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.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Sushi Sushi catches a new fish with Sushi Musa acquisition

Sushi Sushi catches a new fish with Sushi Musa acquisition

One of Australia's leading quick service retail (QSR) food chai...

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

Owner of Houston’s Farm, Sunfresh and Gourmet Selections enters administration

A national vertically integrated farming and ready-made salad manuf...

Body Fit Training sets sights on Scandinavia with master franchise agreement

Body Fit Training sets sights on Scandinavia with master franchise agreement

After opening up 42 new studios globally in 2024 to date, Melbourne...

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

AI is not a magic wand – it has built-in problems that are difficult to fix and can be dangerous

By now, all of us have heard and read a lot about artificial intell...