The consortium, which includes Icon Energy, Rawson Resources NL, Eagle Bay Resources and Rough Range Oil said the new permits are on trend with the Stag Oilfield and is estimated to have recoverable reserves in excess of 50 million barrels. The consortium added the reserves are at relatively shallow depth of less than 1000m and oil migration has occurred from the basin into the sediments on the Enderby Shelf.
For Icon Energy, though is the first time the company has ventured into the NWS, it is line with the company new aims of seeking oil prospects in preference to gas prospects in Australia.