ICON SHARES JUMP ON GAS FLOW DATA

ICON SHARES JUMP ON GAS FLOW DATA

ICON Energy (ICN) shares jumped 20 per cent today after the Gold Coast oil and gas explorer announced gas flows from its Halifax-1 well in Queensland’s Cooper Basin.

Icon says gas is flowing at a constrained rate of 2.23MMscfd, but it anticipates the unrestricted gas flow rate will increase as the choke is opened further and stimulation fluid is reduced.

Halifax-1 is a joint venture between Icon (40 per cent) and Beach Energy (60 per cent).

Icon’s managing director Ray James (pictured) says this is a significant find that puts Icon on the path to becoming an energy producer.

Halifax-1 is the first of six shale gas wells planned for the ATP 855 permit.

“We are eager to see the flow test results over the next few weeks as the stimulation fluid is flowed back leading to a stabilised flow rate,” says James.

“We look forward to working with Beach in developing this resource.”

Icon’s shares jumped as high as 24c on the news from a low of 20c. They closed at 22.5c with 6.7 million shares changing hands.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for your next sporting adventure? Try Golf Journeys
Partner Content
Golf Journeys, an Australian golf travel company, has big plans in store for golfe...
Golf Journeys
Advertisement

Related Stories

Sunland sells Gold Coast retail precinct The Lanes to Panthera for $45.8 million

Sunland sells Gold Coast retail precinct The Lanes to Panthera for $45.8 million

Developer Sunland's (ASX: SDG) rationalisation of its Queenslan...

Pack your suitcase: ’Do not travel’ advice lifted for outbound Aussies

Pack your suitcase: ’Do not travel’ advice lifted for outbound Aussies

With Australia’s international borders set to progressively r...

Consumers are wise to ‘woke washing’ – but truly ‘transformative branding’ is still possible

Consumers are wise to ‘woke washing’ – but truly ‘transformative branding’ is still possible

With brands increasingly engaging in social change campaigns and le...

Your unvaccinated friend is roughly 20 times more likely to give you COVID

Your unvaccinated friend is roughly 20 times more likely to give you COVID

As lockdowns ease in New South Wales, Victoria and the ACT, and peo...