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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2011quarterly activities report● Neutral
Appendix 5B for the December quarter: cash at end $19.773m, up from $16.569m, after the $5.9m placement. Operating and investing outflow was $2.752m. Next-quarter outflow estimated at $4.986m ($3.887m exploration). Shares on issue 469.3m.
31 Jan 2011quarterly activities report● Neutral
Revised Appendix 5B for the December quarter, with the same figures as the earlier filing (cash $19.773m). Only the year-to-date label changes from 3 to 6 months and the signing date to 31 Jan. No new information.
31 Jan 2011quarterly activities report● Neutral
December quarter: cash rose to $19.773m, helped by the $5.9m Chinese placement. ATP 855P and the geothermal find recapped. Shantou SinoEnergy said its LNG terminal had 'significant support', but no LNG agreement is signed. Floods have restricted access to ATP 626P.
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.
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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.
29 Nov 2010agm notice● Neutral
All four AGM resolutions passed on a show of hands: remuneration report, Stephen Barry's re-election, non-executive director fee cap raised from $250k to $500k, and proportional takeover provisions. Proxy votes against were substantial on the fee increase (about 30.4m against, 43.7m for).
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 2010quarterly activities report● Neutral
Quarter to 30 Sept 2010: cash rose to $16.57m (from $14.04m), helped by a $4.5m investing inflow whose source is not stated. No ATP 626P drilling this quarter; Stanwell's Stage 2 ($36m total) confirmed, and the JV approved 4 new exploration wells after quarter-end. SinoGas deal still targeted by year end.
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.
28 Oct 2010quarterly activities report● Neutral
Updated Appendix 5B for the September quarter: cash at end $16.569m, up from $14.042m, with a $4.543m investing inflow. Next-quarter outflow estimated at $3.328m ($2.2m exploration, $1.128m administration). Shares unchanged at 439.8m. Loan facility $3.616m, of which $218k is shown as used.
15 Oct 2010agm notice● Neutral
Icon will hold its 2010 annual general meeting on 29 November 2010 at the Southport Yacht Club, Main Beach, Gold Coast, within the 30 November deadline. Routine notice of date and venue.
8 Oct 2010regulatory community update▲ GoodMajor
Queensland formally granted ATP 855P, in the Nappamerri Trough next to PEL 218, after a native title deed with the Wongkumarra people that includes 50,000 Icon shares. Icon holds 80%, with the Beach farm-in to earn 40% still unsigned. This resolves the long-pending grant.
24 Sept 2010asset acquisition disposition▲ GoodMajor
Icon won a competitive bid for onshore Gippsland Basin block VIC/G-10(5), to become PEP 170, with 100% interest. It sees tight gas and oil potential, a possible gas source for the China LNG deal, and plans seismic and drilling in the first three years.
3 Sept 2010other▼ Bad
S&P announced Icon will be removed from the S&P/ASX 300 index after trading on 17 September 2010. Icon had been in the index since September 2009. The notice is from S&P, not Icon, and gives no company-specific reason.
3 Sept 2010annual report● Neutral
Icon lodged its governance report, directors' report and financial statements. Because of the change to a 30 June year end, they effectively cover 1 January to 30 June 2010. The extract provided shows no financial figures.
27 Aug 2010material agreement▼ BadMajor
At SinoGas's request, Icon extended the deadline to sign the China LNG gas sale agreement from 31 August to 31 December 2010. The deal is not yet signed, so the 20-year, 40 Mt LNG plan slips four months.