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    ICN   AU000000ICN5

ICON ENERGY LIMITED

(ICN)
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Icon Energy Limited Provides Update on ATP855 Operations

02/10/2021 | 01:15am EDT

Icon Energy Limited provided update on ATP855 operations. After extensive COVID-19 delays in preparation for the rehabilitation of the wells in ATP 855, the program eventually commenced on 30th December 2020. The first well, Halifax No.1, was successfully plugged over the deep gas zones. Originally it was estimated that the entire program for the five wells would take about 35 days if the program proceeded without problems. Problems encountered in Halifax resulted in a significant blow-out in time. The well was suspended for later testing over the Callamurra Sandstone. The coil tubing unit (CTU) then mobilized to Redland No.1 which was successfully plugged. The CTU was then repositioned on Halifax to test the gas flow from the Callamurra sandstone. The well head had just been serviced but was found to be leaking a small amount of gas. As a safety measure, it was decided that the well head should be shut in and the valves removed to Roma for re-conditioning. Therefore, the testing will now be delayed until this work is completed. While it is disappointing that the program is further delayed it is essential to put safety first and suspend the remaining program on the other three wells. A new timetable will be announced when this work is completed. A new quotation for the remainder of the work will be required.


ę S&P Capital IQ 2021
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Financials
Sales 2020 - - -
Net income 2020 -2,95 M -2,15 M -2,15 M
Net cash 2020 5,42 M 3,96 M 3,96 M
P/E ratio 2020 -1,62x
Yield 2020 -
Capitalization 8,37 M 6,10 M 6,11 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 15
Free-Float 59,1%
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Managers and Directors
Raymond Swinburn James Managing Director & Executive Director
Natalia Fraser Chief Financial Officer & Secretary
Stephen Michael Barry Independent Non-Executive Chairman
Keith Graham Hilless Independent Non-Executive Director
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