Nulla Nulla-1 will test the hydrocarbon potential of the Jurassic and Permian sedimentary sections and is expected to be drilled about July 2004, as soon as a drilling rig can be contracted.

The Nulla Nulla structure is a large anticlinal feature capable of holding 30 million barrels of oil, with nearby wells all intersecting hydrocarbons, including Katta-1 drilled by Icon in the north of the permit in 1997, where strong oil and gas shows were encountered.

Under the terms of the agreement Icon will be carried for its share of the drilling costs and completion of the well for production, including testing. Icon's interest in the permit will reduce from 66.66% to 33.33% at the completion of the farmin program with Enterprise to operate the well.

Nulla Nulla-1 will also be the first test in which Icon has participated since 1998 in the Cooper Eromanga Basin.

After completion of the farmin program the interests in ATP 549P (West) will be Icon Energy 33.33%, Great Artesian Oil and Gas 25% and Enterprise Energy 41.67%.