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    ICN   AU000000ICN5

ICON ENERGY LIMITED

(ICN)
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Icon Energy : ASX/ MEDIA RELEASE

05/14/2015 | 07:58pm EDT
ASX / MEDIA RELEASE 15 May 2015


New Oil Exploration program in the Cooper-Eromanga Basin

Renewal of ATP 594

200km2 3D seismic acquisition

Drill two wells to 1,600 metres (approx.)

A$18.1 million cash balance at 31 March 2015, no debt

Commence discussions with potential Joint Venture Partners

Icon Energy 100% working interest and Operator

Icon Energy Limited (ASX: ICN) wishes to announce the renewal of ATP 594 by the Department of Natural Resources and Mines, with a grant date of 17 April 2015. The current approved term of ATP 594 is for 4 years, with an opportunity to apply for a renewal at the end of the 4 year time period. A further renewal after 8 years is also an option, which if granted would make up the maximum term allowable for an ATP of 12 years.
ATP 594 is located within the Cooper-Eromanga Basin approximately 100 kilometres west of
Quilpie and 20 kilometres northwest of the town of Eromanga.
Several wells have been drilled in the proximity of ATP 594, mainly targeting conventional oil and gas, many with hydrocarbon shows. The Kenmore and Bodalla South oilfields are located south east of the permit.
Icon Energy has conducted a preliminary evaluation of the permit which has included a review of the well data within ATP 594 and the adjacent tenements including formation tops, formation thickness, reservoir quality, source rock quality and maturity, migration and timing of generated hydrocarbons. This review has provided focus for the first stage of exploration to be conducted within ATP 594.
The first stage of the exploration program in ATP 594 is planned to involve the acquisition of
3D seismic and the drilling of one well.
The recent success on the Western flank of the Cooper Basin can be attributed to a combination of an improved understanding of the geology and enhanced definition of the sub-surface structure which was achieved with the application of 3D seismic acquisition. This led to better well placement and therefore improved the chance of success.
Icon Managing Director Mr Ray James said, "companies exploring for oil on the Western flank of the Cooper Basin in South Australia have had tremendous success in discovering commercial quantities of oil and there is now an accelerated interest in exploring the Eastern flank of the Cooper-Eromanga Basin in Queensland to see if we can duplicate this success."
"Our planned 3D seismic program is to be conducted over the most prospective parts of ATP
594 directly on structural trend with major updip oilfields, Kenmore and Bodalla South".

Page 1 of 2

ASX / MEDIA RELEASE


Figure 1: ATP 594 permit and adjacent wells in Cooper-Eromanga Basin

Interests in ATP 594

Icon Energy Limited 100%

Ends

Raymond James

Managing Director, BSc Physics, FAIM, FAICD

For more information contact Icon Energy Limited: Corporate

Mr Raymond James Managing Director Phone +61 7 5554 7111

Icon Energy Limited ABN 61 058 454 569

PO Box 2004, Broadbeach QLD 4218 Australia P 07 5554 7111 F 07 5554 7100 www.iconenergy.com

Page 2 of 2

distributed by

ę Publicnow 2015
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Net income 2020 -2,95 M -2,14 M -2,14 M
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