Icon Starts Drilling Surat Well

Icon Energy commenced drilling the North Maroon DW1 oil and gas well (Well) in ATP626P at 1:00am (Queensland time) Friday morning.

The Well is being drilled to test the oil and gas potential of the Precipice Sandstone which is the producing reservoir in the Moonie Oilfield.

The Well is expected to take 21 days to drill to a deviated depth of 2100 meters using Atlas Rig No.1 (Rig) and is operated by Icon Gas Productions Pty Ltd, a wholly owned subsidiary of Icon Energy.

Icon Energy has a 100% interest in the Well, following Goondi Pty Ltd's (a wholly owned subsidiary of Stanwell Corporation Ltd) decision to not participate in the drilling of this conventional oil and gas play.

As at 7:00am (Queensland time) the Well was drilling ahead with a 12 ¼" hole.