Icon Energy Limited reported Friday that the company and Shantou Sino Energy Co. Ltd., of the Peoples’ Republic of China, have agreed to extend the completion date for conditions precedent in the Gas Sales Agreement in place for 40 million tons of liquefied natural gas (LNG), (2 million tons per annum for 20 years).
The new date for completion of “Conditions Precedent” as detailed below is, on or before June 30.
The LNG Sales Agreement, signed by both parties in March 2011, includes the following conditions precedent with amended date of June 30, 2018:
(a) In favour of Shantou Sino Energy Co Ltd (as the Buyer of LNG):
(b) In favour of Icon (as the Seller):
ATP 855 – Current Status
As of June 25, there is no change to the previously announced gas resource estimates in ATP 855 in the Cooper Basin.
DeGolyer and MacNaughton, a leading United States based independent consulting firm focussed on the petroleum industry, provided a report on the Gross Unconventional Prospective Resources in ATP 855, which Icon announced to the market June 19, 2014, and which is summarized as follows:
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