Icon gets green light

AUGUST 2010

ICON Energy has received the green light to drill on its EPG 49 and EPG 51 tenements on the eastern side of the Queensland and South Australian border.

Queensland Minister for Mines and Energy Stephen Robertson, granted geothermal exploration permits effective from August 1.

Icon CEO Ray James says the tenements are beneath ATP 855P and is also pending drilling approval permits. Icon won the permits by competitive tender to drill deep shale gas.

Icon Energy is the operator for the new geothermal exploration permits and has 100 per cent working interests in both permits.

It will include geological and geophysical studies, gravity surveys, seismic acquisition and the drilling of wells during the first five year periods of the permits. The term of the exploration geothermal permits is for five years until July 31, 2015.

Icon is in due diligence with China’s Shenzhen Sino Industrial Development Company for a potential $32 billion export deal.

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