another update, page-2

RE: UPDATE ON ICON’S DRILLING PROGRAMME IN ATP 626P – SURAT BASIN
Stitch No. 1
Following a review of the well logs and after consultation with the geological team, a decision has been made to continue to drill Stitch No. 1. Below is the schematic cross section at Seismic Line M97-EB04 of the original drilling target. The earlier drilling report indicated a depth of 1,652 metres had been achieved. The target Precipice sandstone is absent at this level as expected from our schematic below.
Drilling is expected to recommence as soon as the full suite of logs has been completed. Based on the current interpretation of the seismic data, the earliest signs of the Precipice are not expected until we reach a depth of approximately 1,700 metres to 1,750 metres.
Icon Energy holds a 100% interest in ATP 626P. The wells are located mid way between the townships of Goondiwindi and Moonie, just off the Newell Highway.
Ray McNamara