Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2011quarterly activities report● Neutral
September quarter: Icon and Stanwell plan two coal seam gas wells (Windom-1, Eolus-1) and an oil-and-gas well (North Maroon-1) in ATP 626P for late 2011/early 2012. Tiger-1 in PEP 170 is planned for 2012. Cash $14.26m.
27 Oct 2011agm notice● Neutral
Notice that the 2011 Annual General Meeting will be held on 28 November 2011 at Southport Yacht Club, Gold Coast. Administrative notice only.
27 Oct 2011annual report● Neutral
2011 Annual Report restates that Icon must find 2P reserves for its two sales deals: 337.5 PJ for Stanwell and 2 TCF (2,121 PJ) certified by March 2013 for the Shantou LNG deal. It estimates ATP 855P at some 20 TCF recoverable, with drilling expected in June 2012.
14 Sept 2011director officer appointment▼ Bad
Chief Operating Officer Larry Brown resigned immediately for personal reasons. Managing Director Ray James will seek a consulting engineer to cover the role until a replacement is found.
31 Aug 2011annual report▼ Bad
Full-year accounts to 30 June 2011 show a loss of $6.0m (prior year $3.6m). They record the 40% ATP 855P transfer to Beach, backdated to 5 October 2010, and the Stanwell 50% earn-in. Covering letter only; the figures are in the attached accounts.
30 Aug 2011drilling scheduled▲ GoodMajor
Icon says Beach has secured the Ensign #65 rig for the ATP 855P farm-in well, arriving April 2012 and drilling by June 2012 at the latest. Beach funds Icon's share of the ~$16m programme except Icon's $1.75m. First ATP 855P drilling timetable since the July settlement.
29 Aug 2011joint venture update▲ Good
Beach has secured two rigs for its 2012 Cooper Basin shale gas program. Ensign#65, due about April 2012, will drill the first horizontal well in ATP 855P (Icon 40%, Beach 40%). This is Beach's release; Icon's own version follows.
29 July 2011quarterly activities report● Neutral
June quarter: the four Lydia wells in ATP 626P were all plugged and abandoned for low permeability. Icon widened the Stanwell joint venture area to all of ATP 626P and is reviewing 22 wells, with a possible new programme around October 2011. Cash $18.379m.
29 July 2011other● Neutral
Appendix 5B cash flow statement for the June 2011 quarter: cash ended at $18.379m, up from $17.938m. Next-quarter outflow is estimated at $5.39m. Shares on issue are unchanged at 469,301,394. Routine filing accompanying the quarterly report.
15 July 2011joint venture update● Neutral
Beach's own release of the 15 July settlement repeats the terms: court case discontinued, 40% of ATP 855P to Beach, and Icon takes 33.333% of the PEL 218 post-Permian joint venture. Duplicates Icon's announcement.
15 July 2011farm in farm out agreement● NeutralMajor
Icon and Beach settled the ATP 855P dispute with a signed farm-in. Icon transfers 40% to Beach (subject to Ministerial approval), leaving Icon 40%. Beach funds Icon's share of an estimated $16m work programme, except $1.75m Icon pays. Icon gets 33.333% of PEL 218 post-Permian.
27 June 2011other● Neutral
June shareholder newsletter covers the shale gas outlook for ATP 855P, NSAI certification work, a planned seismic programme and the Beach dispute (trial 18 July). Promotional update; no new announced results.
21 June 2011drilling result▼ BadMajor
Lydia-13 was plugged and abandoned at 825m because coal permeability was too low for economic gas production. That ends the four-well programme with no wells kept. A follow-up programme from 1 July, possibly outside the farm-in area, needs approvals.
14 June 2011drilling progress report● Neutral
Lydia-13 is being cored at 759m, with logging and testing to follow. It is the last well of the four-well programme this budget year. A further programme from 1 July is possible, subject to board and partner approval.
7 June 2011drilling result▼ Bad
Lydia-12 reached 900m with 8.9m of coal, and all three drill stem tests showed low permeability. The joint venture plugged and abandoned it. The rig moved to Lydia-13, spudded 6 June. Third consecutive poor result.
31 May 2011drilling progress report● Neutral
The rig returned to Lydia-12, and the stuck drilling assembly was recovered on 30 May. Drilling restarted on 31 May. (The release says it returned on 25 March, which appears to be a typo for May.)
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.
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.
20 Apr 2011quarterly activities report● Neutral
March quarter report recaps the 29 March LNG agreement, the Beach dispute (trial 18 July) and the Lydia-10 spud. It cites a US EIA report putting Cooper Basin shale gas at 342 TCF in place, with about 85 TCF recoverable. Mostly known events.
20 Apr 2011quarterly activities report● Neutral
Appendix 5B for March quarter: cash fell to $17.938m from $19.773m, with $1.835m net outflow. Next-quarter outflow is estimated at $7.16m ($5.85m exploration). Shares on issue are 469.3m.
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.
