Tenements

PEL 218P

Beach Energy has now agreed to effect the formal assignment of Icon Energy’s Phase 2 Farmin Interest in the post Permian section of PEL218 upon Ministerial consent  to the transfer of Beach Energy’s 40% interest in ATP855P, following which Icon Energy will hold a 33.33% participating interest in the Post Permian Section of the tenement.

The block covers the South Australian side of the Nappameri Trough that is the source “kitchen” for oil that is producing in the fields north and south of the block. Three petroleum licenses lie within the block and are not part of our interest.

Beach Energy has also agreed to recommend Icon Energy to undertake the management of coal seam gas operations in the PEL 218 post Permian joint venture.

Upon its formal appointment, Icon Energy will be able to progress the nature, extent and operatorship of proposed further CSG operations in the Post Permian Section of PEL218.

Currently, an initial 4 core hole drilling programme is being considered.