Icon Begins Drilling at Lydia Well

Icon commenced drilling the Lydia-10 coal seam gas well at 4:30am on Sunday, April 17, 2011 in the ATP626P Lydia Block (Permit), in which Stanwell Corporation (Stanwell) has farmed into.

Lydia-10 is being drilled using the Atlas Drilling Rig #2.

The Well forms part of Stanwell's investment (through Goondi Energy Pty Ltd) in ATP626P, located in the Surat Basin, to earn a 50% interest in the four graticular blocks which make up what is known as the Lydia Block.

As at 11:00am (AEST) on Monday, April 18, 2011, the Well had set and cemented with 9⁵/₈" casing at a depth of 105.75m. It is expected that the Well will be drilling ahead by approximately 2:00pm Monday, April 18, 2011). The Well is targeting the Walloon Coal Measures with the well programmed to reach a target depth of 920m.

Icon Energy Managing Director Ray James said that, "Following the drilling of Lydia-10 the Rig will move 5.4 kilometres north north-east in the Permit to drill the Lydia-11 well and then 3.2 kilometers north north-west to drill Lydia-12."