Icon Announces Quarterly Report for the Period Ended 30 June 2021

Source: www.gulfoilandgas.com 8/2/2021, Location: Not categorized

Summary of Operations
• Icon has received an expression of interest with regard to ATP 855. Talks are continuing with other parties.
• Icon examining plans to utilize methane as a feedstock to produce hydrogen on the east coast of Australia.
• Icon plans to utilize the high pressure of the gas produced from ATP 855 to separate methane and carbon dioxide using cryogenic and membrane techniques.
• Drilling targeting natural fractures along faults could avoid the need for fraccing.

ATP 855 At the present time, Icon is focused reaching on agreement with a joint venturer in ATP 855.

Icon has received an expression of interest from an overseas gas company and due diligence is continuing with the examination of the data under a signed confidentiality agreement but no discussion of terms at this time. The timeframe for the due diligence work has been affected by COVID in that data exchanges are limited to email and Zoom meetings. It has not been possible to bring representatives to Australia at present to visit the operations. COVID delays are unfortunately unavoidable. As such Icon is unable to disclose the name of the entity until final terms are agreed.

Discussions are continuing with other parties. Icon plans to produce methane gas, carbon dioxide and hydrogen from the discoveries made in ATP 855. Up to 28 Trillion Feet (TCF) of Gas has been classified by Degolyer and McNaughton as the most likely gas resource in the tenement with 1.57 TCF classified as 2C Contingent based on the gas flows from the wells on tests.

As Australia transitions to carbon neutrality by 2050, 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 carbon dioxide. This new hydrogen and is likely to be highly efficient and cost effective when sourced from methane. The Australian Energy Market Operator (AEMO) has predicted that hydrogen will become a an important transport and heating fuel of the future.

Icon is seeking alternative options to meet the zero carbon 2050 deadline and under consideration is the Allum-Fetvedt Cycle which separates carbon dioxide in the cycle using methane feedstock in power generation.

Icon commissioned a new study over the past nine months, to draw up a plan for the future development of ATP 855. This plan entitled “Roadmap to Commercialization” has undergone many changes as new technologies emerge around the world.

The plan is to provide a solution to the problem of separation and disposal of carbon dioxide using new separation techniques which require modification to handle the high pressures and temperatures.

ATP 594
This tenement has expired and will not be renewed.

Icon submitted its tenement renewal report to Geological Survey of Victoria and advised that no further work could be undertaken until the new regulations were available. Without the new regulatory guidelines, Icon could not complete a proposal as required by the Department without knowing the rules. APPEA’s executive has engaged with the Victorian government on behalf of it’s member companies operating in onshore Victoria to re-establish petroleum exploration activities. Icon received advice from the Victorian Department of Jobs, Precincts & Regions on the 29th June 2021 that The Petroleum Legislation Amendment Act 2020 provides for the extension of all relevant exploration permits and retention lease to 1 July 2026. A letter and a copy of the registered instrument confirming the extension to PEP170 will be provided shortly. The Victorian Government is now conducting an extensive review of oil and gas operations and is considering the roles of oil and (particularly) gas as a transition fuel to achieve carbon neutrality by 2050. A Roadmap is being developed to facilitate this process. The Victorian Government’s consultation period for the Gas Substitution Roadmap closes on Friday 30th July 2021. The submission draws heavily on previous work done via Gas Vision 2050 and AEMOs Victorian Gas Planning Report. Many new technologies are being considered, many still in the development stage. The outcome is focussed at being carbon neutral by 2050. Under this plan all oil and gas production would be phased out in favour of renewable energy sources. 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 )
Icon has an interest of 33% in the post-Permian section of the tenement. No activity is proposed in the next quarter by the Joint Venture.

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