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ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
ATP 594 COOPER/EROMANGA BASIN, QUEENSLAND
OPERATIONS REPORT
ATP 594 is located approximately 140 kilometres west of Quilpie in the Cooper-Eromanga Basin. The tenement covers three
separate areas consisting of a total area of 1,230 km .
Following transfer by the Department of Natural Resources and Mines (
DNRM
) of the outstanding 50% interest in the
tenement to Icon Energy in September 2014, Icon relinquished four blocks in the tenement as was required by Government
regulation for renewal of the permit. This took effect on 12 March 2015 and the permit now consists of 16 blocks.
Icon submitted a Standard Application for an Environmental Authority for ATP 594 to the Department of Environment and
Heritage Protection (
DEHP
). The application was approved on 25 March 2014 under Permit Number EPSX03049115.
Icon representatives met with the Boonthamurra and DNRM representatives on 7 April 2015 and the key agreements being
Section 31 RTN Agreement, the Ancillary Agreement and Cultural Heritage Management Agreement were all successfully
agreed and subsequently signed.
On 15 May 2015 Icon Energy announced the renewal of ATP 594 by the DNRM with a grant date of 17 April 2015. The current
approved term of ATP 594 is for 4 years, with an opportunity to apply for a renewal at the end of the 4 year time period. A
further renewal after 8 years is also an option, which if granted would make up the maximum term allowable for an ATP of 12
years.
The areas immediately adjacent to ATP 594 are resource rich in oil and gas. Several wells have been drilled in the proximity
of ATP 594, mainly targeting conventional oil and gas, many with hydrocarbon shows. There are several oil fields to the
southeast of the tenement, including the Kenmore and Bodalla South oilfields.
Icon Energy has conducted a preliminary technical evaluation and review of prospectivity of the permit which has included a
review of the well data within ATP 594 and the adjacent tenements including formation tops, formation thickness, reservoir
quality, source rock quality and maturity, migration and timing of generated hydrocarbons. ATP 594 is well positioned on
the eastern flank of the Cooper Basin and is considered to be prospective for hydrocarbons; however, the permit is under-
explored and has experienced a 17 year hiatus in exploration activity.
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