31 May 2011investor presentation● Neutral
Presentation at the CSG 2011 conference restates the LNG deal, ATP 626P (3 wells drilled in 2011, GIIP 6,115 PJ), the shale gas plans for ATP 855P and a market cap of $80-100m. It repeats known facts.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 May 2011drilling result▼ Bad
Lydia-11 reached 915m with 12m of coal; the deeper Taroom coals showed about 10 millidarcies permeability, needing stimulation. The joint venture plugged and abandoned it. Second poor result from the programme.
17 May 2011drilling progress report● Neutral
Coring began on Lydia-11 at 696m. Lydia-13 is confirmed as a fourth well in the programme, with the Atlas rig option exercised. The rig will return to Lydia-12 afterwards.
10 May 2011drilling progress report▼ Bad
Lydia-12 was spudded on 2 May and drilled to 651m before stuck pipe suspended operations while equipment comes from Perth. The rig moved to Lydia-11 and will return to Lydia-12 afterwards.
3 May 2011drilling result▼ Bad
Lydia-10 was plugged and abandoned on 2 May 2011. Poor core recovery prevented gas content analysis, and drill stem tests showed lower-permeability coals. A disappointing first well of the Stanwell Stage 2 programme.
18 Apr 2011drilling spud● Neutral
Lydia-10 was spudded on 17 April 2011 in ATP 626P, targeting the Walloon Coal Measures to 920m. Casing is set at 105.75m. First of three planned wells in Stanwell's Stage 2 programme.
12 Apr 2011drilling scheduled▲ Good
Icon will mobilise Atlas Rig #2 on 14 April 2011 to drill three exploration wells (Lydia 10, 11, 12) in ATP 626P, part of Stanwell's $30m Stage 2. This begins the long-awaited drilling after the February rig contract, with Cooper and Gippsland drilling to follow.
7 Apr 2011other● Neutral
Shareholder newsletter repeats the 29 March LNG deal with Shantou SinoEnergy and says the market missed key points. It stresses gas can come from third parties and any port. It adds no new announced facts; a new drilling programme is due this month.
30 Mar 2011joint venture update● Neutral
Beach says it won a binding court undertaking that Icon will not deal with the 40% of ATP 855 Beach claims. Trial is listed for the week of 18 July 2011. This is Beach's view of the same hearing Icon reported.
29 Mar 2011joint venture update● Neutral
The Federal Court set the Beach dispute over ATP 855P for trial on 18 July 2011. Icon undertook not to deal with the permit beyond a 40% interest, pending trial. It still denies Beach's claims and says it keeps 80%.
29 Mar 2011material agreement▲ GoodMajor
Icon signed a binding LNG Sales Agreement with Shantou SinoEnergy for 40 million tonnes over 20 years, first delivery by 30 June 2016, replacing the April 2010 MOU. It is offtake only, subject to conditions, including a minimum 2 TCF of 2P reserves, which Icon does not yet have.
25 Mar 2011joint venture update● Neutral
Icon confirms it has been served with Beach's court proceedings and says it denies Beach has any legal or beneficial interest in ATP 855P. It will defend the case.
25 Mar 2011joint venture update▼ BadMajor
Beach has started Federal Court proceedings against Icon over its claimed entitlement to earn up to 40% of ATP 855P. A hearing is listed in Adelaide the following week. This escalates the earlier dispute.
22 Mar 2011price query● Neutral
Icon answered a second ASX query after its shares rose from 21.5c to 27.5c. It said it knew of no unannounced news, pointing to the Beach dispute. No LNG agreement is signed; an update is promised by 31 March 2011.
21 Mar 2011joint venture update▼ BadMajor
Icon confirms the dispute with Beach: it says no final farm-in terms were agreed and it keeps its 80% of ATP 855P. Icon says it is not concerned, since the permit is needed to supply gas for the proposed China LNG deal.
18 Mar 2011joint venture update▼ BadMajor
Beach Energy says it is in dispute with Icon over ATP 855P. Beach claims a current 25% interest, plus an option to earn another 15%, from the October 2009 farm-in letter. Icon disputes this. The unsigned farm-in has now become a conflict.
7 Mar 2011other● Neutral
Computershare notice that its Brisbane office, where Icon's share register is held, moves address on 7 March 2011. Administrative; no business developments for Icon.
4 Mar 2011price query● Neutral
Icon answered an ASX query after its shares rose from 19.5c to 23.5c, saying it knew of no unannounced news. It confirmed no LNG agreement is signed with Shantou SinoEnergy and promised another China LNG update by 31 March 2011.
4 Mar 2011other▼ Bad
S&P index notice listing Icon Energy among the removals from the All Ordinaries index, effective after close on 18 March 2011. This is an index change, not a company announcement, and it is not a judgement on Icon's merits.
25 Feb 2011drilling scheduled▲ GoodMajor
Icon signed Atlas Drilling to drill three wells in ATP 626P, with an option for two more, ending the wait for drilling to resume. Further wells are planned for ATP 855P, PEL 218 and PEP 170. Cash was $19.8m at December.
24 Feb 2011half year report● Neutral
Half-year accounts to 31 Dec 2010, the first since the year-end change. Stanwell's Stage 2 (20 wells) is restated, with four wells planned for ATP 626P and drilling targeted for the first half of 2011. The Beach farm-in to ATP 855P is still unfinalised.
7 Jan 2011director officer appointment● Neutral
Howard Lu joined the board as a non-executive director. He is a China-based businessman with energy-sector contacts and Icon's third-largest shareholder, with 16m shares from the recent placement. Icon links the appointment to its China LNG push.
31 Dec 2010other● Neutral
Icon released its revised Share Trading Policy under Listing Rule 12.9. It sets out insider trading rules and blackout periods. Administrative; no business developments.
31 Dec 2010material agreement▼ BadMajor
The SinoGas LNG deal has slipped again: a new state-owned joint venture, Shantou SinoEnergy, is now the counterparty and needs government sign-offs, so signing by 31 Dec 2010 was postponed with no new date. Icon says drilling restarts in 2011, after the wet season.
23 Dec 2010capital raising announcement▲ GoodMajor
Icon raised $5.9m by placing 29.5m shares at 20c with three Chinese investors, each agreeing to hold for at least 12 months. Shares on issue rise to 469.3m (6.29% dilution). Funds support Queensland, SA and Victoria operations and the SinoGas talks.
What it means for a shareholder
29.5m new shares at A$0.200 to raise about A$5.9m. That's 5.9% dilution: every existing holder's slice gets 5.9% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00107% to 0.001% of the company. To keep it you'd need 314 more shares - about A$63 at the issue price.
Create a free account to see this worked out for your own holding.
23 Dec 2010other● Neutral
Third-party release from Drillsearch about buying Bandanna's Queensland interests for $150,000. It says that, subject to finalising arrangements with Icon, Drillsearch would hold 66.67% of ATP 549P West, up from 25%. Icon is mentioned only in passing; no Icon terms are given.
13 Dec 2010resource reserve update▲ Good
A consultant's assessment of geothermal permits EPG 49 and EPG 51 estimates 23,000 PJ of thermal energy in place, with reservoir temperatures of 133-137°C at depths up to 2,700 m. A certified inferred resource is expected in 2011. Icon says geothermal is not a core focus.
29 Nov 2010investor presentation● Neutral
AGM presentation slides repeating known highlights: SinoGas MOU, Stanwell Stage 2, ATP 855P and PEP 170. It describes the Beach farm-in to ATP 855P as worth $12m and still in negotiation, so unsigned.
24 Nov 2010investor presentation● Neutral
Shareholder newsletter recapping known items: the SinoGas MOU, ATP 855P and PEP 170 grants, and Stanwell's $30m Stage 2 commitment. It says ATP 855P would need eight wells to reach contingent status. No new announcements.
28 Oct 2010annual report● Neutral
Annual report for the period to 30 June 2010 (after the year-end change). Restates known points: Stanwell's $30m Stage 2, the SinoGas MOU (40 Mt LNG) with signing targeted by 31 Dec 2010, a 6,115 PJ gas-in-place resource, and Stage 2 drilling starting around end-2010.