Gee you huys are great at following YOUR own company.6 December...

Gee you huys are great at following YOUR own company.

6 December 2012
Halifax 1 Shale Gas Well Hydraulic Stimulation Update
Icon Energy Limited (ASX:ICN, “Icon”) wish to advise that Halifax 1 is scheduled to commence Hydraulic Stimulation in mid December 2012.
The Halifax 1 well was drilled to a total depth of 4,267 metres and on every indicator Halifax 1 has exceeded our expectations and in Icon’s view the results from other gas wells drilled in the Nappamerri Trough to date.
? thickest REM formation - 460 metres
? one of the thickest Patchawarra formations - 490 metres
? a gas saturated zone of over 1,300 metres
? gas discovery flowed 0.2MMscf/d (constrained) in Nappamerri Formation
? overpressured sands across the REM and Patachawarra Formations.
Icon Energy and Beach Energy (ASX:BPT) the Operator have agreed on the hydraulic stimulation program to be undertaken on Halifax 1.
A 15 stage stimulation of Halifax 1 across multiple zones will be guided by the ongoing stimulation results from the Moonta 1 and Streaky 1 wells in PEL 218 (Beach 100%).
The number of stimulations in Halifax 1 will be as follows:
? 1 stage in each of the Callamurra, Toolachee and Daralingie Formations
? 2 stages in the Roseneath Formation
? 2 stages in the Epsilon Formation
? 1 stage in the Murteree Formation, and
? 7 stages in the Patchawarra Formation
Halifax 1 will be stimulated with a pumping rate capacity of 80bbls of stimulation fluid per minute potentially increasing fracture complexity and gas flow rates.
Mr Ray James Managing Director Icon Energy said, “Halifax 1 is scheduled to be stimulated in mid-December and flow tested for several weeks to establish a stable flow rate”