Period ending 30 June 2016
Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 594
The Company is currently awaiting the completion of the Queensland Government 2015 Tender for new tenements in the Cooper Basin, before proceeding with the new 3D seismic program in the Cooper Basin east flank.
The ATP 855 Joint Venture is currently preparing the necessary Potential Commercial Area documentation for submission to Government, which will set the stage for the next phase of exploration to further define the resource potential.
As at 30 June 2016, the total number of shares purchased under the Company's Buy-back reached 21,160,565 for a total cost of $1,122,830. These Buy-back shares have been cancelled in accordance with the ASX listing rules.
Financial Position at the end of June 2015 Quarter
As at 30 June 2016 Icon Energy had a cash balance of $16.95 million.
As at 20 July 2016 Icon Energy's issued capital was 597,556,938 ordinary shares.
The total number of Icon Energy shareholders, as at 20 July 2016 was 6023.
ATP 594 is well positioned on the eastern flank of the Cooper Basin and is considered to be prospective for hydrocarbons. However, the permit is underexplored with limited seismic data and only three exploration wells.
Preparations continue towards acquiring a 3D seismic survey in the permit to enable accurate structural definition of the sub-surface. This includes completion of Landholder Conduct and Compensation Agreements in preparation for access to the land to carry out field operations.
Icon is the Operator of ATP 594 and has a 100% working interest in the tenement and is seeking a joint venture partner.
Map showing the location of ATP 594 and adjacent oil and gas fields
Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 855
The Joint Venture is carrying out a minimum maintenance program in ATP 855 during 2016.
The Stage 1 program in ATP 855 achieved all technical objectives that were set by the Joint Venture partners. This included flowing natural gas from five wells, achieving the highest flow rate of 4.5 MMscf/d from a shale gas well (Halifax-1) in the Cooper Basin, having six Petroleum Discoveries in ATP 855 and identifying a significant natural gas resource within the Permian Formations of the Nappamerri Trough.
The Joint Venture is currently reviewing the results of the Stage 1 program in order to prepare for the next phase of activity in the permit and is preparing the necessary Potential Commercial Area documentation for submission to Government.
Icon has a 35.1% interest in ATP 855.
Map showing the location and discovery wells in ATP 855
Tender Opportunities issued for the Cooper Basin - Queensland
Icon has applied for additional Tenures offered by the Queensland Government in the Cooper Basin as part of the 2015 Acreage Release. The Tender process closed in October 2015 but the results of the tenders have not yet been announced by the Department of Natural Resources and Mines. Until this result is known, Icon cannot commit to a new program in ATP 594 as success in the Tender process would change the timing and nature of exploration in the Cooper Basin for Icon.
Queensland - Petroleum Exploration - Surat Basin ATP 626
ATP 626 is currently in the last term with the Later Work Program covering the period from
1 January 2014 to 31 August 2017. The remaining wells in the tenement, Eolus-1, Mindagabie-1 and Stitch-1, are currently suspended and will be rehabilitated and impaired in the 2017 financial year.
Icon has a 100% interest in ATP 626.
Map showing the location and wells in ATP 626
Icon Energy Limited published this content on 29 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 22:31:02 UTC.