Icon Energy Limited advises that, in accordance with section 544 of the Petroleum and Gas (Production and Safety) Act 2004, the Operator of ATP 855, Beach Energy Limited, has, on behalf of the Joint Venture, submitted a notice of a petroleum discovery at Redland-1 to the Department for Natural Resources and Mines.

Redland-1, which reached a total depth of 3,804 metres on 23 January 2014, exhibited significant gas shows during drilling. An interpretation of the wireline log data indicates the target interval to be gas saturated, which is supported by mud gas readings of up to 800 units.

Tags: Icon Energy