Icon Energy Limited, an-Australia-based oil and gas exploration company, reported Monday 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 well in the Cooper-Eromanga Basin in Queensland, Australia to the Department for Natural Resources and Mines.

Redland-1, which reached a total depth of 12,480 feet (3,804 meters) Jan. 23, 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. Redland-1 is currently being cased pending subsequent hydraulic stimulation and flow testing as part of a multi-well stimulation campaign beginning in the third quarter of 2014.

Joint Venture Interests in ATP 855
Icon Energy Limited: 35.1 percent
Beach Energy Limited: 46.9 percent (Operator)
Chevron Australia Exploration 1 Pty Ltd: 18 percent