Icon rejuvenates US and Australian operations

Icon Energy has a new spring in its step after a work-over operation on the Morley Cypress B-1 well in the Bayou Choctaw Field in Louisiana USA, increased production to 25/30 barrels of oil per day, almost double its previous daily rate.

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%.