ICON ENERGY RECORDS PROFIT LOSS

ICON ENERGY RECORDS PROFIT LOSS

ICON Energy (ASX: ICN) today reported FY11 losses of $6 million - a 67 per cent increase on its fiscal 2010 loss of $3.6 million.

The coal seam gas explorer is preparing works on a gas field in the Cooper Basin, but must wait until April.

Joint permit holder Beach Energy has acquired two rigs from Ensign Australia for a new shale gas appraisal program. Slugged with a $97.5 million net loss for FY11, Beach is trying to recover lost ground after rig tests showed the PEL 218 post-Permian joint venture yields shale and other gas-saturated lithologies.

Beach managing director Reg Nelson says the rigs will take his employer one step closer to understanding the extent of its gas resources.

“Should these wells be successful we will seek to commence a pilot development program as soon as possible,” says Nelson in an ASX statement.

Beach will fund the bulk of drilling in the ATP 855 permit, which Icon owns 40 per cent of. Pilot horizontal production wells will be created in the ATP 855 tenement and PEL 218 JV.

Potential for thick, continuous, multi-lithology gas accumulations across PEL 218 will also be tested.

Icon shares remained flat today following the announcement at $0.14 per unit.

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