Icon Energy: Modified Quarterly Activities/Annex 5B Cash Flow Report

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There is also a growing shortage of food grade carbon dioxide in Australia.

Icon’s goal is to be carbon neutral in all of our operations, including future production.

Discussions with potential investors are continuing. Icon has signed several confidentiality agreements to facilitate these discussions and will notify you as soon as a suitable partner is found. Timing is the issue and 2021 saw a slowdown in investment in the oil sector, but looks promising for 2022.

Operations during 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 kilometers west of Brisbane and 140 kilometers west of the regional town of Quilpie. The building consists of three separate blocks covering a total area of ​​1,230 square kilometers.

After further review of the seismic program conducted in the Icon building was unable to attract a new partner. This building expired in April 2021. Under the given circumstances, it was determined that it was appropriate not to renew the building, so it is in the process of being abandoned.

PEP 170 (PEP 172 AND 173 PENDING), GIPPSLAND BASIN, VICTORIA

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

As announced on December 1, 2021, Icon has decided not to incur significant expenditures for the approval of a works program based on conventional drilling and a total ban on fracking.

Icon is determined to drop PEP 170 and not pursue grants offered for PEP 172 and 173.

Icon is the operator of PEP 170 and has a 100% working interest in the building.

PRL 35, 37, 38, 41, 43, 44, 45, 48 and 49 South Australia

Icon holds 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 transaction took place during the last quarter and none has been proposed by the Joint Venture for the coming year.

Icon has a 33.3% interest in these retention areas and no immediate activity is anticipated.

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