10 Apr 2013investor presentation● Neutral
Conference presentation to the Australian Domestic Gas Outlook Conference, largely the same industry-outlook talk as the March Future Gas presentation. The visible text carries no new Icon results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2013listing compliance notice▼ Bad
Icon answers ASX's query on whether the Halifax-1 flow decline was price-sensitive information. It says it did not consider it material at the time, though hindsight might suggest otherwise, and the flow decline is still being investigated.
4 Apr 2013price query▼ BadMajor
Responding to an ASX share price query, Icon notes Beach reported lower Halifax-1 flow. Gas now flows unconstrained at 1.8 MMscfd after a March rain shut-in, not returning to its prior rate. The JV proposes six more ATP 855P wells by end-2014, subject to approval.
13 Mar 2013investor presentation● Neutral
Future Gas Conference presentation in Brisbane, mainly industry demand, gas price and regulation themes. The visible text has no new Icon results or figures.
7 Mar 2013investor presentation● Neutral
London conference presentation repeating the Chevron farm-in (US$349m, Icon keeps 40% of ATP 855P, US$18m put option over 4.9%), A$120m market cap and A$17.75m cash. Halifax-1 cited at the initial 2.23 MMscfd. No new information.
6 Mar 2013flow test result▲ GoodMajor
Halifax-1 now flows gas at 3.9 MMscfd, up from 2.23 MMscfd on 14 February, with a peak of 4.2 MMscfd in early March. The well is still flowing back stimulation fluid. A stronger result, though not yet a stabilised rate.
1 Mar 2013other● Neutral
S&P index notice listing Icon Energy as an addition to the All Ordinaries index effective after 15 March 2013. Index housekeeping; no company operational news.
28 Feb 2013investor presentation● Neutral
Investor presentation after the Chevron deal, citing a market cap of about A$120m, A$17.75m cash and Halifax-1 flowing 2.23 MMscfd initially. Largely repeats known facts and the Chevron terms.
28 Feb 2013flow test result▲ Good
Beach reports Halifax-1 (Icon 40%) flowing gas at a constrained 3.2 MMscfd through a 40/64 inch choke, up from 2.2 MMscfd two weeks earlier. Duplicates Icon's own release the same day.
28 Feb 2013flow test result▲ Good
Icon reports Halifax-1 flow rising to a constrained 3.2 MMscfd from 2.23 MMscfd on 14 February, with the well still clearing stimulation fluid. Stabilised rates are still awaited.
25 Feb 2013farm in farm out agreement▲ GoodMajor
Beach will farm out up to 60% of PEL 218 and ATP 855 to Chevron for up to US$349m over two stages. Icon, holding 40% of ATP 855, waived pre-emptive rights and gets a put option to sell 4.9% to Beach for US$18m by 30 June 2013.
25 Feb 2013farm in farm out completion▲ GoodMajor
Icon welcomes Chevron into ATP 855, keeping its 40%, and confirms Beach has completed its 2011 farm-in commitments by funding Halifax-1. It also holds the US$18m put option over 4.9%. A 2C resource is now targeted for later in 2013, and five more wells are planned.
20 Feb 2013half year report● Neutral
Half-year accounts to 31 December 2012. The text provided mostly recaps the $10m placement, $4.1m SPP, Shantou extension to June 2014 and Halifax-1 stimulation. No new operating news is visible in the excerpt.
14 Feb 2013flow test result▲ GoodMajor
Icon reports Halifax-1 flowing back gas at an initial constrained 2.23 MMscfd, with the rate expected to rise as fluid clears. This is the first gas flow after stimulation and supports the Cooper Basin play extending into Queensland.
14 Feb 2013flow test result▲ Good
Beach reports Halifax-1 (Icon 40%) flowing back gas at a constrained 2.2 MMscfd from 11 February, limited by surface equipment temperature. The choke is expected to open further. Same result Icon reported separately.
7 Feb 2013joint venture update● Neutral
Halifax-1 has been cleaned out and flowback is due to start in the coming days. It may take several weeks to reach stable gas rates, with figures still expected in the March quarter. No new results.
25 Jan 2013quarterly activities report● Neutral
December 2012 quarter report: cash $21.15m after the $10m placement and $4.1m SPP, 533.4m shares on issue. Halifax-1 stimulation began 22 December. The Surat AWT feasibility study is under review. Mostly repeats known events.
25 Jan 2013admin correction● Neutral
Icon corrects its 21 January presentation, which wrongly cited contingent resources for the Wombat, Gangell, Trifon and Seaspray fields in Victoria. Those fields are in an adjoining tenement and are not owned by Icon.
21 Jan 2013well test result▲ Good
Beach completed fracture stimulation over all 14 zones of Halifax-1, with sand placed in each. Flow testing was expected to start in late January 2013, with stabilised gas rates due later in the March quarter.
19 Dec 2012material agreement▲ GoodMajor
Icon and Shantou SinoEnergy extended the deadline for conditions in the March 2011 LNG sales agreement (40 Mt over 20 years) to 30 June 2014, including the 2 TCF 2P reserves certificate. Also confirms Halifax-1 stimulation starting 22 December 2012.
6 Dec 2012drilling scheduled▲ GoodMajor
Icon says Halifax-1 hydraulic stimulation starts mid-December 2012: 15 stages between 2,670m and 4,267m, with Queensland approvals in place. Flow testing follows, and a 2C resource booking is expected in Q1 2013 if successful. This firms up the earlier 'late November, subject to approval' timing.
5 Dec 2012joint venture update● Neutral
Beach's November drilling report, mostly on other assets. It says the stimulation equipment will move to Halifax-1 (Icon 40%) for a 15-stage stimulation during December, after Streaky-1. Consistent with Icon's timing; no new results.
5 Dec 2012capital raising announcement▲ GoodMajor
The share purchase plan drew applications for 18.6 million shares, raising $4.1m at $0.22, on top of the $10m placement. Shares on issue will be about 533.4 million after allotment on 7 December 2012.
What it means for a shareholder
18.6m new shares at about A$0.2204 to raise about A$4.1m. That's 3.8% dilution: every existing holder's slice gets 3.8% smaller. If you held A$1,000 of shares (4,537 at the issue price), your slice goes from 0.000967% to 0.00093% of the company. To keep it you'd need 180 more shares - about A$40 at the issue price.
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29 Nov 2012agm notice● Neutral
AGM results: all resolutions passed, the remuneration report with 76.15% in favour on a poll. The conditional spill resolution was lost, so the board is not put up for re-election. Directors Jih and Barry were elected.
29 Nov 2012investor presentation● Neutral
AGM address and presentation. The chairman calls Halifax-1 better than previous Cooper Basin unconventional wells and now puts stimulation in mid-December with flow testing in early 2013. He also describes the $10m placement as securing funding. Mostly repeats known facts.
20 Nov 2012capital raising announcement● Neutral
Appendix 3B and cleansing statement for the allotment of shares from the 13 November placement. Administrative paperwork; no new information beyond the earlier placement announcement.
16 Nov 2012capital raising announcement● Neutral
Icon despatched its Share Purchase Plan booklet, letting eligible shareholders buy up to $15,000 of shares at the $0.22 placement price. The offer closes 30 November 2012. Funds go to extra ATP 855P technical work and general purposes.
13 Nov 2012capital raising announcement● NeutralMajor
Icon raised $10.0m through a placement of about 45.5 million shares at $0.22, an 18.5% discount to the last close of $0.27. Proceeds fund Icon's share of Halifax-1 costs and a further ATP855P well. A share purchase plan at the same price follows.
What it means for a shareholder
45.5m new shares at A$0.220 to raise about A$10.0m. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.000969% to 0.000883% of the company. To keep it you'd need 441 more shares - about A$97 at the issue price.
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7 Nov 2012joint venture update● Neutral
Beach's October drilling report, mostly on other assets. For Halifax-1 (Icon 40%) it confirms 4,267m total depth and says stimulation will follow Moonta-1 and Streaky-1, subject to approvals. Nothing new on Halifax-1 results.
6 Nov 2012investor presentation● Neutral
Updated corporate presentation for 7 November 2012 with the same Halifax-1 story and Q1 2013 resource booking target. It cites market cap of about $127m and net cash of about $7.1m (gross cash $10.5m, debt $3.4m). Nothing new operationally.