ecfaa132-5f8e-4801-9522-35ab3323dbde.pdf QUARTERLY REPORT Period Ending 31 December 2015 Icon Energy Limited

ABN 61 058 454 569

HIGHLIGHTS

Period ending 31 December 2015



Operations


  • Icon Energy is completing preparations for the ATP 594 3D Seismic Survey. The 3D Seismic Survey, focuses on the northerly section of the tenement and is proposed to commence in Q2 2016.


  • The Company is awaiting the completion of the Queensland Government Tender for new areas before finalising Icon Energy's 2016 Exploration Program in the Cooper Basin.


  • The ATP 855 Joint Venture is currently reviewing the results of the Stage 1 program in order to prepare for the next phase of activity in the permit. This next phase of activity will be designed to further define the resource potential.


    Corporate


  • At the end of 2015, the total number of shares purchased under the Company's Buy-back reached 16,393,022 for a total cost of $977,900. These shares have been cancelled as per the ASX listing rules.


    Financial Position at the end of June 2015 Quarter

  • As at 31 December 2015 Icon Energy had a cash balance of $18.68 million.


  • As at 31 December 2015 Icon Energy had 602,324,481 ordinary shares on issue and 6,250 shareholders.


OPERATIONS


Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 594


ATP 594 is well positioned on the eastern flank of the Cooper Basin and is currently in Year 1 of the first 4 year period following its renewal in April 2015. ATP 594 is considered to be prospective for hydrocarbons following a recent technical evaluation by Energeo consultants. However, the permit is underexplored with limited seismic data and only three exploration wells.


The technical evaluation has helped to focus future exploration activity, beginning with 3D seismic acquisition. Preparations continue towards acquiring a 3D seismic survey in the permit to enable accurate structural definition of the sub-surface.


Landholder Conduct and Compensation Agreements are currently being finalised through the Landholders' legal representatives, in preparation for access to the land to carry out field operations. An expected start date for the 3D Seismic Survey is now likely to be in Q2 2016 subject to availability of a seismic crew.


Icon is the Operator of ATP 594 and has a 100% working interest in the tenement and is seeking a joint venture partner.


Map showing the location of ATP 594 and adjacent oil and gas fields.


Queensland - Petroleum Exploration - Cooper-Eromanga Basin ATP 855


The Joint Venture is conducting a minimum maintenance program in ATP 855 in 2016 and will prepare a work program for the next phase of activity.


The Stage 1 program in ATP 855 achieved all exploration and technical objectives that were set by the Joint Venture partners. This included flowing natural gas from five wells, achieving the highest flow rate of 4.5 MMscf/d from a shale gas well (Halifax-1) in the Cooper Basin, having six Petroleum Discoveries in ATP 855 and identifying a significant natural gas resource within the Permian Formations of the Nappamerri Trough.


The Joint Venture is currently reviewing the results of the Stage 1 program in order to prepare for the next phase of activity in the permit. This next phase of activity, which has yet to be agreed by the Joint Venture, will be designed to further define the resource potential and ultimately progress the project towards commerciality.


Icon has a 35.1% interest in ATP 855.



Map showing the location and discovery wells in ATP 855.

Icon Energy Limited issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 22:57:38 UTC

Original Document: http://www.iconenergy.com/IRM/PDF/1937/QuarterlyActivitiesReports