Icon Updates on Stimulation, Flow Testing Program in ATP 855 in Queensland

Icon Energy Limited provided Tuesday an update on the Stimulation and Flow testing program in ATP 855 in the Cooper-Eromanga Basin in Queensland, Australia.

Geoffrey-1 reached a peak flow rate of 1.1 million standard cubic feet (MMscf) of gas via a 12/64 inch choke and a well head pressure of 3,058 psi. Gas analysis indicates an approximate methane content of 75 percent and a carbon dioxide (CO2) content of 25 percent.

Due to a wet weather event in the Cooper Basin the well was shut-in for six days and reopened Jan. 16 and the flow testing has recommenced.

As Geoffrey-1 continues to be cleaned up and the choke size is increased there is the potential for higher gas rates during the extended flow testing.

Etty-1 has been on extended flow test for 77 days flowing between 900,000 and 700,000 cubic feet per day and has demonstrated excellent flow characteristics with better than forecast decline rates producing over 57 MMscf of gas during the test. Gas analysis indicates an approximate methane content of 70 percent and a CO2 content of 30 percent.

Icon is pleased with the data from the flow testing of Etty-1 and as a result have collected significant data and information in relation to well performance characteristics. The well was shut in Jan. 15.

Redland-1 was stimulated over three intervals in the Toolachee Formation, however a mechanical issue in the Redland-1 well bore has prevented the Joint Venture from assessing the deliverability of these zones. The well has now been shut in.


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