Icon Energy Raises Funds for Copper Basin Unconventional Program

Icon Energy Limited has raised $10.0 million for its Cooper Basin unconventional oil and gas exploration and development program. The company intends to use the funds for Halifax-1 well drilling and fracture stimulation exercise and also for exploration and fracture stimulation at ATP855P. 

Multi-stage hydraulic stimulation of Halifax-1 is planned to take place fourth quarter of 2012, with an extended flow test for a period of several weeks to follow. Significant 2C Contingent Resource booking from Halifax-1 expected to be available in the first quarter of 2013.

The company seeks to monetise early production via existing facilities and gas pipeline which is approximately 2km from Halifax-1.