Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2009capital raising announcement● Neutral
Icon releases the share purchase plan booklet: eligible holders can buy $990 to $15,000 of shares at 30c, offer open 12-26 June. Shares are expected to be allotted 2 July. Funds are for development drilling, equipment and running costs.
9 June 2009drilling progress report▲ Good
All three Lydia Pilot wells are completed and pumps tested, with permeability tests due that week. Annulus pressure of 40-85 psig that rebuilds within hours is called a favourable sign. The pond excavation is about 80% done and was slowed by weather.
2 June 2009drilling progress report● Neutral
LP-2 is completed with pumps and monitoring equipment, and LP-1 is being prepared as a monitor well. The rig has moved to LP-3. LP-4 will start dewatering first, and the storage pond is on schedule.
1 June 2009capital raising announcement● NeutralMajor
Icon has commitments for a placement of 45-46m shares at 30c, led by Intersuisse, plus a share purchase plan at 30c up to $15,000 per holder. The plan could add up to about 100m shares. This revives the capital raising abandoned in April.
What it means for a shareholder
46.0m new shares at A$0.300 to raise about A$13.8m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00112% to 0.000968% of the company. To keep it you'd need 514 more shares - about A$154 at the issue price.
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28 May 2009investor presentation● Neutral
The managing director's AGM presentation repeats known points: 5.4 TCF gas in place, the $36m Stanwell deal, 2 TCF 2P potential not yet proven, and NSAI engaged for reserve certification. Nothing new is stated.
26 May 2009drilling progress report● Neutral
LP-2 has a slotted liner and 10.7 metres of net coal over 11 seams. The completion rig has moved to LP-3 to fit pumps, and preliminary core results are expected in 3-4 weeks. Pond construction has begun; commercial gas rates usually take time.
22 May 2009investor presentation● Neutral
Notice of a May shareholder newsletter. It recaps the three Lydia Pilot wells drilled to 818-819 metres with gas-saturated coals, and says dewatering may take a few months to a year. It repeats that the 5.4 TCF gas-in-place figure is an uncertified estimate and expects some certification in coming months.
19 May 2009drilling result▲ Good
LP-2 reached its 818 metre target depth and three cores were recovered, with gas desorption testing underway. A workover rig will then fit pumps to LP-2 and LP-3 and convert Lydia 1 to a monitor well before dewatering. Icon says commercial gas flows usually take some time.
18 May 2009asset acquisition disposition▲ Good
Icon completes its October 2008 deal to buy a mineral interest at Bayou Choctaw, the US field where it already holds a 19% farm-in interest, for $25,000 cash and 1.5m shares issued at 36.5c. Shares on issue rise to 334.3m. The interest gives it a seat in lease negotiations.
18 May 2009investor presentation● Neutral
Icon announces a roadshow from 18 to 29 May with a presentation repeating known facts: 332m shares, $115m market value, 5.4 TCF gas in place and the $36m Stanwell deal. It sets out a $56.5m 2009/10 spending plan, with $36m falling to Stanwell.
18 May 2009investor presentation● Neutral
Re-release of the same roadshow presentation at lower resolution, at the request of some investors. The content is unchanged.
12 May 2009admin correction● Neutral
Corrected re-release of the earlier LP-2 update, fixing the depth to 638.15 metres. Casing is set ahead of coring, and the final core analysis report is due by end of July. No other change.
12 May 2009drilling progress report● Neutral
LP-2 drilling update with a typographical error in the depth figure, corrected in a later release the same day. Core analysis results are expected progressively over two months, with the final report due by the end of July.
11 May 2009capital raising announcement● Neutral
Icon still intends to offer shareholders a pro-rata share purchase plan, but says the timing has not been decided. This softens the April statement that terms would be announced shortly. No size or price is given.
8 May 2009drilling progress report● Neutral
LP-2, the last of the three Lydia Pilot wells, began drilling on 8 May and reached about 105 metres, with surface casing being cemented. The coals will be fully cored for gas-content testing in Brisbane. The water storage pond is under construction.
5 May 2009drilling progress report▲ Good
LP-3 reached its 819 metre target depth, with gas readings of 35-101 units against background up to 10, and casing is being run. Icon says this again indicates gas-saturated coals. LP-2, to be cored, is next; reserves remain undetermined.
5 May 2009price query● Neutral
Icon answers an ASX query after its shares rose from 27.5 cents to a high of 33 cents. It knows of no unannounced information, and suggests a rival's coal seam gas deal, the drilling and recent reports, and a rebound from selling that opposed its capital raising.
28 Apr 2009drilling progress report▲ Good
LP-4 is completed with pump and tubing, showing 40 psi well head pressure, which Icon says suggests gas-saturated coals. LP-3 started drilling on 26 April and is at 80 metres. Reserves are still undetermined against the 5.4 TCF gas-in-place figure.
23 Apr 2009annual report● Neutral
Icon lodged its 2008 annual report. The chairman's report recounts the Babcock and Brown MOU lapsing on 30 October 2008 and the 24 December 2008 Stanwell deal (50% of four blocks for $36m; 340 PJ reserves target; 225 PJ over 15 years). Financial figures are not in the text provided.
21 Apr 2009drilling progress report● Neutral
LP-4 is nearly complete: coals under-reamed, 7 inch casing and slotted liner cemented, and pump and tubing about to be run for dewatering. Equipment is moving to LP-3. Reserves are still undetermined against the 5.4 TCF gas-in-place figure.
14 Apr 2009drilling result▲ GoodMajor
LP-4 reached 819 metres, intersecting 12 well-developed Walloon coals with gas readings of 40-75 units against 2-9 background. Icon calls the gas saturation excellent. No reserves are certified yet and the 5.4 TCF figure remains an unproven gas-in-place resource; gas flow rates await dewatering.
9 Apr 2009capital raising announcement▼ BadMajor
Icon says a planned placement of up to 45 million shares at 24 cents was abandoned after confidentiality was lost and the shares were halted. It still intends to announce a share purchase plan of up to $10,000 per holder. LP-4 had reached 331 metres.
What it means for a shareholder
45.0m new shares at A$0.240 to raise about A$10.8m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (4,167 at the issue price), your slice goes from 0.0014% to 0.00121% of the company. To keep it you'd need 628 more shares - about A$151 at the issue price.
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9 Apr 2009price query● Neutral
Icon answers an ASX price query over the fall from 28 cents to a low of 23.5 cents. It attributes the move to the leaked placement plan and says it knows of no other information. It repeats that it has dropped the placement and still intends an SPP.
6 Apr 2009drilling spud▲ GoodMajor
Lydia Pilot LP-4 started drilling on 4 April 2009 and had surface casing cemented at 103.6 metres. It is the first well under the Stanwell farm-in, which could earn Stanwell 50% if it funds the $36m program. Planned total depth is 800 metres.
6 Apr 2009other● Neutral
Notice of an April shareholder e-newsletter covering the new directors and the Lydia drilling, which says the board won the December 2008 EGM vote. It describes the drilling as a step toward reserves certification. No new figures.
3 Apr 2009director officer appointment▲ Good
Dr Keith Hilless AM, former Ergon Energy chairman with a long electricity industry career, joins as independent non-executive director. With Murphy and Barry, independent directors now form a majority. The release also states drilling of the first test well started.
1 Apr 2009annual report● Neutral
Icon lodged its 2008 governance report, directors' report and annual accounts. The governance statement says the board has two non-executive and two executive directors and aims to add another non-executive in early April. Financial figures are not in the text provided.
1 Apr 2009drilling progress report● Neutral
Rig 1 was delayed by unscheduled tests on its previous job and should mobilise on 2 April, spudding LP-4 the next day. LP-4 is the first of three Stage 1 Stanwell wells, planned to 900 metres.
23 Mar 2009drilling progress report● Neutral
Rig mobilisation now starts 28 March, with LP-4 drilling from 29 March, then LP-3 and LP-2 (cored). Dewatering is expected to start in late April after all three wells are done; core analysis is due late July 2009. Commercial gas flows can take over twelve months.
20 Mar 2009director officer appointment● Neutral
Press release repeating the appointment of Derek Murphy as non-executive director; no new information beyond the earlier announcement.
