QUARTERLY REPORT For the period ended 30 September 2016 HIGHLIGHTS Operations

  • The ATP 594 Harrier 3D Seismic Survey preparations are well advanced and it is expected that initial survey work will begin in November with acquisition taking place during December 2016.

  • The ATP 855 Joint Venture is currently in the process of preparing documentation for submission to the Department of Natural Resources and Mines (DNRM) in preparation for the next phase of activity in the permit following the Stage 1 exploration program.

  • The ATP 626 rehabilitation programme of the remaining well sites in accordance with Government regulation continues. Once this work has been finished, Icon can complete its reporting obligations to the DNRM, submit all required reports and documentation to enable the relinquishment of the permit.

    Financial Position at the end of September 2016 Quarter

  • As at 30 September 2016 Icon Energy had a cash balance of $15.86 million.

  • As at 26 October 2016 Icon Energy's issued capital was 597,556,938 ordinary shares.

  • The total number of Icon Energy shareholders, as at 26 October 2016 was 5938.

OPERATIONS Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 594

ATP 594 is located approximately 140 kilometres west of Quilpie and covers three separate areas consisting of a total area of 1,230 km2.

The permit is well positioned on the eastern flank of the Cooper Basin and is considered to be prospective for hydrocarbons, but has had no exploration activity for over 18 years.

Preparations are now being made for Icon to acquire the Harrier 3D Seismic Survey in the permit to enable accurate structural definition of the sub-surface. Planning is well advanced in all areas of the operation and it is expected that initial survey work will begin in November with acquisition taking place during December 2016.

Icon is the Operator of ATP 594 and has a 100% working interest in the tenement.

Map showing the location of ATP 594, Cooper-Eromanga Basin, Queensland

Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 855

The Joint Venture is carrying out a minimum maintenance program in ATP 855 during 2016.

Map showing the location of ATP 855 and the current well locations in the Cooper-Eromanga Basin, Queensland

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 in the process of preparing documentation for submission to the DNRM in preparation for the next phase of activity in the permit following the Stage 1 exploration program.

Icon has a 35.1% interest in ATP 855.

Queensland - Petroleum Exploration - Surat Basin ATP 626

ATP 626 is currently in the final term with a Later Work Program covering the period from January 2014 to 31 August 2017.

Icon is currently in the process of plugging and abandoning (P&A) the three remaining wells in the permit, Eolus-1, Mindagabie-1 and Stitch-1, which have been suspended and monitored on a monthly basis for several years. Existing completions (where present) have been removed from the wells and preparations are being made to run cement plugs prior to completing the P&A operations and rehabilitating the well sites in accordance with Government regulations and Icon's Environmental Authority. It is anticipated that this work should be completed during November 2016.

Once this work has been finished, Icon can complete its reporting obligations to the DNRM, submit all required reports and documentation to enable the relinquishment of the permit. It is expected that this will occur sometime during the first half of 2017.

Icon has a 100% interest in ATP 626.

Map showing the location of ATP 626, Surat Basin, Queensland

Icon Energy Limited published this content on 28 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 October 2016 22:41:02 UTC.

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