UPDATE: STANWELL COMMITS TO ICON

UPDATE: STANWELL COMMITS TO ICON

STANWELL Corporation has committed $30 million to Stage 2 of a farmin agreement at Icon Energy’s ATP 626P well in the Surat Basin.

It means that a total of $36 million will be committed to establishing 340 PJ of 2P reserves in ATP 626P, located north of Goondiwindi.

Icon Energy announced the farmin deal with Stanwell Corporation in December 2008, with Stage 1 of the agreement comprising the $6 million Lydia pilot program.

Icon Energy managing director Ray James, says Stanwell Corporation would now be assigned an immediate 50 per cent working interest in the farmin area covering four of 30 blocks within ATP 626P, along with a 1 per cent title interest in the whole of ATP 626P.

He said that upon reaching a target of 340PJ of 2P reserves, an application would be made to the Queensland Government for petroleum licences over the areas covered by that reserve of coal seam gas.

“This reserve could be established within the current four block farmin area however Stanwell Corporation also has the right to extend the farmin area until the required reserves are found and are certified by leading international reserve certifier, Netherland, Sewell & Associates, Inc. (NSAI),” said James in a statement to the ASX.

Icon shares were placed in a trading halt today prior to the announcement.

Shares last traded at 20.5c.

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

Crypto staking: a new way to earn passive income
Partner Content
You may be familiar with traditional ways of earning passive income such as trading sto...
Etoro
Advertisement

Related Stories

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths adds controlling stake in MyDeal to cart for $218 million

Woolworths (ASX: WOW) is looking to enhance its online marketplace ...

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

SNL’s Pete Davidson to star in QLD feature film ‘Wizards!’

The Australian screen sector has bagged two major wins today, with ...

Scrap metal recycler Sims picks up Brisbane port site for $88 million

Scrap metal recycler Sims picks up Brisbane port site for $88 million

In order to acquire one of the few remaining Brisbane sites with de...

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

“No one plans for these things”: Metricon acting CEO denies crisis rumours following founder’s death

Just days after the sudden and unexpected death of Metricon founder...