four months of continuous drilling, page-15

hey miningnut, my last post was not aimed at you. I was simply commenting to those few who have been showing their frustrations in the past few days ie. if they don't like ICN then move on. But if after all the research etc they chose to buy in then good luck. Perhaps it was a little long winded, doesn't really matter because the news is out. And for the record, yes you did get the date right - a good call. Cheers Pol

Here's today's announcement for those that missed it:

20 February, 2006

USA Operations Commencement of Drilling Programme

Icon is pleased to announce that the first well to be drilled in Bayou Choctaw under the farmout agreement with CLK Energy LLC commenced drilling on Friday 17th February at 7 am local time.

The well is known as Australian Mineral Interests No 1 and is located in the Victory Financial Lease. The well is programmed to a depth of 9,100 feet and proposed drilling time for the well is three weeks using a Moncla 11 rig.

The well is targeting several sand reservoirs in the Frio Group where sand development is expected. The reservoirs are identified with proven undeveloped reserves (PUD Reserves) within the Bayou Choctaw oilfield. These targeted reserves of oil have been interpreted from the reprocessed seismic 3-D data. Using new sophisticated processing techniques developed in the past five years, the target imaging has yielded a much clearer picture of the subsurface and given a better understanding of the undeveloped oil targets. Numerous additional drilling targets surround this first location.

Three wells in the initial programme are planned by the operator to be drilled back to back.

Update reports will be made available during the course of the programme.

Icon has a working interest of 19.00% in the VFL lease.

Yours faithfully
Icon Energy Limited


Company Secretary