Icon operates and holds a 57.5% interest in the well with further workover operations planned for the second half of the year.
In Australia, Enterprise Energy is raising new capital under a Prospectus in order to farmin to Icon's Nulla Nulla No.1 well in ATP 549P (West), near the South Australian border southwest of Lake Yamma Yamma.
The Nulla Nulla structure is a large feature with multiple reservoir objectives in the Jurassic, Triassic and Permian sections capable of holding an estimated 30 million barrels of oil.
Icon currently holds 66.67% of ATP 549P (West), which will reduce to 33.33% following the farmin deal, and will be free-carried through the drilling of the well.
The working interests after the farmin will be Icon Energy 33.33%, Great Artesian Oil 25% and Enterprise Energy 41.67%.