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Icon in talks to develop coal bed assets

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May 9, 2008 - 10:51AM
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Junior explorer Icon Energy Ltd says the company is in discussions with a number of parties about the development of its coal bed methane assets in Queensland.

Icon said that it is "involved in negotiations with several parties in regard to the development of its coal bed methane assets in the Surat Basin", in response to a media article.

The company added that "none of the negotiations has yet reached an advanced stage".

Icon's flagship asset is a patch of ground in the Surat Basin where a preliminary estimate of the prospective reserves of marketable gas was estimated to be in the range of 0.9 to 1.25 trillion cubic feet (Tcf).

Managing director Raymond James said in the company's annual report that "this prospective reserve has a value at $3 per gigajoule of up to $3.75 billion US dollars (or $12.00 per share)".

Icon shares dipped half a cent to 17.5 cents by 1045 AEST.

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