremendous success in discovering commercial quantities of oil and there is now an accelerated interest in exploring the Eastern flank of the Cooper-Eromanga Basin in Queensland to see if we can duplicate this success.”
“Our planned 3D seismic program is to be conducted over the most prospective parts of ATP 594 directly on structural trend with major updip oilfields, Kenmore and Bodalla South”.
Interests in ATP 594
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