Icon Energy signs HoA to acquire S. Sumatra block

Australian firm Icon energy said on Tuesday it had signed HoA to acquire up to 75 percent working interest in a PSC area in South Sumatra with an Indonesian company.

The company did not disclose the name of the PSC, but saying acquisition would cost the company between US$4-6 million.

According to Icon, the area has 16 exploration leads, two of which have been drilled as discovery wells. ?Drilling targets are generally of the order of 20-30 million barrels and reserves of up to200-300 million barrels of recoverable oil are estimated,? it said.(alex)