Gold Coast company Icon Energy no closer to moving ahead with Cooper Basin gas exploration plan

LISTED Gold Coast company Icon Energy are no closer to moving ahead with their western Queensland gas explorations that they were at the same time last year. Here’s why.

Icon Energy staff Mike Dodd and Rod Raynor Beach Executive Joint Venture operator in ATP 855 in the Cooper Basin near Innamincka township.

DEPRESSED oil prices have left listed Gold Coast company Icon Energy no closer to moving ahead with their western Queensland gas explorations that they were at the same time last year.

However, the Broadbeach Waters company’s quarterly balance sheet is looking healthier than it did this time last year, thanks to the $7.1 million sale of their office in March.

Mr Ray James, Icon Energy managing director at his Broadbeach office. Picture Mike Batterham

Icon’s exploration activities are in the Cooper Basin where it holds the ATP855 tenement.

The company said the tenement was “the primary focus at this time” and that a “significant” natural gas resource had been identified in the first stage of exploration.

In a statement to the ASX, the company said the resource presented potential investors the opportunity to get in at the exploratory stage.

The Icon Energy headquarters at Broadbeach Waters. Photo: Supplied

“It is the company’s opinion that the continuing strength in oil prices and demand for gas, both domestically and internationally, will support increased upstream investment in gas projects,” it said.

Gas prices are benchmarked to oil prices, which have improved in recent weeks, rising 8-9 per cent in the week to April 13 and a further two per cent the following week.

Icon is leasing its HQ building back for three years, with an option for a further three years.