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Icon Provides Operations Update ATP 855

Source: 10/30/2020, Location: Not categorized

Icon is now focused on operations in ATP 855, which are in final preparation for mobilisation to the tenement in southwest Queensland. COVID-19 has been a major disrupter since March 2020. It seriously affected the manufacture of the coil tubing in the USA. Our professionals who have been contracted for specialist operations have been waiting for months to receive confirmation of the work timetable. Some overseas personnel had to be replaced because they could not travel to Australia at this time. As frustrating as this has been, the field equipment and supplies are now being assembled in Roma prior mobilising to the well sites during the first week in November 2020.

Icon announced earlier in the year, that an exciting gas prospect has been identified in Halifax No.1 which was the first well drilled in the whole of the ATP 855 tenement. This followed Icon’s decision to rehabilitate the existing wells in ATP 855.

Prior to the commencement of the rehabilitation program, an extensive review of the six wells drilled was undertaken in house, with the advice of Consulting Engineers, to be sure that no other hydrocarbon opportunity had been overlooked. Following this review, it became evident that there was a real possibility of producing commercial hydrocarbons from the Callamurra sandstone which is above the unconventional gas play in the Halifax No.1 well. As a result the ATP 855 review, the program has now been modified to test Halifax No. 1 over the Callamurra sandstone.

If the test is successful then the well can be suspended as a producing gas well. A full investigation of the results of the well would then be undertaken to determine the commerciality of the well. Icon Energy planned to commence a rehabilitation program in ATP 855 in the second quarter of this calendar year but that has been affected by COVID-19 delays. The commencement of the rehabilitation and test program is expected to commence on or about the second week in November 2020 subject to no further COVID-19 or weather delays. Equipment and drilling supplies are now being mobilised to the field for the operations.

Icon Energy determined that completion of the rehabilitation of the six wells in ATP 855 would provide a “clean slate” which would represent a more attractive opportunity for farmout success. The delays in commencement of the rehabilitation program have impeded our ability to introduce a new joint venturer in the gas project. These delays were primarily because of COVID-19 which delayed manufacturing of specialised equipment in the USA. Weather might cause some further delays as this year’s Monsoon season is affected by a strong La Nina event. The operations are mostly in high country, closer to the South Australian border.

Icon is pleased to report that the Department of Natural Resources Mines and Energy (DNRME) has granted Icon an extension of the current Later Work Program (LWP) in ATP 855 for two years until 29th October 2022. This extension was granted on the basis of COVID-19 delays as a Special Amendment of the Authority to prospect (ATP) 855 under section 107A of the Petroleum and Gas (Production and Safety) Act 2004 (P&G Act).

ATP 594
“Berella No 1”, located in the northern block ofthe tenement, was confirmed as a four way structural closure by the recent 3D seismic survey. No new activity is reported for the past quarter.

The Victorian Government has announced that the Moratorium will be lifted and onshore tenements returned to operational status in July 2021. The ban on fraccing will be retained and enshrined in the Victorian Constitution. All future drilling operations in Victoria will be for conventional drilling targets only. Icon’s permits will be reviewed prior to this date as previous tenders required stimulation which is now banned. Icon will have the option of taking up the areas under the new tenement rules which are yet to be negotiated.

PRLs 35, 37, 38, 41, 43, 44, 45, 49 (ex PEL 218) have been reduced in size by 50% under the SA relinquishment regulations for retention. The retained leases now cover a total area of 857 km². Icon has an interest of 33% in the post-Permian section of the tenement.

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