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

Icon Energy Managing Director, Ray James said the results from Geoffrey-1 and Etty-1 are very encouraging and the gas flows from the targeted formations provide critical information.

The Joint Venture has been focussing primarily on obtaining diagnostic results from the stimulation and testing program aimed at achieving acceptable gas flow rates and decline curves within specific formations. We have completed this task successfully.

It is important for the Joint Venture to understand the production potential of the formations within the tenement and then focus our attention on the “sweet spots” where commercial viability may ultimately be determined.

“We have drilled six wells in ATP 855, had Petroleum Discoveries in all six wells and we have flowed 4.5 MMscf of gas from Halifax-1, the highest flow rate from a shale gas well in the Cooper Basin”.

DeGolyer & MacNaughton, a leading United States based independent consulting firm focussed on the petroleum industry, provided a report on the Contingent Resource and the Recoverable Prospective Resource in ATP 855 of: 2C Contingent Resource of 629 billion cubic feet or Bcf (220 Bcf Icon Energy share) attributed to the areas around Halifax-1; and a 28.49 trillion cubic feet or Tcf (P50) (10 Tcf Icon Energy share) Prospective Recoverable Resource over the entire ATP 855 permit.

James said, "it is my view that the next generation of gas supply and an increase in Australia's onshore 2P reserves will come from the Cooper Basin and most likely, that gas will supply both the domestic and international LNG export markets."

Joint Venture Interests in ATP 855

  • Icon Energy Limited - 35.1 percent
  • Beach Energy Limited - 46.9 percent (Operator)
  • Chevron Australia Exploration 1 Pty Ltd - 18 percent

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