- Icon Energy (ICN) has commenced its rehabilitation and testing program at ATP 855 in the Cooper Basin on the Queensland and South Australia border
- Included in the program is the testing of gas discovery Halifax No.1
- The rehabilitation program is essential to continue with the next exploration stage
- Operations are expected to take up to 35 days, however, this will depend on the weather and operational constraints
- On the market today, Icon is up 20 per cent and trading at 1.8 cents per share
Icon Energy (ICN) shares are on the rise this morning after commencing its rehabilitation and testing program at ATP 855 in the Cooper Basin.
This rehabilitation program is essential to continue with the next exploration stage.
Included in the program is the testing of gas discovery Halifax No.1. Icon will update the market on Halifax when the test results are known.
“The test of the gas flow from Halifax will add a new gas provenance in the Cooper Basin, if it proves to be commercial,” the company explained.
“This outcome is important to Icon’s first test in this area from a conventional gas reservoir, which is normally pressured, with high methane gas content of approximately 97 per cent based on previous gas composition analyses,” it added.
The company says the delayed start time was due to COVID-19 interruptions to supply and certification of equipment manufactured in the U.S.
Operations are expected to take up to 35 days, however, this will depend on the weather and operational constraints.
ATP 855 is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border.
On the market today, Icon is up 20 per cent and trading at 1.8 cents per share at 11:09 am AEDT.