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S&P/ASX 300 index oil and gas explorer, Icon Energy Limited (ICN) has announced a potential new
coal seam gas find in South Australia’s Cooper-Eromanga Basin.
Icon Managing Director Mr Ray James said that Wakefield No.1 well logs within PEL 218 indicate a
series of coal sections in the Winton Formation totalling 8.9 metres with gas shows up to 112 units of
methane gas.
“This thickness of coal with associated gas shows indicates that commercial potential exists for coal
seam gas (csg) production in this area,”
“The coal seams were penetrated between 820 and 957 metres. “The lowermost coals between 906.9
and 956.8 have the best methane gas shows.”
“When the well was programmed these coals were not considered an objective,” he said.
Mr James said that Icon believed that the potential for a new coal seam gas play in the Nappamerri
Trough in PEL218, and within its adjacent proposed Queensland ATP 855P tenement, warranted
further work.
“This will include core hole drilling to test the gas content and permeabilities.
“Crucially, the coal depths are within the commercial range allowed by Icon’s gas certifiers,
Netherland, Sewell & Associates, Inc. - the world leader in CSG certification,” he said.
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Mr James said that the location of the find, where the Moomba to Ballera gas pipeline traverses the
central area of PEL 218 and ATP 855P, also increased the economic viability of any new gas resource.
He stressed that the results were preliminary and much work remained to be done.
“Icon has commenced a geological study to determine the coal distribution as part of this process.”
“Sidewall core samples have been recovered from Wakefield No.1 and sent to the laboratory in
Brisbane for gas content absorption analysis.”
“In order to fully evaluate the gas resource, it will be necessary to examine the seismic and well data in
the permits and drill new core holes to determine coal thickness, gas content and permeability.”
Icon has a working interest of 33.33% in PEL 218 and 80.00% in ATP 855P.
The ATP 855P permit is yet to be granted by the Queensland Minister for Mines and Energy as Icon is
still negotiating a Native Title Agreement with the registered Traditional Owners.
Icon signed a farmin agreement with Adelaide Energy Limited to earn a 33.33% working interest in the
Mesozic sedimentary section of PEL 218 in October 2007. Icon’s interest has now been earned through
the funding of 50% of the cost of the new seismic data and the drilling of one oil exploration well.
Icon is an Australian ASX listed oil producer and explorer. Its petroleum production and
exploration assets are located in the Cooper/Eromanga Basins in South Australia and the Surat
Basin in Queensland.
Icon has a current market capitalisation of over $223 million with 438,845,003 shares on issue as
of 8thOctober, 2009.
Yours sincerely
Ray James
Managing Director
Icon Energy Limited
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