ICON BEGINS DRILLING FIRST OF FIVE PLANNED WELLS

ICON BEGINS DRILLING FIRST OF FIVE PLANNED WELLS

ICON Energy (ASX: ICN) today confirmed a busy drilling schedule for 2012 with the announcement it has entered the ground at its Surat Basin tenement.

In a statement to the ASX, the company announced it had spudded Windom 1 in ATP626P.

“Windom 1 will be drilled over 14 days to a depth of 1200 metres”, says managing director Ray James.

James says the Ensign 960 drilling rig will move to begin a second well in ATP626P, Eolus 1, once it has finished at Windom.

The wells are being drilled in conjunction with Goondi Energy, a wholly owned subsidiary of the Queensland Government’s Stanwell Corporation.

The wells will continue Icon’s work evaluating gas potential in the tenement. Preliminary estimates suggest the reserves could be in the range of 2.00 to 7.00 trillion cubic feet (TCF), the company says.

ICN plans to have drilled five wells across two states by the end of the year.

Tiger West1 and Dragon1 will be drilled at the Gippsland Basin tenement PEP170, while Ensign Rig 965 will get to work on Halifax1 at the Cooper Basin’s ATP855P.

“This is the first time in our history that Icon Energy has been involved in such a concentrated exploration program across three tenements in two states, Queensland and Victoria,’’ says James.

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