Australia's Icon Energy at record low on rejection of tenement renewal

Icon Energy

10/11/2022 02:59

** Icon Energy's shares  ICN.AX  fall as much as 72.7% to
record low of A$0.03
    ** Petroleum explorer says applications to renew ATP 855, a
tenement in Cooper Basin in Queensland, not accepted on grounds
that tenement has expired  urn:newsml:reuters.com:*:nASX79jF2Z
    ** Says inability to renew tenement would result in carrying
value of ATP 855 reducing to nil
    ** Over 5 mln shares traded vs 30-day average of ~554,000
    ** ICN last down ~45%, taking YTD losses to ~54%
 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))