The application for renewal was made on July 29, 1999, and was delayed by Native Title considerations. It has now been renewed under the rule where a minimum of 85% of the permit is freehold land with the onus on Jakabar to appropriately administer those smaller areas within the permit that may be subject to Native Title claim.
The renewal of ATP 626P now clears the way to complete our farmout arrangements signed on March 20, 2006, with Santos QNT Limited.
Santos has agreed to drill Stitch No.1 at a final location to be selected. Stitch No.1 is targeting a sandstone reservoir which is the equivalent of the producing reservoir at the Moonie Oilfied 40 kilometers north. Stitch No.1 is on a similar trend along the Moonie Fault to that of the Moonie structure and a little deeper at approximately 2,000 meters.
Stitch No.1 was originally planned for drilling in August 2006 subject to final well location selection and rig availability. It will be difficult to meet this August deadline because well preparation, permitting and other administrative matters must be completed as well as choosing the final well location. Although subject to rig operational movements and drilling slot availability the well will be drilled as soon as possible and the final spud date will be announced as soon as it is known. Santos has several rigs under contract and rig availability is not expected to be a problem.
Icon also reported that, with the renewal of ATP 626P, its subscription agreement signed with Santos Limited on March 20, 2006, has now become unconditional.
Santos has now approved the terms of the renewal of ATP 626P and applied for the issue of 10,000,000 million Placement Shares in Icon Energy Limited. The issue of these shares at a price of 6.76 cents per share was approved by the General Meeting of Icon shareholders held on May 31, 2006. These shares will rank equally with currently issued capital.
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