ICN 5.26% 2.0¢ icon energy limited

re: oil in bayou? But what will happent to the price if there is...

  1. M1
    493 Posts.
    re: oil in bayou? But what will happent to the price if there is oil?

    "The well is targeting several sand reservoirs in the Frio Group where sand development is expected. The reservoirs are identified with proven undeveloped reserves (PUD Reserves) within the Bayou Choctaw oilfield. These targeted reserves of oil have been interpreted from the reprocessed seismic 3-D data. Using new sophisticated processing techniques developed in the past five years, the target imaging has yielded a much clearer picture of the subsurface and given a better understanding of the undeveloped oil targets. Numerous additional drilling targets surround this first location."

    "On 1st June 2004 we signed a Purchase and Sale Agreement with CLK of the United States wherein CLK committed to spend $A11.0 million in work in Bayou Choctaw to earn a 67% interest in the production leases. There is considerable upside potential above and beyond the proven reserves of oil and gas, which are being developed. As this new potential is realized then value will be added from the cash flow."


    "The last major production development in the Bayou Choctaw Field was in the 1950s. The advent of ‘high tech’ 3-dimensional (3D) seismic in the early 1990s and the rise in the oil prices to current levels have made the Bayou Choctaw Field a new and valuable asset."

    June 2004...
    "Deeper new wells to intersect the proven oil and gas reserves will not commence before the 3D seismic data has been reprocessed and this has already commenced. CLK is committed by contract to drill the first deep well before the end of the year but Mr. Rick Gardener, CEO of CLK, has expressed the desire to drill this well as soon as the seismic data reprocessing and review has been completed.

    CLK has operated for over 25 years in the Gulf Coast of the USA and is headquartered in New Orleans Louisiana. CLK's success rate exceeds 50% and the group has been directly involved in the discovery of over 4 trillion cubic feet of gas.

    Icon, through its financial consultants, identified and introduced CLK to the transaction in January 2004 and the work involved in the due diligence required by CLK has been exhaustive and thorough. The contribution made to the project under this due diligence review has considerably upgraded the prospects for success at Bayou Choctaw."

    And let's not forget that directors have been buying in ICN and HZN.

    Drilling is well under way 10 days into 20 day drilling program and announcement re; progress is expected Monday/Tuesday.

    Cheers, Pol

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Mkt cap ! $13.15M
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2.0¢ 2.3¢ 2.0¢ $43.72K 2.151M

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