The well, Morley Cypress B-1, has been off-line and the work-over operation will allow the well to be returned to production at approximately 20 BOPD.
This production will assist in the maintenance of the "Held By Production" (HBP) status of the Victory Financial Lease in the Bayou Choctaw Oilfield.
Gas is also produced from the well at the rate of approximately 200,000 cubic feet per day and is used to run the production facilities in the field.
Icon expects to announce additional drilling operations in the Bayou Choctaw Field in April 2004, subject to the finalisation of negotiations with a farmin partner.
The decision to move to the US was almost made for the company when it was unable to raise new capital to support an intensive Australian CBM appraisal and development program.
Icon Oil US LLC (a wholly owned subsidiary of Icon Energy Limited) is the operator and holds a 57.5% interest in the Victory Financial Lease.
