Page 14 - Icon Energy 2014 Annual Report

14 ICON ENERGY LIMITED 2014 Annual Report ABN 61 058 454 569
REVIEW OF OPERATIONS
Map showing the retained area in ATP 626 in the Surat Basin, Queensland
ATP 626 SURAT BASIN, QUEENSLAND
On 3 July 2013, the Company announced that it had regained the 100% equity interest in ATP 626 following the acquisition of
Goondi Energy’s 1% legal interest and its 50% working interest.
During the year Icon initiated a rehabilitation program of old Joint Venture wells that will not be utilized in the future of the
permit. The pluging, abandonment and rehabilitation of the former ATP 626 Joint Venture wells have now been completed. The
remaining wells in the tenement Eolus-1, Mindagabie-1 and Stitch-1, are currently suspended.
Following a strategic review of ATP 626, Icon relinquished 20 sub-blocks or two–thirds of ATP 626 in the southern portion
of the tenement (refer to map below) and lodged a Partial Relinquishment Report with DNRM on 27 June 2014. After an
extensive two stage program and comprehensive independent research, the Company announced that the coal seam gas
play had proved to be sub-commercial in ATP 626. Icon lodged a LaterWork Program for ATP 626 with DNRM on 28 April 2014
in order to conduct a conventional work program in the retained blocks within ATP 626.