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 Energy Begins Coring Ops at Lydia Well

- Icon Energy Begins Coring Ops at Lydia Well

Tuesday, May 17, 2011
Icon Energy Ltd.

Icon has commenced coring operations on Lydia-11 at a depth of 696 meters.

Lydia-11 is one of four wells to be drilled in this current program.

Lydia-13 has now been confirmed as part of this program and an option has been exercised on the Atlas Drilling rig to complete the additional well.

The rig will return to core Lydia-12 following operations on Lydia-11.

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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."