good on you Mav - after your post, I went and looked for the article in the GC Bulletin. here it is for anyone to read. down the bottom, it says RJ is in China! cheers - thanks Mav
*******************************************
Geothermal tests reveal Icon boost Nick Nichols, business editor | December 14th, 2010
ICON Energy reckons it is on to some hot property after encouraging results from its geothermal resource in the Cooper-Eromanga Basin.
The Gold Coast-based coalseam gas hopeful has revealed that testing of its EPG 49 and EPG 51 permits contain hypothermal reservoirs of between 133 and 137 degrees Celsius, making it among the hottest geothermal resources known in Queensland.
Geothermal consultancy Hot Dry Rocks has estimated that the resource could contain 23,000 petajoules of thermal energy at depths of 2700m.
It is about four times the estimated resource of ATP 626, a coalseam gas permit from which Icon hopes to supply Stanwell Corporation 225 petajoules of gas over 15 years.
Icon's geothermal discovery has been described as a "significant possible resource" by a company spokesman, although he confirmed a considerable sum of money needed to be spent before the find could be exploited.
Geothermal energy is a peripheral play for Icon, which has been focusing on permits in the coalseam and shale gas sector across three states -- Queensland, South Australia and Victoria.
Icon's managing director Ray James said the company would undertake further tests to "refine the reservoir model".
"It is anticipated that the next milestone, a certified resource called the inferred resource, will be completed in 2011," Mr James said in a statement to the stock exchange.
Mr James told shareholders at last month's annual general meeting geothermal energy was a resource that could be 20 years in the making.
He said Icon could possibly sell the permits to help finance its ongoing development of coalseam gas ventures.
The Icon boss is in China, where the company is hopeful of securing a $32 billion gas sale agreement with SinoGas.
It is still unclear whether the deal, which is now dependent on SinoGas securing a Chinese government import licence, will be signed by the end of this month as planned or whether it needs to be extended again.
Despite revelations of Icon's geothermal prospects, shares in the company closed 0.5c lower at 19.5c yesterday.
The shares have been in a holding pattern pending the signing of the gas sale agreement with SinoGas.
ICN Price at posting:
20.5¢ Sentiment: None Disclosure: Held
(20min delay)