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1 February 2022
Company Announcements Office
Australian Securities Exchange Limited
20 Bridge Street
Sydney NSW 2000
Re: Amended Quarterly Activities/Appendix 5B Cash Flow Report
Icon Energy Limited (ASX: ICN) (Company) provides an amended Quarterly Activities/Appendix 5B Cash Flow Report to the version lodged on 31 January 2022.
This amendment adds an extra paragraph to the Quarterly Activities Report titled "Payments to related parties of the entity and their associates" pursuant to Listing Rule
5.4.5 and corrects an error in the Item 6.1 of the Appendix 5B. Yours Faithfully
Natalia Fraser
CFO / Company Secretary
Icon Energy Limited
ABN 61 058 454 569
P 0407 200 200
PO Box 513
Varsity Lakes
QLD 4227
Australia
contact@iconenergy.com
www.iconenergy.com
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AMENDED QUARTERLY REPORT
For the period ended 31ST December 2021
SUBSEQUENT EVENTS
On 10 January 2022, Icon released the result of a Rights Issue of shares. The Rights Issue was on the basis of one new share for every two shares held on the closing date priced at 1.0 cent per share. We are pleased that the issue raised a total of $971,503.02 which was within our expectations. The additional capital will be used for exploration and general working purposes.
The Rights Issue also included a bonus option for every share taken up at 5 cents per share expiring on 12th September 2022. These options have been listed for quotation on the ASX under the code (ASX:ICNO)
Payments to related parties of the entity and their associates:
Amounts paid to related parties of the entity and their associates during the quarter were $71,149.23 (disclosed in item 6.1 of Appendix 5B). These amounts relate to normal Directors fees and superannuation.
In addition, an amount of $14,310 (ex GST) was paid to CKB Associates Lawyers, a firm which the Chairman has a controlling interest, in relation to preparation of the capital raising documentation.
ICON'S FUTURE PLANS FOR ATP 855
This is a progress report on Icon's activities seeking a joint venture partner to invest in ATP 855 by way of a farmin program. Over the past year it has been very difficult to negotiate with potential investors because of:-
- An unfavourable investment climate for oil and gas operations in Australia.
- Inability to conduct face to face meetings and inspections due to lockouts and travelling restrictions.
- Attempts to phase out hydrocarbons in favour of renewable energy options. (See graph below from Australian Gov Sept 2021). We have a long way to go.
Despite these headwinds, discussions with potential investors are continuing. Hydrocarbons are indispensable in our lives now and in the future. Oil and gas products are used in the manufacture of medicines, plastics, foods, lubricants and numerous other petrochemical products. Current sources are finite and should be preserved and not used as a fuel for heating and transport. In ATP 855, Icon has focused on gas production and identified several eastern states markets where ATP 855 gas, once on production, could be sold.
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There is also a growing shortage of food grade carbon dioxide in Australia.
It is Icon's aim to be carbon neutral in all our operations including future production.
Discussions with potential investors are continuing. Icon has signed several confidentiality agreements to facilitate these discussions and will report when suitable partner is found. Timing is the issue and 2021 has seen a slow down in investment in the petroleum sector but is showing promise for 2022.
Operations over the last quarter were on a care and maintenance basis.
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.
As announced on 1st December 2021, Icon determined not to incur any significant expenditure pursuing approval of a work program based on conventional drilling and a total ban on fraccing.
Icon determined to surrender PEP 170 and not pursue the grants offered for PEP 172 and 173.
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 took place in the last quarter, and none have been proposed by the Joint Venture for the coming year.
Icon holds a 33.3% interest in these retention areas and no immediate activity is planned.
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ICON ENERGY TENEMENTS
Tenement | Area | Interest | Operator | Hydrocarbon | |||
ATP 594* | 1,230 km2 | 100% | Icon Energy | Oil | |||
Gas | |||||||
Cooper - Eromanga Basin, Nappamerri Trough | |||||||
ATP 855 | 1,679 km2 | 100% | Icon Energy | Shale Gas, | |||
Basin Centred Gas | |||||||
PRLs -35, 37, | 857 km2 | 33.33% | Beach Energy | Oil | |||
38, 41, 43, 44, | |||||||
45, 48, 49** | |||||||
Gippsland Basin | |||||||
PEP 170*** | 804 km2 | 100% | Icon Energy | Oil | |||
Gas | |||||||
PEP 172**** | 1,312 km2 | 100% | Icon Energy | Gas | |||
PEP 173**** | 1,220 km2 | 100% | Icon Energy | Gas | |||
*ATP 594 expired on 16 April 2021 and is in the process of | ***Permit will be relinquished |
being relinquished | **** Permit Grant not to be pursued |
**Formerly PEL 218 (Post Permian Section) |
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ATP 855
ATP 855 is located in the Cooper Basin, southwestern Queensland, onshore Australia and is composed of eight Prospective Commercial Areas (PCAs) covering a surface area of 1,679 km2. It is a unique investment opportunity containing a world class undeveloped gas resource with ready access to the Australian domestic gas market and the potential to supply gas to LNG exporters at attractive prices plus provide large gas volumes to underpin future Hydrogen production.
To date the exploration program in ATP 855 has been designed to prove the play concepts and demonstrate the extent of the gross gas resource
within the permit. This stage has now been successfully completed with future appraisal and development activities focussed on delineation of the high rate productive zones and commercialisation of the resource.
Based on independent reports the tenement has a Recoverable Prospective Gas Resource in excess of 28 Trillion Cubic feet (TCF) in the Permian section of the Nappamerri Trough. Since 1970 the Cooper Basin has produced over 5.6 TCF and is still producing over 68 BCF of sales gas per year. ATP 855 has ready access to market with two pipelines traversing the tenement and additional third party gas processing infrastructure adjacent to it.
It has long been recognised that the greatest productivity in the Cooper Basin
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Icon Energy Limited published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 04:51:01 UTC.