Icon Energy Limited Annual Report 2022

Review of Operations continued 6 Icon Energy Annual Report 2022 PRODUCTION MODEL PROPOSED for use in ATP855 PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 South Australia No activities took place in the tenements during the financial year by the Joint Venturers. Post 30 June 2022 Icon relinquished its 33.33% interest in the post-Permian section of the remaining PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 in South Australia back to Beach Energy. ATP 594 COOPER BASIN This tenement has expired and Icon is finalizing the return of its interest to the State as no further exploration opportunity could be identified in this high risk area that justified the drilling of a well following an extensive seismic survey. PEP 170 (PEP 172 AND 173 PENDING), GIPPSLAND BASIN, VICTORIA Icon decided not to accept the offer to renew PEP 172 and 173 and advised the Victorian government of that decision. Icon applied to surrender PEP 170 and consent was given on 16 August 2022. PRODUCTION MODEL PROPOSED for use in ATP855 This production model has been d by Air Liquide in the United State unique in that it utilizes the s pressures found in the Na Trough. These pressures found deep wells drilled in ATP 855 produced at such high pressure carbon dioxide gas associated methane gas can be separated high pressures which maintain th dioxide gas in a liquid phase thus the sequestration of the Carbo back into the ground wihout the recompression. This will incr efficiency of the disposal pro reduce separation costs consider A production model is being developed to separate the methane and carbon dioxide gases by utilising the super normal high pre s res found in the gas reservoirs. These pressures found in all six eep wells drilled in ATP 855 can be produced at s ch high pressures that the carbon dioxide gas associated with the methane gas can be separated using the high pressures which maintain the carbon dioxide gas in a liquid phase thus enabling the sequestration of the Carbon dioxide back into the ground without the need for recompression. This will increase the efficiency of the disposal process and reduce separation costs considerably.

RkJQdWJsaXNoZXIy MjE2NDg3