8 May 2012drilling spud● Neutral
Windom 1 was spudded in ATP 626P, planned to reach 1,200m in 14 days. It is the first of two coal seam gas wells drilled with Goondi/Stanwell under the farm-in, which are part of the five-well program.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2012quarterly activities report● Neutral
Appendix 5B for the March 2012 quarter: cash fell to $10.594m from $14.049m, with no financing inflows. Estimated outflow next quarter is $6.183m. Shares unchanged at 469,301,394. Routine filing.
30 Apr 2012quarterly activities report● Neutral
March quarter: the 425km Gallus seismic survey in ATP 855P finished in mid-April after flooding delays, and the Eolus 1 and Windom 1 wells were set for early May. The ATP 855P rig delay pushes the first well to Q3. Cash $10.594m.
20 Apr 2012contract award▲ Good
Icon signed a drilling contract for the Ensign Rig 960 to drill Eolus 1 and Windom 1 in ATP 626P, with the first spud in early May 2012. This brings the planned program to five wells, with Tiger West 1 and Dragon 1 in Q3.
17 Apr 2012drilling scheduled▼ Bad
Beach says the rig for the first ATP 855P shale well is delayed to Q3 2012 (was targeting this financial year). Beach funds Icon's share of an estimated $16m, less a $1.75m Icon contribution. Tiger West 1 and Dragon 1 in PEP 170 are planned for Q3 2012.
4 Apr 2012investor presentation● Neutral
Perth roadshow presentation restating the aim of 2 TCF of 2P reserves by March 2013, the Shantou LNG and Stanwell gas deals, and a plan to drill 5 wells in six months. Shows cash of $14.049m at 31 Dec 2011. No new results.
14 Mar 2012director officer appointment● Neutral
Formal ASX notice that Ross Mallett became Company Secretary from 13 March 2012. Kevin Jih stood down from the role but remains CFO and a director.
14 Mar 2012director officer appointment● Neutral
Media release on Ross Mallett's appointment as Company Secretary from 13 March 2012. He is a lawyer with over 25 years as a secretary at listed companies. Interim secretary Kevin Jih stood down. Duplicates the formal notice.
29 Feb 2012director officer appointment● Neutral
Company Secretary Wesley Glanville resigned after his consulting assignment ended. CFO Kevin Jih becomes Company Secretary from 1 March as interim, with a full-time legal counsel and secretary expected mid-March.
24 Feb 2012joint venture update▲ GoodMajor
Icon and Beach began a 425km 2D seismic survey in ATP 855P (Icon 40%, Beach 60%), due to finish mid to late March, with drilling expected in June. Icon estimates about 20 TCF recoverable, which it says would exceed the Shantou LNG needs if drilling confirms it.
22 Feb 2012half year report● Neutral
Half-year accounts to 31 December 2011. The directors' report says North Maroon DW-1 was plugged and abandoned despite strong oil shows. PEP 172 and 173 are listed at 100%, subject to land use agreements. ATP 794P is shown falling from 75% to 60%. Financial figures were truncated.
20 Feb 2012price query● Neutral
Icon's shares rose from 18.5 to 25 cents; ASX queried this. Icon said it knew of no undisclosed news and had no explanation, noting Drillsearch/QGC's nearby Cooper shale deal. It states ATP 855P is now Icon 40% and Beach 60% after Beach's Adelaide Energy takeover.
10 Feb 2012admin correction● Neutral
Re-lodged version of the 10 February coal seam gas conference presentation, labelled a correction. The visible text matches the original and the change is not stated.
10 Feb 2012investor presentation● Neutral
Conference presentation by an Icon representative, as the Managing Director was absent, on gas market trends, CSG and shale gas opportunities and shale versus CSG costs. General industry commentary; the visible text contains no new company results.
31 Jan 2012quarterly activities report● Neutral
December quarter: North Maroon was drilled to 2,100m deviated, with oil shows and water on test but no trap yet defined. ATP 855P seismic is being costed, with a pilot well planned May/June 2012. PEP 173 offered, subject to a land use agreement. ATP 849P seismic moved to Q2 2012. Cash $14.049m.
31 Jan 2012other● Neutral
Appendix 5B for December 2011 quarter: cash fell to $14.049m from $14.268m, with no financing inflows. Estimated outflow next quarter is $6.847m. Shares unchanged at 469,301,394. Routine filing.
28 Dec 2011drilling result▼ BadMajor
North Maroon DW1 tests at 1,835-1,860m and 1,568-1,593m flowed formation water, with some gas in the upper test, so no oil flowed. Icon says the sandstone is good reservoir with oil shows, but a trap is not yet defined. South Maroon and other locations are being considered.
21 Dec 2011drilling progress report● Neutral
Logs on North Maroon DW1 are evaluated and a first drill stem test is under way over 1,840-1,865m, where strong oil shows were seen. Further tests on other zones and coal seams depend on that first result.
20 Dec 2011drilling progress report● Neutral
Logging continues on North Maroon DW1 to evaluate the Precipice shows, before deciding on drill stem tests. A final decision on plugging back and sidetracking west awaits the test results. Coal seam gas sample tests are continuing.
19 Dec 2011drilling result● Neutral
North Maroon DW1 reached 1,891m. Icon says oil shows prove a hydrocarbon system in ATP 626P, but the main lower Precipice sandstone was absent here. The well may be plugged back and sidetracked west. Tests are still to come.
16 Dec 2011drilling progress report● Neutral
North Maroon DW1 is at 1,742m in the Evergreen Formation, drilling slowly through small faults. More strong fluorescent cut shows and gas of 10 units of C1 were seen at 1,731-1,736m. Icon says significance is not yet established.
15 Dec 2011drilling progress report● Neutral
North Maroon DW1 is drilling at 1,618m with weak to strong bluish-white fluorescent shows, usually a sign of residual oil, but no rise in background gas. Icon calls the shows encouraging but says their significance is unproven. Precipice target is still to come.
13 Dec 2011drilling progress report● Neutral
North Maroon DW1 reached 1,473m measured depth, passing through Walloon Coal Measures as planned. Drilling paused to fix rig and downhole equipment problems, with restart expected 14 December. Target remains about 2,100m; Icon holds 100%.
6 Dec 2011drilling progress report● Neutral
North Maroon DW1 is at 272m with surface casing cemented and blowout preventers tested, awaiting directional drilling tools. Target depth is about 2,100m, 21 days from spud. The release gives the spud date as 1 December, which conflicts with the 2 December spud announcement.
2 Dec 2011drilling spud● NeutralMajor
North Maroon DW1 was spudded in ATP 626P and drilling ahead. It targets the Precipice Sandstone and is planned to take 21 days to about 2,100m. Icon holds 100% after Stanwell's Goondi declined to participate. Spud slipped from the planned 24 November.
1 Dec 2011director officer appointment● Neutral
Chief Financial Officer Dr Kevin Jih was appointed an executive director, giving the board two executive and four non-executive directors. No extra pay beyond his existing contract. The chairman links it to the company's focus on China.
28 Nov 2011director officer appointment● NeutralMajor
Icon re-appointed Managing Director Ray James for a further five years from 31 December 2011. The chairman says this supports the strategy of establishing reserves to satisfy the gas sale agreements.
28 Nov 2011investor presentation● Neutral
AGM presentation by the Managing Director restates the strategy: shale and coal seam gas exploration in the Cooper, Surat and Gippsland basins to find reserves for the Shantou LNG deal (40 Mt over 20 years). It shows North Maroon DW1 and Tiger-1 targets. Repeats known facts.
23 Nov 2011drilling scheduled● NeutralMajor
Icon signed an Atlas Drilling contract to drill North Maroon DW1 in ATP 626P, targeting the Precipice Sandstone that produces at the Moonie oilfield. Stanwell's Goondi chose not to participate, so Icon holds 100%. A change from the coal seam gas focus; spud planned 24 November.
28 Oct 2011other▼ Bad
Appendix 5B for the September 2011 quarter: cash fell to $14.268m from $18.379m, with no financing inflows. Estimated outflow next quarter is $6.168m. Shares unchanged at 469,301,394. Routine filing.