ICON ENERGY
TENEMENTS
TENEMENT SUMMARY - ATP855P
Participating interests Icon Energy - 40%
Beach Energy - 40% (Operator)
Deka Resource - 10%
Well Traced - 10%
Prospect typeCoal seam gas, natural gas, oil and deep shale.
LocationATP855P is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border. PEL218 lies adjacent to ATP855P and both permits share part of the Nappamerri Trough. The Moomba to Ballera Gas Pipeline traverses the block and the area is surrounded by existing oil and gas production units. ATP855P occupies a total area of 1,674 km2.
Work completed in FY 2010/2011Detail of work completed outlined earlier in this Annual Report at Core Project ATP855P.
Work to be carried out in FY 2011/2012Detail of work completed outlined earlier in this Annual Report at Core Project ATP855P.
1. Subject to Ministerial approval of the transfer of a 40% interest from Icon Energy to Beach Energy.
SUMMARY OF TENEMENT ATP626P
Interest heldIcon Energy - 99% (Operator)
Goondi Energy - 1%
Queensland government-owned power generator, Stanwell (whose wholly owned subsidiary is Goondi Energy), is in joint venture with Icon Energy in relation to ATP626P. Stanwell has earned an up-front 50% farmin interest in ATP626P, and any gas found in ATP626P will be owned equally between Stanwell and Icon Energy. Icon Energy executed a Gas Supply Agreement with Stanwell in August 2010 agreeing to sell Stanwell its half share of any gas recovered from ATP626P.
Prospect type & extentATP626P is prospective for coal seam gas and oil.
Reserve certifiers, Netherland Sewell & Associates, has previously confirmed a prospective unproved resource estimate of 6.1 TCF or 6,100 PJ within ATP626P. Of this figure, contingent resource estimates of 1,115 PJ (2C) and 1,775 PJ (3C) have been calculated.
LocationATP626P is located north of Goondiwindi in the Surat Basin. ATP626P covers an area of 2,224 km2.
Work completed in FY 2010/2011Detail of work completed outlined earlier in this Annual Report at Core Project ATP626P.
Work to be carried out in FY 2011/2012Detail of work completed outlined earlier in this Annual Report at Core Project ATP626P.
TENEMENT SUMMARY - ATP849P
Interest heldIcon Energy - 80% (Operator)
Deka Resources - 10%
Well Traced - 10%
Both Deka and Well Traced are wholly owned subsidiaries of Adelaide Energy.
Prospect type & extentATP849P is prospective for coal seam gas. Very limited drilling has occurred in ATP849P, however drilling on adjacent blocks suggests that the area contains a prospective coal seam gas reservoir.
LocationATP849P is located in the Surat Basin, to the west of Roma. The township of Mitchell is located in the southern region of the tenement. ATP849P covers an area of 3,854km2. The Lacerta Coal Seam Gas Field is located to the west of ATP849P.
Work completed in FY 2010/2011Detail of work completed outlined earlier in this Annual Report at Core Project ATP849P.
Explained above.
Work to be carried out in FY 2011/2012Detail of work completed outlined earlier in this Annual Report at Core Project ATP849P.
TENEMENT SUMMARY - PEP170
Interest heldIcon Energy - 100% (Operator)
LocationPEP170 is located in Victoria's Gippsland Basin and includes the township of Darriman, in the north of the permit, and the township of Woodside, in the south. The permit is also proximate to Port Welshpool, which could potentially be used as a location for future export facilities. The tenement covers a total area of 808.3 km2.
Prospect type & extentPEP170 is prospective for oil and gas.
Work completed in FY 2010/2011Detail of work completed outlined earlier in this Annual Report at Core Project PEP 170.
Work to be carried out in FY 2011/2012Detail of work completed outlined earlier in this Annual Report at Core Project PEP 170.
TENEMENT SUMMARY - ATP549 West
Participating interestsIcon Energy - 33.33%
Drillsearch - 66.67% (Operator)
Icon Energy's interest in ATP549 West is a farmin interest and not a title interest. The title to ATP549 is held by AGS. There are two other farmin areas in ATP549 (ATP549 Cyprus & ATP549 Solitaire) in which Icon Energy does not hold an interest.
Prospect type & extentATP549 is prospective for natural gas and oil.
LocationATP549 is located just inside the boundaries of the Cooper Basin in Queensland, near to the Queensland and South Australian border. The tenement covers an area of 3,681km2 and lies to the north of the Cook Oil Field.
Work completed in FY 2010/2011The title to ATP549 is held by AGS. There are two other farmin areas in ATP549 (ATP549 Cyprus & ATP549 Solitaire) in which Icon Energy does not hold an interest.
The permit for ATP549 will expire on 30 April 2013. However, the holders of ATP549, AGS, may apply for one more four-year renewal period, potentially taking the expiry date of ATP549 to 2017.
Icon Energy and Drillsearch have recently been in discussions with AGS in relation to obtaining partial replacement tenure for the ATP549 West area, or to agree the work program that will be carried out across the whole of ATP549 prior to the renewal date of the permit.
Work to be carried out in FY 2011/2012In the event that agreement with AGS can be reached prior to renewal, Icon Energy and Drillsearch have discussed the possibility of shooting 3D seismic in ATP549 West in order to determine suitable oil well location(s). Pending agreement with AGS, this work is likely to take place in 2012.
TENEMENT SUMMARY - ATP560 Ueleven
Interest heldIcon Energy - 50.5% (Operator)
Lakes Oil NL - 25%
Victoria Petroleum NL - 17%
Charles Morgan - 5%
Oilwells Inc - 2.5%
Private interests - 4%
Icon Energy's interest in ATP560 Ueleven is a farmin interest and not a title interest. Bridgeport is the title holder for ATP560.
Prospect type & extentATP560 is prospective for oil and gas.
LocationATP560 is located to the right of the Cooper Basin in Queensland. Icon Energy's interest in the tenement covers an area of 307.2 km2.
Work completed in FY 2010/2011Icon Energy did not complete any work in ATP560 Ueleven in the 2010 / 2011 financial year.
Work to be carried out in FY 2011/2012The ATP560 Ueleven block currently has 16 sub-blocks left in it. It is likely that all of these sub-blocks will be relinquished in the next round of relinquishments, which are due to take place in 2013. Icon Energy has no plans to develop this area.
TENEMENT SUMMARY - ATP594
Interest heldIcon Energy - 50% (Operator)
Triple J Resources - 50%.
Prospect typeATP594 is prospective for coal seam gas, natural gas and oil.
LocationATP594 is located near the township of Quilpie. The tenement covers three separate areas consisting of a total area of 1,538 km2. The area immediately adjacent to ATP594 is resource rich in oil and gas. The Bunya Thylungra, Sheoak and Vernon gas fields are located to the west of ATP594. There are several oil fields located to the south-east of the tenement, including the Kenmore and Tarbat oil fields.
Work completed in FY 2010/2011ASIC currently holds Triple J Resources' interest in ATP594 as a result of the de-registration of Triple J Resources. Icon Energy has been working with ASIC and DEEDI to resolve the issue of de-registration of Triple J Resources. Once the default is resolved, Icon Energy will commence negotiations with the native title inhabitants in the area.
Work to be carried out in FY 2011/2012No work is planned for ATP594 if and until Triple J Resources / ASIC addresses the default, or DEEDI agrees that Icon Energy may hold ATP594 on its own. Icon Energy will not have any work program obligations until ATP594 is renewed and DEEDI approves a new work program for the tenement.
TENEMENT SUMMARY - ATP794 Brightspot, Regleigh and Springfield
Interest heldIcon Energy - 75%: Brightspot,
60% Regleigh & Springfield (Operator)
Victoria Petroleum NL - 15% Brightspot,
24% Regleigh & Springfield
Bow Energy - 10% Brightspot, 16% Regleigh & Springfield
Icon Energy's interest in ATP794 Brightspot, Regleigh and Springfield is a farmin interest and not a title interest. Victoria Oil Exploration (1977) Pty Ltd, a wholly owned subsidiary of Senex, hold a 60% title interest in the whole of ATP794 and are the operators of the Regleigh, Brightspot and Springfield farmin areas in ATP794. Seqoil hold the remaining 40% title interest in the whole of ATP794. There are other farmin areas in ATP794 in which Icon Energy does not hold an interest, namely the Barcoo Junction Prospect Area and the Barcoo Block.
Prospect typeATP794 is prospective for coal seam gas, oil and possibly deep shale.
LocationATP794 is located north west of the town of Quilpie and lies directly north of ATP594. The tenement is approximately 5,315 km2 in area.
Work completed in FY 2010/2011No operational work was completed by Icon Energy in ATP794 in the 2010 / 2011 financial year. Icon Energy has, however, been in the processes of liaising with its beneficial interest partner to obtain documentation to substantiate Icon Energy's interest in the area.
Work to be carried out in FY 2011/2012Icon Energy currently has no intention of engaging in a work program for ATP794 Regleigh, Brightspot or Springfield in the 2011 / 2012 financial year.
TENEMENT SUMMARY - PEL218 Post Permian
Interest held
Icon Energy - 33.33%
Beach Energy - 33.33% (Operator)
Deka Resources - 13.92%
Well Traced - 13.92%
Bounty Oil and Gas NL - 5.50%
Icon Energy's interest in PEL218 Post Permian is a farmin interest and not a title interest.
Prospect type & extentPEL218 Post Permian is prospective for coal seam gas.
LocationPEL218 covers the South Australian side of the Nappameri Trough that is the source kitchen for petroleum that is produced in the fields north and south of the block. PEL218 occupies a total area of 1,602 km2.
Work completed in FY 2010/2011No operational work was completed by Icon Energy in PEL218 in the 2010 / 2011 financial year. Icon Energy has, however, been in the processes of locating various coal seam gas prospective well sites.
In July 2011, Beach Energy agreed to effect the formal assignment of Icon Energy's Phase 2 Farmin Interest in the post Permian section of PEL218, upon Ministerial consent to the transfer of Beach Energy's 40% interest in ATP855P.
Beach Energy has also agreed to recommend Icon Energy to undertake the management of coal seam gas operations in the PEL218 post Permian joint venture.
Work to be carried out in FY 2011/2012Upon its formal appointment as manager of coal seam gas operations in the PEL218 post Permian joint venture, Icon Energy will be able to progress the nature, extent and operatorship of proposed further CSG operations in the Post Permian Section of PEL218.
Currently, an initial 4 core hole drilling programme is being considered to test the prospectivity, and commerciality, of PEL218.
Subject to Ministerial approval of the transfer of a 40% interest in ATP855P from Icon Energy to Beach Energy.