Beach, Icon Enter Farmin Agreement for ATP 855P

- Beach, Icon Enter Farmin Agreement for ATP 855P

Friday, July 15, 2011
Beach Energy Ltd.

Beach and Icon have resolved their dispute in relation to the prospective ATP 855P tenement, and have agreed to work together under a Farmin Agreement executed today.

Under the terms of their agreement:

• The Federal Court proceedings will be discontinued;
• Icon has now transferred a 40% interest in ATP 855P to Beach (subject to Ministerial approval);
• Beach will drill a horizontal pilot unconventional well into one of the strata comprising the Roseneath, Epsilon & Murteree sequence, then case and suspend the well, suitable for fracture stimulation, which is expected to occur within 30 days of rig release from the well;
• Beach will fund Icon's share of the farmin operations at an estimated cost of $16 million (gross), with the exception of a $1.75 million contribution to be made by Icon;
• the cost of fracture stimulation, completing and flow testing the well will be paid by the Joint Venture parties in proportion to their Participating lnterest shares;
• Beach will be recommended by Icon to be the operator of the ATP 855 permit;
• Icon will be recommended by Beach to undertake the management of coal seam gas operations in both ATP 855P and PEL 218 Post Permian Joint Ventures; and
• Beach will effect the assignment of Icon's Phase 2 Post Permian PEL 218 interest upon Ministerial consent to the transfer of a 40% interest to Beach in ATP 855P, giving Icon a 33.333% interest in the PEL 218 Post Permian Joint Venture.

The interests of the parties in ATP 855P following this agreement are:

• Beach Energy Limited (40%)
• Icon Energy Limited (40%)
• Deka Resources Pty Ltd (10%)
• Well Traced Pty Ltd (10%)

Both Beach and Icon are pleased with this agreement, and look forward to working closely together with each other and the other ATP 855P participants to develop the exciting prospects offered in the emerging shale gas play in the Nappamerri Trough in southwest Queensland.

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Icon to Abandon Lydia Well

- Icon to Abandon Lydia Well

Tuesday, June 21, 2011
Icon Energy Ltd.

Icon announced that the current drilling operations in the ATP626P Lydia Block have come to a conclusion with the joint venture making a decision to plug and abandon the Lydia-13 well.

The decision to plug and abandon the well was made following an assessment that the coal permeability was insufficient to warrant economic gas production from the well.

The well was drilled to a total depth of 825 meters, and was cored and tested.

Lydia-13 was the last well in the four well drilling program in ATP626P for the current budget year ending June 30, 2011. Subject to board and joint venture partner approval, a following drilling program is expected to commence in the new budget year beginning July 1, 2011. This program would be located in the most promising areas found so far and not necessarily restricted to the farmin area.

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Icon to Perform Drill Stem Tests at Lydia Well

- Icon to Perform Drill Stem Tests at Lydia Well

Tuesday, June 14, 2011
Icon Energy Ltd.

Icon is currently coring Lydia-13 at a depth of 759 meters.

The Company expects that coring will be completed within the next day, following which wire line logging and drill stem tests will be carried out.

Lydia-13 is the last well in the four well drilling program in ATP626P for the current budget year ending June 30, 2011. Subject to board and joint venture partner approval, a following drilling program is expected to commence in the new budget year beginning July 1, 2011. This program would be located in the most promising areas found so far and not necessarily restricted to the farm-in area.

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Icon Drills Ahead at Lydia Well

- Icon Drills Ahead at Lydia Well

Tuesday, June 07, 2011
Icon Energy Ltd.

Icon announced that Lydia-12 has been drilled to a depth of 900 meters. Using a 1.8 gm/cc density cutoff a cumulative total of 8.9 meters of coal was penetrated in the well. Three drill stem tests were run to evaluate coal flow potential. All intervals indicated low permeabilities.

The Atlas Drilling Rig #2 has now moved 11 kilometers south east to the Lydia-13 location, which was spudded at 11:00am on Monday, June 6.

Lydia-13 is the last well in the four well drilling program in ATP626P designed to establish sweet spots for gas content, coal thickness and permeability.

The joint venture determined to not proceed with Lydia-12, which has now been plugged and abandoned.

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Icon Resumes Drilling at Lydia Well

- Icon Resumes Drilling at Lydia Well

Tuesday, May 31, 2011
Icon Energy Ltd.

Icon announced that Atlas Drilling Rig #2 returned to the Lydia-12 well on March 25. Lydia-12 had been suspended awaiting the arrival of specialized equipment from Perth.

On May 30, operations to recover the stuck drilling assembly were successful.

Drilling recommenced on May 31.

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ICON to Offer New Services

- ICON to Offer New Services

Friday, May 27, 2011
Icon Energy Ltd.

A new provider of thru-tubing milling and fishing services – ICON Oilfield Services – has been established in response to the oil and gas industry's need for oilfield service companies that adhere to a high standard of quality, professionalism and reliability. The Company is headquartered in Dallas and is currently establishing an office in San Antonio, Texas in order to service the Eagle Ford Shale play. Other district offices will open throughout the year to support domestic drilling locations across the United States.

"We are excited to launch ICON Oilfield Services and introduce a higher standard of product and service to domestic oil and gas companies – The ICON Standard," said Jim Kerr, President of ICON. "We're committed to providing the client with highly-trained employees, advanced design equipment, and local state-of-the-art repair facilities."

ICON specializes in removing composite and cast-iron frac plugs after isolated zones have been fracture stimulated. The Company's industry-leading downhole motors and mills will then remove each zone's frac plug to bring a well online and maximize its production rate. ICON also provides other thru-tubing and fishing services.

"Advances in horizontal drilling and hydraulic fracturing have led to a dramatic growth in unconventional resource plays. E&P companies are drilling longer laterals and increasing the number of frac stages to enhance their well's production," said Kerr. "This evolution has led to a burgeoning demand for thru-tubing, milling, and fishing services. ICON will fulfill this demand by providing reliable, high-quality equipment and exceptional service by experienced field supervisors."

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Icon Begins Drilling at Lydia Well

Icon Begins Drilling at Lydia Well

Monday, April 18, 2011
Icon Energy Ltd.

Icon commenced drilling the Lydia-10 coal seam gas well at 4:30am on Sunday, April 17, 2011 in the ATP626P Lydia Block (Permit), in which Stanwell Corporation (Stanwell) has farmed into.

Lydia-10 is being drilled using the Atlas Drilling Rig #2.

The Well forms part of Stanwell's investment (through Goondi Energy Pty Ltd) in ATP626P, located in the Surat Basin, to earn a 50% interest in the four graticular blocks which make up what is known as the Lydia Block.

As at 11:00am (AEST) on Monday, April 18, 2011, the Well had set and cemented with 9⁵/₈" casing at a depth of 105.75m. It is expected that the Well will be drilling ahead by approximately 2:00pm Monday, April 18, 2011). The Well is targeting the Walloon Coal Measures with the well programmed to reach a target depth of 920m.

Icon Energy Managing Director Ray James said that, "Following the drilling of Lydia-10 the Rig will move 5.4 kilometres north north-east in the Permit to drill the Lydia-11 well and then 3.2 kilometers north north-west to drill Lydia-12."