Icon Says ATP 855 Holds 28 Tcf of Prospective Gas Resource

Beach Energy has informed ATP 855 JV partner Icon Energy that DeGolyer & MacNaughton's June 15 report shows a best estimate (P50) of 28Tcf of unconventional resources in ATP 855, Icon said in a statement.

As operator Beach Energy engaged DeGolyer & MacNaughton to provide a report on the ‘Unconventional Prospective Resources’ in ATP 855.

ATP 855 is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border. The Nappamerri Trough is a potential world class gas asset and the most advanced shale and basin centred gas province in Australia. ATP 855 JV comprises of Beach Energy, Icon Energy and Chevron Australia.

Icon Energy Managing Director Ray James said the independent report is a very encouraging outcome for the joint venture.

“To have a 28Tcf Recoverable Prospective Resource booking with Icon’s interest being 10Tcf is a significant step towards our primary objective of proving up 2Tcf of 2P reserves in ATP 855. This booking released today confirms the potential of the Nappamerri Trough shale and basin-centered gas province and as a joint venture partner we are working hard to 'crack the code' of this exciting resource play,” James said.

The JV has completed drilling Etty-1, which is the sixth and final well in the initial drilling program. This will be followed by a hydraulic stimulation and extended well testing program consisting of 4 wells; Geoffrey-1, Hervey-1, Redland-1 and Etty- 1. This program, which is expected to commence in the third quarter of calendar year 2014, will involve optimisation of the hydraulic stimulation which will focus on specific horizons in each well across the permit, subject to joint venture approval.