27 Aug 2010material agreement● Neutral
Cover letter attaching SinoGas's 26 August request and Icon's 27 August reply agreeing to extend the gas sale agreement signing date to 31 December 2010. Repeats the same-day media release; no new terms.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2010farm in farm out completion▲ GoodMajor
Stanwell committed an unconditional $30m to Stage 2 of the ATP 626P farm-in, with ministerial consent, taking total spend to $36m toward 340 PJ of 2P reserves. Stanwell gets an immediate 50% of the four-block area. This resolves the open August decision and starts a new drilling program.
12 Aug 2010director officer appointment● Neutral
Dr Ray McNamara resigned as company secretary, and Wesley Glanville replaced him from 11 August 2010. McNamara had stood down as a director in April. Routine administrative notice.
12 Aug 2010director officer appointment● Neutral
Icon named Wesley Glanville, a former Santos company secretary and managing counsel, as company secretary and new General Counsel. Deputy CFO Dr Kevin Jih was promoted to CFO, replacing McNamara in that role (an inference from his earlier CFO duties). The MD says this supports Icon's next growth stage.
10 Aug 2010price query● Neutral
After the price rose from 18.5c to a 22c intraday high, Icon said it knew of no unannounced information. It restated that Stanwell's decision is due by 16 August, with talks not yet a commitment, and that the SinoGas deal is due by 31 August.
4 Aug 2010admin correction● Neutral
Revised June quarter cash flow report. The cash figures are unchanged at $14.04m; the revision breaks the $7.86m estimate for next quarter into $6.71m exploration and $1.16m administration.
30 July 2010quarterly activities report● Neutral
June quarter report: talks with SinoGas continue toward a gas sale agreement by 31 August, and the Lydia pilot final report went to Stanwell. Native title for ATP 855P is signed and its grant is imminent. Cash is $14.04m. Lydia 7 was plugged and abandoned after stuck pipe.
30 July 2010quarterly activities report● Neutral
June quarter cash flow shows cash fell to $14.04m from $18.29m, after $4.35m of operating outflow. The $3.577m loan is still drawn. Icon estimates $7.86m of exploration spending next quarter, and 956,391 shares were issued at 21 cents.
28 July 2010regulatory community update▲ Good
Queensland granted Icon 100% and operatorship of geothermal permits EPG 49 and EPG 51, effective 1 August 2010 for five years. They sit beneath ATP 855P, with drilling to be aligned with that permit's program. This converts the previously pending geothermal applications into granted permits.
2 July 2010regulatory community update● Neutral
Icon welcomed the government's expanded resource tax regime covering coal seam gas, saying it is comfortable operating under it in principle. It restates that the China gas sale agreement is due by 31 August 2010. No new deal terms.
22 June 2010other● Neutral
Icon changed its financial year end from 31 December to 30 June, effective 1 January 2010, with ASIC relief, to match tax reporting. A six-month report to 30 June 2010 will follow, and an AGM must be held by 30 November 2010.
18 June 2010price query● NeutralMajor
After the price rose from 21c to 25.5c, Icon said it knew of no unannounced information. It disclosed that the first-stage report went to Stanwell on 17 June. Stanwell must say by 16 August whether it will seek ministerial approval, and decide on stage 2 by 16 October 2010.
30 Apr 2010quarterly activities report● Neutral
March quarter operations report covers the China MOU, four new stratigraphic wells, four added Lydia wells with Stanwell, and cash of $18.3m. After quarter-end Jack 1 was completed with gas bleeding from cores. The board also authorised a micro LNG feasibility study. Largely known facts.
30 Apr 2010quarterly activities report● Neutral
March quarter cash fell to $18.3m from $23.2m after $4.98m of outflow. Icon expects $8.1m of exploration spending next quarter. The $3.577m loan remains drawn, and $322k was paid to directors, including a termination payment.
22 Apr 2010other● Neutral
Chairman's AGM address recaps 2009: the Stanwell gas sale and farm-in, the resource upgrade to 6,115 PJ gas in place, board renewal, and the death of former chairman Pyecroft. It acknowledges falls in the share price. No new information.
22 Apr 2010investor presentation● Neutral
AGM presentation restates known facts and lists 12-month goals: Stanwell's stage 2 decision, the SinoGas agreement by 31 August, booking reserves, Cooper Basin work and two ATP 849P wells. It shows 439 million shares and a $150m market capitalisation.
22 Apr 2010agm notice▼ Bad
At the AGM, non-executive directors' fees and share issues to Ray James were voted down on a poll. The issue to Dr McNamara passed narrowly. McNamara stood down as a director but keeps his executive role. Remuneration report and Stanwell farm-in shares passed.
16 Apr 2010drilling result▲ Good
Lydia 7 finished with cores bleeding gas, indicating high gas saturation, and completes the first stage of the Stanwell farm-in. The board added a new well, Jack 1. A report on Lydia commerciality is due after about two months of data analysis.
15 Apr 2010material agreement● Neutral
Icon says the China deal has Guangdong government support. Managing Director Ray James conceded the reserves needed would not exist by the August signing, so the gas sale agreement may carry conditions such as proving reserves. Funding options named include debt, share purchase plan and rights issues.
15 Apr 2010other● Neutral
Cover letter for a welcome note to new shareholders, saying holders rose by about 600 in a few trading days. Points them to the annual report and the 22 April AGM. No substantive new information.
14 Apr 2010regulatory community update▲ Good
Icon welcomed South Australian Premier Rann's support for LNG export from the state, following the China MOU. Icon plans to source much of the gas from South Australia and has sought a meeting. Support is a statement, not a permit or funding.
9 Apr 2010other● Neutral
Administrative notice that the media conference on the China MOU moved to 1.30pm in Melbourne because of flight delays. No substantive information.
8 Apr 2010material agreement▲ GoodMajor
Icon signed a non-binding MOU with China's SinoGas subsidiary for exclusive supply of 40 million tonnes of LNG (about 2.2 TCF) over 20 years, valued at A$23-32 billion. A binding gas sale agreement is due by 31 August 2010; supply sources are not yet secured.
8 Apr 2010material agreement● Neutral
Media statement repeats the SinoGas MOU: first LNG shipments in 2014, a proposed A$727m Chinese receiving terminal still awaiting national approval, and gas to come from Icon's Queensland and South Australian permits. Adds contact history with Chinese buyers since June 2009.
1 Apr 2010drilling result▲ Good
Lydia 9 reached 850.6 m with 12 m of net coal, and all four permeability tests confirmed permeability. It is cased and suspended, and is the likely site for pilot production wells pending Lydia 7. Rig moves to Lydia 7 next.
25 Mar 2010joint venture update▲ Good
Icon will join Stanwell's route and feasibility study for a Lydia pipeline, so work can move quickly if Stanwell commits to stage two of the farm-in. Lydia 9 spudded on 18 March and gave a strong gas blow on an early test.
24 Mar 2010price query● Neutral
ASX queried a fall in Icon's share price from 21.5c to 17.5c with higher volume. Icon replied it knew of no unannounced information explaining the trading and expects no material abnormal loss to 30 June 2010. AGM is set for 22 April.
19 Mar 2010annual report● Neutral
Icon's 2009 Annual Report recaps the year: ATP 626P resources raised to 6,115 PJ, the Stanwell farm-in ($6m paid, $30m more if 340 PJ of reserves are proven), the Beach ATP 855P deal and S&P/ASX 300 entry. No new information.
16 Mar 2010drilling result● Neutral
Lucy 1 reached 895.2 m after a week lost to floods, with about 10 m of good, fractured coals. Permeability tests were within expected parameters. The rig moves to Lydia 9, and sites are being selected for a four-well pilot production program.
4 Mar 2010flow test result▲ Good
Lydia pilot water output reached about 400 barrels a day after Lydia 4 hit 170. Lydia 2 briefly flowed gas at 45,000 cubic feet a day, up from 30,000 in October but still below the 250,000 threshold. Lucy 1 reached 853 m, held up by floods.