Icon Energy secures licences over ATP 855 tenement in Australia

Icon Energy has secured 15-year licences over the ATP 855 tenement based in the Nappamerri Trough, Cooper Basin from Australia’s Department of Natural Resources and Mines (DNRM).

The PCA 172 to PCA 179 licences are in connection with potential commercial areas (PCAs) over ATP 855, where the company discovered a permit-wide gas resource.

The development is expected to provide the company with an opportunity to retain an interest in the discovery and to develop it.

Icon Energy managing director Ray James said: “Having discovered a significant gas resource following the drilling, completion and testing of six wells, it was very important that Icon secured the tenement for 15 years via the PCA process.”

As of now, the gas resource within ATP 855 is 28.5 (P50) trillion cubic feet (Tcf) of unconventional prospective raw natural gas over the whole permit.

Around 1.57Tcf of 2C contingent resource was determined to be found in the block within defined areas surrounding the five wells previously tested.

Prior to the commencement of Stage 2 appraisal drilling, the company is planning to undertake a series of technical studies and new seismic data acquisition.

In March this year, Icon acquired 100% interest in ATP 855 following the exit of Beach Energy.

The second stage of the exploration programme is aimed at addressing technical questions and ascertaining the commercial potential of the gas resource.