Icon Announces Quarterly Report for the Period Ended 30 September 2021

Source: www.gulfoilandgas.com 10/29/2021, Location: Not categorized

SUMMARY OF OPERATIONS
• Icon is reviewing its appraisal drilling program with a view to being fully zero carbon when production commences.
• Icon’s plans to achieve zero carbon are to use a cryogenic process to separate the CO2 and hydrogen while maintaining the high gas production pressures encountered in all wells drilled so far’.
• Once carbon dioxide is removed, the retained high pressures can be used to pump the carbon dioxide back into the ground. Carbon capture and storage (CCS) is being promoted by our Governments to avoid atmospheric pollution.
• The methane produced from the tenement is dry and very suitable as a feed stock to make hydrogen in the future. Several methods to produce hydrogen are being researched at present. Hydrogen from methane is attractive as it is one of the least expensive methods and has most of the infrastructure in place.
• Icon is progressing plans for seismic identification of fractured zones in ATP 855 associated with numerous faults, which could obviate the need for fracking. These fractured zones were tested in three wells viz Keppel, Halifax and Geoffrey.
• At the present time, Icon’s main focus is on reaching an agreement with a joint venturer in ATP 855. Two parties have signed non-disclosure agreements but names remain confidential.
• As Australia transitions to zero carbon by 2050, the market is changing for the conversion of methane to hydrogen gas for power generation and transportation fuels. Gas to hydrogen techniques are evolving at a rapid rate and once the most cost effective methods have been tested, hydrogen will rank alongside electric power as a popular choice of fuels, according to predictions by the Australian Energy Market Operator (AEMO).

ATP 855 COOPER BASIN, QUEENSLAND (PCAs 172-179)
ATP 855 is located in the Cooper-Eromanga Basin in Queensland, approximately 1,200 kilometres west of Brisbane, and covers an area of 1,679 square kilometres, (414,000 acres). The map below shows the Authority to Prospect (ATP 855) and its subdivision into eight Potential Commercial Areas (PCAs 172-179). These PCAs have been granted for a period of 15 years and are designed to enable time to raise funds to develop such a large and complex project through appraisal drilling and development of the gas resource. The DNRME recognizes the time frame required as large gas developments require a long time to come to fruition. The prices for oil and gas have varied over the financial year and at the time were not favourable for funding fossil fuels. The recent world-wide gas shortage has resulted in significant rises in world prices. Icon acknowledges that the sentiment is changing and hopes that current discussions with potential joint venturers will succeed soon.

The gas resource estimates within ATP 855, was determined by DeGolyer and MacNaughton, at 28.5 trillion cubic feet (TCF) of Gross Unconventional Prospective Raw Natural Gas Resources1 over all PCAs, and 1.57 TCF of 2C Contingent Gas Resources2 determined within defined areas surrounding the five wells tested. These resource estimates were evaluated in accordance with the Petroleum Resources Management System (March 2007).five wells tested. These resource estimates were evaluated in accordance with the Petroleum Resources Management System (March 2007).

The Department of Natural Resources Mines and Energy (DNRME) has granted Icon an extension of the current Later Work Program (LWP) in ATP 855 for two years until 29th October 2022. This extension was granted on the basis of COVID-19 delays as a Special Amendment of the Authority to Prospect (ATP) 855 under section 107A of the Petroleum and Gas (Production and Safety) Act 2004 (P&G Act). The remaining work under the current LWP includes a suite of G&G studies and 300 km2 of new 3D seismic acquisition.

Icon successfully plugged Halifax No.1 over the deep gas zones, leaving the shallow gas zones for future testing. Redland No.1 was completely abandoned.

Following further research into our future program, a lot of effort has gone into carbon capture and storage (CCS) and production of hydrogen. Therefore, the remaining wells remain suspended and available for future use in a new Carbon Capture and Storage (CCS) program, with the aim of becoming a Zero Carbon operating company.

Negotiations with potential join venture parties are still being frustrated by the inability for foreign parties to send technical representatives to Australia visit our office and to inspect ATP 855.

Icon is the Operator of ATP 855 and currently has a 100% working interest in the tenement.

ATP 594 COOPER-EROMANGA BASIN, QUEENSLAND
ATP 594 is located in western Queensland approximately 1,000 kilometres west of Brisbane and 140 kilometres west of the regional town of Quilpie. The tenement consists of three separate blocks covering a total area of 1,230 square kilometres.

After further review of the seismic program conducted in the tenement Icon has not been able to attract a new partner. This tenement expired in April 2021. In the given circumstances it was determined that it was appropriate not to renew the tenement, hence it is in the process of being relinquished.

PEP 170 (PEP 172 AND 173 PENDING), GIPPSLAND BASIN, VICTORIA
PEP 170 (granted), and PEP 172 and 173 (grants pending), remained subject to a moratorium on onshore exploration until 30 June 2021 and a permanent ban on unconventional drilling activity.

Icon has not advanced activity in this tenement while the new regulations are being finalized and Ministerial approval given before any final decision can be made. Meanwhile, Icon has continued to keep the tenement in good standing by paying all necessary statutory fees.

Icon is the Operator of PEP 170 and has a 100% working interest in the tenement.

PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 South Australia
Icon has a 33.33% interest in the post-Permian section of the remaining PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 in South Australia, which cover a total area of 857 square kilometres. No operations have been proposed by the Joint Venture for next coming year.

Icon holds a 33.3% interest in these retention areas and no immediate activity is planned.


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