Tenements

ATP-849P

Icon Energy holds an 80% interest in ATP 849P.  There is an environmental authority in place for petroleum activities on this tenement, and a Cultural Heritage Agreement was reached with the Bidjara Traditional Owners.

Icon Energy intends to conduct a 200km seismic program in ATP 849P during 2011. Icon Energy is in the process of gaining the appropriate approvals to conduct the seismic program. Icon Energy estimates that the cost of the seismic acquisition and processing would be approximately $1,500,000.  These activities and costs, if approved, would be borne by the ATP 849P joint venturers in accordance with their respective participating interest shares.

Then two core holes are planned and will be located on the seismic lines to be shot, and will aid in calibrating the seismic data.  The core holes are planned to be approximately 400 metres total depth and rudimentary data such as net coal thickness, gas content and saturations as well as preliminary permeability data should be attained to assess the economic development potential of ATP 849P.

Should the core holes identify a potentially commercial discovery, then Icon Energy will consider together  with our joint venture partners, to proceed with an appraisal programme to better assess the economic potential development of ATP 849P.