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ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
DIRECTORS’ REPORT
• ATP 594 is positioned on the eastern flank of the Cooper Basin and is of particular interest to Icon as the permit includes
both structural and stratigraphic plays targeting conventional reservoir types so the wells are expected to be vertical
conventional oil and gas wells.
• Icon Energy has conducted a preliminary technical evaluation and review of prospectivity of ATP 594. This was primarily
designed to provide a basis for the first stage of exploration within the permit, which will be a seismic and drilling program.
• A Standard Conditions Environmental Authority granted by the Department of Environment and Heritage Protection on 25
March 2015 and A Right to Negotiate Agreement was successfully concluded with the Traditional Owners on 7 April 2015.
• ATP 594 was renewed by the Department of Natural Resources and Mines, with a renewal 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. There is a further opportunity to renew after 8 years, which if granted, would take the maximum term allowable for
the ATP to 12 years.
Preparations are now being made to acquire a 3D seismic survey in the permit with an expected start date in the second half
of 2015, which will be followed by a well in 2016.
ATP 855 Cooper-Eromanga Basin Queensland
• On 19 June 2014, DeGolyer and MacNaughton, a leading United States based independent consulting firm focused on the
petroleum industry, reported their findings on the entire ATP 855 tenement to include a best estimate (P50) of 28Tcf of
Gross Unconventional Prospective Raw Natural Gas Resources.
• All wells drilled within ATP 855 to date, Halifax-1, Hervey-1, Keppel-1, Redland-1 Etty-1 and Geoffrey-1, have confirmed the
continuation of the Basin-Centred Gas play in the Nappamerri Trough, with ATP 855 containing the deepest sections of the
Trough.
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Unconventional Prospective Resources are defined as those quantities of petroleum that are estimated, as of a given date, to be
potentially recoverable from undiscovered unconventional accumulations by application of future development projects. Unconventional
Prospective Resources may exist in petroleum accumulations that are pervasive throughout a large potential production area and would not
be significantly affected by hydrodynamic influences (also called continuous-type deposits).The estimated quantities of petroleum that may
potentially be recovered by the application of a future development project relate to undiscovered accumulations.These estimates have both
an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence
of a significant quantity of potentially moveable hydrocarbons.These Unconventional Prospective Resources are based on probabilistic
estimates for each target formation and these have been statistically aggregated.
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