Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2009drilling progress report● Neutral
Bounty says Wakefield 1 had reached 1,873 m by 17 September. Oil shows were noted in several intervals, but their significance needs logging and testing. The main Birkhead and Hutton targets had not yet been reached.
16 Sept 2009drilling progress report● Neutral
Beach's weekly report has Wakefield-1 drilling ahead at 1,467 m. Icon's final interest in the post-Permian section is shown as 33.33%. It also shows a Beach well elsewhere in the Bass Basin was dry, which does not involve Icon.
16 Sept 2009resource reserve update▲ GoodMajor
NSAI raises the Lydia farmin area's 2C contingent resource to 357 bcf from 260 bcf, and gas in place to 773 bcf from 564 bcf. This is the 13% of ATP 626P that Stanwell may farm into. Reserves still await flow data from the pilot wells.
15 Sept 2009drilling progress report● Neutral
Wakefield No.1 reached 1,061 m by 15 September against a 2,380 m target. Icon says drilling is ahead of schedule. No oil results have been reported yet.
14 Sept 2009investor presentation● Neutral
Managing Director Ray James takes an investor roadshow to Hong Kong and Singapore to raise Icon's profile, with a presentation repeating known facts. It shows a 2009/10 investment plan of $48.3m, of which $18.3m is net to Icon. No new operational news.
11 Sept 2009drilling spud▲ GoodMajor
Wakefield No.1 in PEL 218 began drilling on 10 September 2009 and was at 468 m by the next morning. Target depth is 2,380 m, aiming at up to 11 million barrels. Icon will rise from 10% to 33.3% after the well.
11 Sept 2009half year report● Neutral
Icon lodges its half-year report to 30 June 2009. It restates ATP 626P at 100% pending Stanwell's $30m Stage 2, the 6,115 PJ gas in place, and Wakefield 1 due to start mid-September. The excerpt is truncated, so no financial figures are shown.
9 Sept 2009drilling progress report● Neutral
Beach's weekly report says Wakefield-1 in PEL 218, where Icon is to hold 33.33%, is rigging up and expected to spud 10 September. No new result for Icon; it repeats the known spud timing.
7 Sept 2009resource reserve update▲ GoodMajor
NSAI estimated gas in place in ATP 626P at 6,115 PJ, up from 5,438 PJ certified in July 2008. Contingent resources were 1,150 PJ (2C) and 1,773 PJ (3C); a Lydia farmin area report was still due, and upgrades to reserves need commercial flow rates, which could take months.
4 Sept 2009regulatory community update▲ GoodMajor
Queensland's minister has granted ATP 849P, effective 1 September, a 12-year permit of nearly 4,000 sq km near Mitchell. Icon operates with 80%, Deka and Well Traced 10% each. Two wells are planned. This completes the long-pending permit award.
4 Sept 2009other▲ Good
Icon's press release welcomes its addition to the S&P/ASX 300. The managing director says Icon plans to invest up to $50m over 18 months in ATP 626P and the Lydia area. No operational news.
4 Sept 2009other● Neutral
Third-party S&P notice listing Icon among additions to the S&P/ASX 300 index from close of trade 18 September. It is a rebalance table, not a company announcement, and carries no operational news.
2 Sept 2009drilling scheduled● Neutral
Adelaide Energy, a PEL 218 partner, says Wakefield 1 should spud next week, targeting 2,380 m total depth, with Adelaide free carried. After the well Icon holds 33.33% of the post-Permian section. Unrisked recoverable oil is over 11 million barrels.
21 Aug 2009resource reserve update▲ GoodMajor
NSAI certifies Icon's first coal seam gas resource: 260 PJ (2C contingent) in the Lydia Pilot area, 13% of ATP 626P. It may become reserves once water flows stabilise. All three pilot wells are flowing, and tenders are out for 11 wells from October.
20 Aug 2009investor presentation● Neutral
Notice that the August e-newsletter is being sent to selected holders. The newsletter recaps dewatering, NSAI reserve certification, the carbon-neutral seismic, Wakefield 1 and ATP 849P. No new information.
14 Aug 2009drilling result▲ GoodMajor
Tingan 2 in ATP 626P found a new coal seam gas reservoir in a thin 1.5 m coal, with good permeability and good flows on a drill stem test. Icon (100%) calls it a new play. Gas content is not yet measured. Lydia 3 dewatering starts within days.
13 Aug 2009drilling scheduled▲ GoodMajor
Icon will take part in the Wakefield 1 oil well in PEL 218, South Australia, expected to spud about 6-7 September with Beach as operator. Drilling lifts Icon's interest from 10% to 33.3%. It targets up to 11 million barrels, and Icon suggests success could add 12-15 cents per share.
12 Aug 2009drilling progress report▲ Good
Dewatering of the Lydia Pilot started 11 August with Lydia 2, the other wells following a week apart. Tingan 2 hit coals with good gas shows at 302 m. NSAI's first reserves report is due next week, and the Wakefield 1 oil well in PEL 218 is due to spud in September.
5 Aug 2009admin correction● Neutral
Icon corrects its June quarter cash report: $1,340 thousand shown as production expense belongs under administration costs. It blames a PDF software fault, also seen in the December and March reports. This is an administrative fix with no change to the cash figures.
4 Aug 2009drilling progress report▲ Good
Seismic recording in ATP 626P starts 21 August. Lydia 5 is drilling at 653 m toward 922 m, and Lydia 2 is due to be turned on next week. ATP 849P (80% Icon) is cleared for grant, with two wells being considered. Commercial gas rates may take weeks to months.
30 July 2009drilling scheduled▲ Good
Icon will drill an extra exploration well at Lydia, to 922 m into the Hutton Sandstone, to test for conventional oil and gas and serve as an observation well. The storage pond is finished and a 300 km seismic contract is signed, starting 10 August. Raising it above routine.
14 July 2009drilling progress report● Neutral
Lydia Pilot well data has gone to reserves certifier NSAI, and lab results confirm the coals are fully gas saturated. Continuous dewatering is now expected before end of July, after pond changes for wild pigs. A rig for the new drilling is still being negotiated; seismic totals 305.5 km.
8 July 2009investor presentation● Neutral
Notice that the July newsletter is on the website. It recaps the gas flows, the SPP raising about $17.5m and cash over $30m, and the drilling plans. No new information.
7 July 2009drilling scheduled▲ GoodMajor
Icon starts preparing a 300 km seismic program in ATP 626P and plans up to 12 stratigraphic wells (4 inside, 8 outside the Stanwell area). Preliminary core analysis shows the coals 100% gas saturated. Dewatering is due within two weeks.
1 July 2009capital raising announcement▲ GoodMajor
The share purchase plan drew applications for about 58.3m shares, about $17.5m, nearly three times the $5-6m expected. With the placement, cash is over $30m at 30 June. Icon plans eight stratigraphic holes and 147 km of seismic outside the Stanwell area.
What it means for a shareholder
58.3m new shares at about A$0.5146 to raise about A$30.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,943 at the issue price), your slice goes from 0.000511% to 0.000443% of the company. To keep it you'd need 298 more shares - about A$153 at the issue price.
Create a free account to see this worked out for your own holding.
23 June 2009well test result▲ Good
The final drawdown test on LP-2 produced gas within 20 minutes, as at LP-3 and LP-4. All wells are shut in until the water pond and flow lines are done. Sustained gas needs full dewatering, and rates are expected to improve only slowly.
22 June 2009listing compliance notice▼ Bad
Icon answers an ASX query over a late Appendix 3Y for director Derek Murphy's 4 June share purchase. It blames an administrative oversight during the raising and adds a Computershare director alert service and follow-up procedures.
19 June 2009flow test result▲ GoodMajor
Drawdown tests at Lydia Pilot produced free gas to surface from all wells, with up to 320 barrels of water per day from Lydia 3. Icon calls it a new gas province. It is a positive early sign, but no commercial flow rate is stated.
16 June 2009investor presentation● Neutral
Notice of a June newsletter. It recaps the share purchase plan and says the plan should raise $5-6m. It also repeats that the Lydia wells are completed and pumps tested. No new results.
16 June 2009drilling progress report● Neutral
Production tests at Lydia Pilot are due to start 17 June, with the pond nearing completion. Natasha 1, drilled in 2007, shows 135-160 psi. Icon says this suggests possible gas saturation; no certifiable gas content yet and reserves remain undetermined.
