Icon Energy Limited (Icon), an oil and gas exploration firm, disclosed Friday that the Redland-1 well in ATP 855 in the Cooper-Eromanga Basin in Queensland, Australia reached total depth of 2,363 miles (3,804 meters) in the Daralingie Formation Jan. 23.

Redland-1, a vertical exploration well located 13.67 miles (22 kilometers) northwest of Geoffrey-1, was drilled to evaluate the shale and basin-centred gas play in the Toolachee and Daralingie Formation intervals in the north of the permit within the Queensland portion of the Nappamerri Trough.

The Toolachee and Daralingie Formations penetrated in Redland-1 exhibit significant gas shows and confirm the continuation of the basin-centred gas play in the Nappamerri Trough in Queensland. The well will be cased and suspended pending subsequent hydraulic stimulation and flow testing as part of a multi-well stimulation campaign beginning in the third quarter of 2014.

The sixth well in the ATP 855 drilling program will be Etty-1, which is located approximately miles 5.59 miles (9 kilometers) to the east of Halifax-1. The well, which is planned to be drilled to a total depth of 12,467 feet (3,800 meters), will be spudded over the next two weeks and will specifically target the Permian Toolachee, Daralingie, Roseneath, Epsilon, Murteree and Patchawarra Formation intervals within the Queensland portion of the Nappamerri Trough.

The work program through 2014 will include hydraulic stimulation and extended well testing commencing in the third quarter of 2014. This will involve optimization of the hydraulic stimulation program which will focus on specific horizons in each well across the permit.

All wells drilled within ATP 855 to date, Halifax-1, Hervey-1, Keppel-1, Geoffrey-1 and Redland-1 have confirmed the continuation of a basin-centred gas play in the Nappamerri Trough in Queensland. Notices of Petroleum Discovery have already been lodged with the Department of Natural Resources and Mines (DNRM) for Halifax-1 and Keppel-1.

Icon believes that the Nappamerri Trough has the potential to be a world class shale and basin-centred gas province.