Icon Energy Raises Funds for Cooper Basin Shale Program

Icon Energy Limited has raised A$18.8 million through placement of shares to HK Prosperous Technology Limited, Hong Kong, to fund its Cooper Basin shale gas exploration and development program.

According to the company, the program will include contribution to the exploration program in ATP 855 (drilling and fracture stimulation, flow testing); and other exploration and joint venture opportunities.

Icon’s Managing Director, Raymond James said that with a cash balance of $41.7 million, Icon Energy is fully funded through the current exploration program in ATP 855 and is strongly positioned to continue into the 2014-2015 financial years and at this stage beyond that date.

“We are delighted by the support we are receiving from HK Prosperous Technology and our other shareholders in China and Australia. This support is a clear demonstration that our strategy to explore for natural shale gas in the Cooper Basin is a strategy that is attracting a long term investment perspective and we are very excited by the future prospects in ATP 855,” he said.

ATP 855 is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border. PEL218 lies adjacent to ATP 855 on the western side of the border and both permits share part of the Nappamerri Trough. 

The Nappamerri Trough is a potential world class gas asset and the most advanced shale and basin centred gas province in Australia, the company says.

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