Icon Energy Announces Quarterly Report

Source: www.gulfoilandgas.com 4/30/2021, Location: Not categorized

SUMMARY OF OPERATIONS
• Icon examining plans to utilize methane as a feedstock to produce hydrogen on the east coast of Australia.
• Icon is examining plans to utilize the high pressure of the gas produced from ATP 855 to separate methane and carbon dioxide using cryogenic and membrane techniques.
• Icon is having talks with potential partners interested in farming into ATP 855.
• Icon to target gas filled fracture halos along identified fault zones.
• Drilling targeting natural fractures along faults will avoid the need for fraccing.
• Icon’s rehabilitation program in ATP is currently suspended.

ATP 855
Icon plans to go Hydrogen Blue to protect the environment. As Australia transitions to carbon neutrality the market is changing in favour of methane and hydrogen gas for power generation and transportation fuels. New techniques are on the verge of using new plasma methods to split the methane molecule into pure carbon and hydrogen without generating any carbon dioxide. This new hydrogen is labelled “blue “ hydrogen and is likely to be highly efficient and cost effective when sourced from methane. The Australian Energy Market Operator (AEMO) has predicted that both blue and green hydrogen will become a preferred transport and heating fuel of the future.

Icon commissioned a new study over the past six months, to draw up a plan for the future development of ATP 855. This plan entitled “Roadmap to Commercialisation”, is not yet completed and involves several positive new ideas utilizing the high pressures and temperatures of the production gas. Originally these high pressures and temperatures were an impediment to future exploration. The new techniques will signicantly reduce costs and at the same time provide a carbon neutral operation to protect the environment.

The plan provides a solution to the problem of separation and disposal of carbon dioxide using a self chilling cryogenic/membrane separation technique utilizing the high pressure which has not been used in this way in the Australian petroleum industry to date. This separation technique keeps the carbon dioxide in a liquid phase at all times. Liquid carbon dioxide can then be sold in the industrial market or sequestered into the ground at the same producing wellsite, as a liquid, thereby removing the costs associated with gas compression. After removing the carbon dioxide, the methane is further treated utilizing a membrane filter which is a common industrial technique. Modelling has indicated that this final filtration step can be done at high temperatures and pressures yielding pure methane gas. Methane can then be transported to the east coast of Australia for the production of hydrogen or utilized as a transition fuel.

Icon’s focus on 100 percent carbon neutrality under our proposals to develop Australia’s large gas discovery in ATP 855. Icon will release further details in the months ahead of our Roadmap to Commercialization.

The rehabilitation program in ATP 855 will be suspended and included in a new drilling program.

ATP 594
After further review of the seismic program conducted in the tenement Icon has not been able to attract a new partner. In those circumstances Icon determined that it is appropriate to relinquish the tenement. ATP 594 expired on 16 April 2021 and may not be renewed.

VICTORIAN TENEMENTS
The Geological Survey of Victoria has advised that when the tenements are re-instated the clock would be reset to zero to start all tenements with a new five year term. In addition it will be necessary to revise the program as our original applications included stimulation which is not allowed.

Icon has lodged its submission to the Department of Jobs, Precincts and Regions with a revised new tenement terms for conventional drilling in PEP 170. These new terms have excluded any unconventional drilling which is bound by legislation in Victoria.

Icon has received a preliminary advice that its proposed work program for PEP 170 is not considered satisfactory to be approved. It is therefore likely that the permit will not be renewed. Revised terms for conventional drilling in PEP 172 and 173 are yet to be called by the Department. When called upon to do so by the Victorian government, Icon will conduct a further review as to the prospective for the of a conventional drilling program and propose a new work program if warranted. At this time PEP 172 and 173 remain pending. Icon is the Operator of PEP 170 and currently has a 100% working interest in the tenement.

SOUTH AUSTRALIAN TENEMENTS
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 km˛. Icon has an interest of 33% in the post-Permian section of the tenement.


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