Page 15 - Icon Energy 2014 Annual Report

ABN 61 058 454 569 ICON ENERGY LIMITED 2014 Annual Report 15
REVIEW OF OPERATIONS
ATP 594 COOPER/EROMANGA BASIN, QUEENSLAND
ATP 594 is located approximately 140km to the west of the town of Quilpie in the Cooper-Eromanga Basin. The tenement
covers three separate areas consisting of a total area of 1,538km².
ATP 594 was suspended following the de-registration of joint owner Triple J Resources. In September 2014 DNRM transferred
the outstanding 50% interest in the tenement to Icon Energy which will enable Icon Energy to work in the permit once the
Company completes a Right to Negotiate Agreement (RTN) with the Boonthamurra Registered applicants.
The areas immediately adjacent to ATP 594, are resource rich in oil and gas. Several gas fields are located to the west of ATP
594 including the Bunya gas field. There are several oil fields located to the south-east of the tenement, including the Kenmore
and Bodalla South oil fields.
Several wells have been drilled around the permit mainly targeting conventional oil and gas since 1980 with some hydrocarbon
shows intersected. In March 1995, Icon Energy drilled theTaylor Franks-1 well to a total depth of 2643 metres and drill stem
tests were conducted within the Permian section.
Icon is currently reviewing the available data, with a view to acquiring new seismic over the tenement in the future.
ATP 594’s positioning on the eastern flank of the Cooper Basin is of particular interest to Icon and the Company plans to
conduct a seismic and drilling program following the completion of RTN negotiations with the NativeTitle applicants.
RESEARCHAND DEVELOPMENT ACTIVITY
Icon Energy lodged a research and development (R&D) claim for the full year ended 30 June 2013 in April 2014 and a payment
of $7,492,356 was received in July 2014.
Icon Energy is currently in the process of preparing another R&D claim for the full year ended 30 June 2014. This claim will
cover activities carried out in one project area; ATP 855 in the Nappamerri Trough, Cooper Basin in south west Queensland.
The overall technical objective of this project is to develop new methods and techniques that enable gas to be extracted
efficiently from the deep Nappamerri Trough. Deloitte’s will be assisting Icon in the preparation and lodgement of this claim.
Map showing ATP 594 in the Cooper –Eromanga Basin, Queensland