Frack it, we’ll keep those sites

AN exploration site in the hand could well be worth several in the bush for an embattled Gold Coast energy company.

Despite having posted a $4.037 million loss for the past financial year, which brought its accumulated losses to $58.9 million, Icon Energy has elected to continue to pay for permits for three tenements in Victoria despite the State Government having banned the company’s preferred fracking method to extract gas.

In its annual report, released to the Australian Stock Exchange yesterday, the miner said that the sites would cost about $19,000 a year to maintain until the moratorium expires on June 30, 2020.

“We considered that Icon will be well placed to recommence operations in onshore Gippsland when drilling can be performed,” the report said.

“All field operations currently are on a care and maintenance basis only, until new funding can be obtained to commence Stage-2 operations in ATP 855 and drilling in the ATO 594 tenement.”

The company’s 2017/2018 loss came despite the sale of its Broadbeach HQ, which injected $7.8 million into Icon’s coffers. The report left the market unfazed, with Icon’s shares sitting at 1.9c.