Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Icon Energy raises A$10M for Cooper Basin unconventional oil and gas hunt  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 14/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - ProactiveInvestors - Australia)Icon Energy (ASX: ICN) has completed a A10 million capital raising to fund its Cooper Basin unconventional oil and gas exploration drilling program.

The funds were raised through a placement of 45.5 million new shares priced at A0.22 each to institutional, sophisticated and professional investors.

Proceeds will be used for Icon's share of costs for drilling and fracture stimulation of Halifax-1 (1.8 million) as well as a further well in ATP 855P, Queensland, that will also be fracced (8.2 million).

This represents a 18.5% discount to the last closing price of Icon shares on 9 November prior to entering the trading halt.

Halifax-1 has encountered gas saturation throughout the entire Permian zone, which covers more than 1.3 kilometres and encompasses the shallowest Toolachee Formation right down to the Patchawarra Formation.

The well has also intersected the thickest Roseneath Shale, Epsilon Formation and Murteree Shale (REM) section, at about 460 metres, of any other Nappamerri Trough wells drilled to date. The Patchawarra Formation is greater than 490 metres thick here.

In addition to the primary Permian targets in the well, earlier drill stem testing of a conventional gas bearing sand in the Triassic interval, immediately above the Toolachee Formation, had flowed gas at a rate of about 200,000 cubic feet per day.

The joint venture, led by Cooper Basin oil and gas producer Beach Energy (ASX: BPT), expects to carry out hydraulic stimulation of Halifax-1 in late November 2012 after which it will be placed on an extended flow test of several weeks.

Data from the test and core analysis will allow a resource estimate to be made in the first quarter of 2013.

Icon is also planning to carry out a share purchase plan that offers shareholders up to A15,000 in new shares at the same price as the placement.

While a cap for the SPP will be determined by Icon's board, proceeds will be used for additional technical work at ATP 855P and for general corporate purposes.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help