b3e997df-9d1d-488b-8c8c-b58246960da9.pdf
QUARTERLY REPORT
Period Ending 30 September 2015
Icon Energy Limited
ABN 61 058 454 569
HIGHLIGHTS
Period ending 30 September 2015
Operations
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Icon Energy has conducted a preliminary technical evaluation and review of prospectivity of ATP 594 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. A 3D seismic survey in the permit with an expected start date in the last quarter of 2015, subject to approvals and seismic contractor availability. A well is planned for 2016. A joint venture partner is being negotiated.
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The Company is currently seeking new opportunities in the Cooper Basin.
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ATP 855 is currently in management status by the Operator and Beach Energy are seeking a new joint venture partner in ATP 855.
Corporate
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The on-market share buy-back, enables Icon to purchase up to 10% of Icon Energy ordinary shares on issue, totalling up to 61.9 million shares over the next 12 months.
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To date, the total number of shares purchased under the Buy-back to 16,207,299 for a total of $971,719. These shares have been cancelled as per the ASX listing rules.
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Icon has no obligation to purchase additional shares under the on market Buy- back arrangement.
Financial Position at the end of June 2015 Quarter
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As at 30 September 2015 Icon Energy had a cash balance of $12.37 million.
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As at 30 September 2015 Icon Energy had 602,510,204 ordinary shares on issue and 6,329 shareholders.
OPERATIONS
Period ending 30 September 2015
Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 594
ATP 594 was renewed by the Department of Natural Resources and Mines, on 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. There is a further opportunity to renew after 8 years, which would take the maximum term allowable for the ATP to 12 years.
ATP 594 is well positioned on the eastern flank of the Cooper Basin and is considered to be prospective for hydrocarbons following a recent technical evaluation. However, the permit is underexplored and has experienced a 17 year hiatus in exploration activity.
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 is hoping to emulate that success in ATP 594.
Preparations are now being made to acquire a 3D seismic survey in the permit to enable accurate structural definition of the sub-surface. An expected start date is now likely to be in Q1/Q2 2016.
Icon is the Operator of ATP 594 and has a 100% working interest in the tenement.
Icon is currently looking for a joint venture partner and has interested parties reviewing data over the tenement with a view to participating in future exploration activities.
Map showing the location of ATP 594 and adjacent oil and gas fields.
Period ending 30 September 2015
Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 855
The Stage 1 program in ATP 855 achieved all the exploration and technical objectives that were set by the Joint Venture partners. This included flowing natural gas from four 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 and identifying a significant natural gas resource within the Permian Formations of the Nappamerri Trough.
The Joint Venture will now prepare a work program for the next phase of activity in ATP 855, which will work towards further defining the resource potential and ultimately progress the project towards commerciality.
Icon has a 35.1% interest in ATP 855.
Map showing the location and discovery wells in ATP 855.