Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2009director officer appointment▲ Good
Derek Murphy, 62, a Gold Coast barrister with a 20-year Hong Kong career in securities regulation and fund management, was appointed non-executive director. He had been considering joining the board since former Chairman Martin Pyecroft retired.
10 Mar 2009drilling progress report▼ Bad
Ancon says rig mobilisation to Lydia begins the week of 23 March 2009, after it finishes the last two wells of another company's program. Icon's preparations are complete. A further slip in the Lydia Pilot start.
9 Mar 2009other● Neutral
Cover letter attaching a shareholder newsletter; the newsletter content is not included in the text, so no substance can be reported.
3 Mar 2009drilling progress report▼ Bad
Ancon Rig #1 is now expected at the Lydia Pilot sites before the end of March 2009, later than the February/March start previously flagged. Sites and completion equipment are ready; the schedule is subject to weather and mechanical delays.
23 Feb 2009agm notice▲ GoodMajor
At the 23 February EGM, all six resolutions failed, including appointing three requisitioned directors (Baldwin, Petherbridge, Sticklen) and removing James, Barry and McNamara. The sitting board keeps control, resolving the requisitioned board-control fight flagged on 10 February.
10 Feb 2009other● NeutralMajor
Chairman urges shareholders to reject a group that has requisitioned an EGM seeking to take control of the board. He cites the Stanwell deal and plans a 12-well coring program in 2009, and says the sales agency agreement with Mr Baldwin will be terminated. Outcome unknown.
3 Feb 2009admin correction● Neutral
Icon confirms shareholder details from its 2007 annual report: 3,112 holders at 30 April 2008 holding 282,496,906 shares, and 491 holders with less than a marketable parcel. Administrative only.
30 Jan 2009farm in farm out completion▲ GoodMajor
Icon signed the Stanwell gas sale and joint operating agreements, meeting the conditions of the farm-in, and received the $6m Stage 1 payment. Drilling starts February/March 2009. Stanwell can add $30m for 50% of four blocks, and the 225 PJ gas sale depends on Stage 2.
29 Dec 2008farm in farm out agreement▲ GoodMajor
Icon signed a farm-in with Queensland Government-owned Stanwell: $6m for a pilot on four of 30 ATP 626P blocks, then optionally $30m more for a 50% interest in them. Stanwell would buy up to 225 PJ over 15 years. It is conditional on agreements by 30 January 2009. This replaces the earlier farm-in and gas sale talks.
13 Nov 2008director officer appointment● NeutralMajor
Chairman Martin Pyecroft, a director since 1997, resigned for health reasons. Managing Director Ray James becomes chairman as well, with Stephen Barry named Lead Director to cover governance. The board plans to add an independent director.
2 Sept 2008capital raising announcement● NeutralMajor
Icon placed 14.3 million shares at 19 cents to raise $2.717m, funding new coal bed methane pilot wells in ATP 626P around Lydia No.1. PEL 218 seismic (33.33% farm-in) starts October 2008, with a first well by October 2009.
What it means for a shareholder
14.3m new shares at A$0.190 to raise about A$2.7m. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (5,263 at the issue price), your slice goes from 0.00176% to 0.00168% of the company. To keep it you'd need 252 more shares - about A$48 at the issue price.
Create a free account to see this worked out for your own holding.
15 July 2008director officer appointment▲ Good
Larry Brown is appointed Chief Operating Officer, joining Chief Geologist Harry Duerden. Icon plans a 24-well program on ATP 626 by third quarter 2009 and cites an MOU with Babcock and Brown for 300PJ. Sales are targeted for late 2011 or early 2012.
11 June 2008admin correction● Neutral
Icon issued the required cleansing notice under the Corporations Act for the 16 million shares placed on 11 June 2008. It is an administrative notice with no new information.
5 June 2008capital raising announcement● NeutralMajor
Icon placed 16 million shares to raise $2.801m: 11m at 20.1 cents, 4m at 7.5 cents and 1m at 29 cents. Funds go to administration and dewatering tests on ATP 626P. The 5m shares at 7.5c and 29c settle an agency agreement tied to a gas sales MOU.
13 May 2008security holder rights change● Neutral
On legal advice Icon rejected the Santos-to-Taycol option transfer because of irregularities, so the exercise is invalid. Santos still holds the 20 million options, exercisable to 31 December 2008. This reverses the 8 May notice.
8 May 2008security holder rights change● Neutral
Santos, holder of 20 million Icon options from 2006, told Icon it transferred them to Taycol Nominees, which gave notice to exercise them. The price is a 20% discount to the 5-day average market price. Later reversed (see 13 May).
6 May 2008price query● Neutral
After the price rose from 12 to 15 cents, ASX queried Icon. It said it knew of no undisclosed news, pointing to press coverage of coal seam gas and BG Group's Origin Energy takeover offer, and confirmed it complies with listing rule 3.1.
30 Apr 2008annual report▲ Good
2007 annual report: net profit of $3.2m for the year to 31 December 2007, and the three ATP 626P wells confirmed 0.9–1.3 TCF prospective gas. Icon needs development capital and a gas market, and is negotiating with potential farm-in or placement partners.
17 Mar 2008admin correction● Neutral
Icon corrects a map in its 13 March release that wrongly labelled Stitch, Lydia and Natasha as oil discoveries; they are gas discoveries. It says all else is correct. No new substance.
13 Mar 2008investor presentation● Neutral
Icon repeats its 0.9–1.25 TCF prospective gas estimate for ATP 626P (100% interest) and says specialist equipment has arrived from the USA, with dewatering expected to start early April 2008. Farm-in talks with several parties continue; none concluded.
15 Jan 2008resource reserve update▲ GoodMajor
Icon says the three ATP 626P wells found promising coal seams, with prospective recoverable gas of 0.9–1.25 TCF. This is unproven and needs testing. Stitch's oil target remains untested, with a plug set for a possible later sidetrack. Icon is now focused on coal seam gas.
4 Dec 2007drilling result▼ BadMajor
Stitch No.1 stopped at 1,943 metres with no commercial Precipice sandstone found, only clays, so the oil target failed. It will be completed as a coal seam gas well. The three wells show extensive Walloon coals, roughly 20 by 14 km.
30 Nov 2007drilling progress report● Neutral
Stitch No.1 is at 1,739 metres on day 12 of 14, drilling slowly through a fault. Shallow coals show promise as a gas well. A second Natasha gas sample shows 89% methane, with dewatering due in a few weeks.
28 Nov 2007drilling progress report● Neutral
Icon will keep drilling Stitch No.1 past 1,652 metres after reviewing logs, saying the Precipice absence was expected. The first Precipice is not expected until about 1,700–1,750 metres.
27 Nov 2007drilling result● NeutralMajor
Stitch No.1 hit 1,652 metres and the Precipice target sandstone is absent at this level, which Icon calls disappointing. Coal methane results from the Walloons are better than expected, with Natasha water at 520 ppm salinity and pilot drilling being considered.
23 Nov 2007drilling progress report▲ Good
Stitch No.1 is at 1,301 metres with strong gas shows, up to 78 units, in the Walloon coals. Natasha No.1 is bubbling gas. The report also attaches a top-20 shareholder list, led by managing director RS James interests at 6.75%.
19 Nov 2007drilling spud▲ GoodMajor
Stitch No.1 started drilling 18 November 2007 to about 2,000 metres, targeting the Precipice sandstone as at Moonie. Natasha and Lydia are complete; Natasha flowed some gas, while Lydia flowed 3,880 barrels of water a day from a sand above the coal.
13 Nov 2007drilling progress report● Neutral
Lydia No.1 started 8 November and is drilling the Walloon coals; Natasha No.1 is completed and being tested. Stitch No.1's rig is on location and expected to start 16 November. Natasha logs show 11m of coal.
6 Nov 2007drilling result● Neutral
Natasha No.1 reached total depth of 745 metres, with good coal seams found, and is being prepared for flow testing and dewatering. Stitch No.1 is still waiting for the ground to dry, with the rig move hoped for 9 November.
2 Nov 2007drilling progress report● Neutral
Natasha No.1 reached 611 metres and set casing above the first Walloon coal seam, on schedule and within budget. Stitch No.1's rig still cannot move onto the boggy location after more heavy rain.
