29 Oct 2007drilling spud● Neutral
Natasha No.1 coal methane well began drilling 28 October 2007, targeting about 745 metres. Heavy rain is holding up the Stitch No.1 rig move; its major objective is expected near 1,850 metres.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2007material agreement● Neutral
Icon signed the Century Rig 11 contract for Stitch No.1, though 76 mm of rain delayed site works. Natasha No.1 remains on schedule to 750 metres. If the Precipice has no hydrocarbons, Stitch would be completed as a coal seam gas well.
23 Oct 2007drilling scheduled● Neutral
Natasha No.1 is set to spud 28 October and Stitch No.1 on 2 November using Century Rig 11, with a contract about to be signed. Stitch is expected to take about 14 days. Century's contract brings savings and an option for a second well.
17 Oct 2007other● Neutral
Re-release of the 17 October 2007 ATP 626P drilling update, with identical text. It adds nothing new.
17 Oct 2007drilling scheduled● Neutral
Natasha No.1 coal methane well is expected to spud around 25–26 October 2007, with Lydia No.1 next. Stitch No.1 site works are nearly done but the rig move awaits another party's confirmation. Icon holds 100% of ATP 626P.
5 Sept 2007drilling scheduled● Neutral
Icon signed Mitchell Drilling to drill two coal bed methane wells, Natasha No.1 and Lydia No.1, in ATP 626P. Stitch No.1 is finalising a Century Drilling contract. Both are expected to spud in early October 2007, and Icon may farm out to 75%.
19 June 2007asset acquisition disposition● NeutralMajor
Icon sold its ATP 765P/766P interests to Santos for $4.5m including GST, and takes 100% of ATP 626P as Santos withdraws effective 2 July 2007. Stitch No.1 is now expected late August to September 2007, with two coal bed methane wells planned for Q4.
14 May 2007material agreement● NeutralMajor
Icon signed a non-binding letter of intent with PetroSun to take a 20% interest in an Australasian algae biodiesel licence, via a new company. Icon would issue 20m shares, 5m options at 5c and 55% of Icon Drilling. Due diligence runs to 30 June 2007.
9 May 2007director officer appointment● Neutral
Icon announced Dr Raymond McNamara, a Bond University associate professor of accounting, as executive director and company secretary. His appointment followed the death of longtime secretary John Cummins in 2006.
27 Apr 2007annual report▼ BadMajor
2006 annual report says the Indonesian bid failed after the February 2007 market fall; the placement was cancelled and the money returned. Stitch No.1 still has no firm date. Bayou Choctaw is deprioritised in favour of Australia. Dr Ray McNamara joins as director and company secretary.
2 Apr 2007annual report▼ Bad
2006 loss was $1.45m. AMI-1 now makes about 40 bopd. The Indonesian deal is delayed by the 28 Feb 2007 market fall. Stitch No.1 has no firm date; Santos must complete it by 26 June 2007.
6 Feb 2007asset acquisition disposition▲ GoodMajor
Icon signed heads of agreement to buy up to 75% of an Indonesian production sharing contract for US$4-6m, at least US$1.4m in cash and the rest in shares (about 350m shares afterwards). It needs approvals and a partner for US$4-5m of work; the 16 leads include two discovery wells.
28 Dec 2006director officer appointment▼ BadMajor
Company secretary and CFO John Cummins, in the role since the 1997 listing, died on 23 December 2006. Director Stephen Barry has been appointed company secretary.
17 Oct 2006drilling scheduled● Neutral
Santos says Stitch No.1 in ATP 626P is now lined up for the first quarter of 2007, the earliest slot available. Earlier hopes for August 2006 are dropped. Santos still earns 50%, cutting Icon's interest from 100%.
13 Sept 2006half year report● Neutral
Half-year accounts to 30 June 2006: AMI-1's upper zone is producing but rates haven't stabilised, and the option for two more Wilberts wells ended because the rig was unsuitable. Santos shares were issued 13 July. Rig-build deal now with Gallagher Engineering.
11 July 2006farm in farm out completion▲ GoodMajor
ATP 626P was renewed for 18 years, making the Santos subscription unconditional. Santos applied for 10m Icon shares at 6.76c, and the Santos farm-in can now complete. Stitch No.1 will likely miss August 2006; no new spud date was given.
28 Apr 2006well test result▲ Good
AMI-1 flowed 3.1 mmcfd of rich gas and 60 bopd in a 12.5-hour test, limited by test equipment; online in about 2 weeks. Drilling is hoped to resume mid-July after the rig was released. Icon holds 19%. Repeats the Horizon test figures already reported.
27 Apr 2006well test result▲ GoodMajor
Horizon reports AMI-1 tested at 3.1 mmcfd of rich gas and 60 bopd from the Cib Haz formation, with production expected online in about 2 weeks. Drilling is hoped to resume by mid-July with a new rig.
21 Apr 2006drilling result● NeutralMajor
AMI-1 has been completed as a producing well, with a first production test due soon. The rig could not handle the pressures at 8,630 feet and was released; the deeper zone will be tested by twinning the well later. New-rig drilling is expected in 2-3 months.
13 Apr 2006drilling progress report● Neutral
AMI-1 reached 8,630 feet and hit another hydrocarbon zone with higher pressure that needed heavier mud. The drill string stuck and was backed off at 8,336 feet. Logging of the new interval is being prepared.
6 Apr 2006drilling result▲ GoodMajor
Icon declares the first target zone in AMI-1 a commercial discovery, with 74 feet of net oil pay at 7,700-7,773 feet. The well is cased for production and drilling toward 9,100 feet continues. Icon holds 19%.
29 Mar 2006drilling result▲ GoodMajor
Horizon reports AMI-1 logs and cores show oil-saturated sands at 25-30% porosity, with a preliminary 74 feet net pay in 3 zones. The drill string stuck and was backed off; casing will be set above it.
29 Mar 2006drilling result▲ GoodMajor
Icon confirms AMI-1 logs and cores show 34-38 API oil, with preliminary pay of 219 feet gross and 74 feet net across 3 zones. The drill string became stuck and was backed off; Icon holds 19%.
22 Mar 2006farm in farm out agreement▲ GoodMajor
Icon signed agreements with Santos: Santos subscribes 10m shares at 6.76c ($676k, conditional) plus 20m options for $100k. Santos farms into ATP 626P, earning 50% by drilling Stitch No.1, and takes a 63% stake in ATP 765P/766P, carrying Icon (27.75%).
22 Mar 2006drilling progress report▲ Good
Icon reports a drilling break and gas rising from 22 to 1,070 ppm across 7,700-7,773 feet in AMI-1, with oil fluorescence. This is an early hydrocarbon show, to be evaluated by logs; main targets not yet reached.
22 Mar 2006drilling progress report▲ Good
Horizon Oil reports AMI-1 at 7,863 feet with strong gas readings and fluorescence between 7,700 and 7,773 feet. Their significance awaits electric logs.
21 Mar 2006drilling progress report● Neutral
AMI-1 at 7,654 feet; some drilling mud is being lost to the formation and running casing is under consideration. The first main target sand is expected below 8,000 feet.
17 Mar 2006half year report▼ Bad
Financial statements for the year ended 31 December 2005 show a consolidated loss of $748,442, against a $1.76m profit in 2004. Capital raised in 2005: 9.1m shares at 2.8c in May and 10m at 2.8c in November.
14 Mar 2006drilling progress report● Neutral
Horizon Oil's update repeats AMI-1 at 6,960 feet, with about 12 more days to reach total depth. No new results.
14 Mar 2006drilling progress report● Neutral
AMI-1 drilling ahead at 6,960 feet toward 9,100 feet. No results yet; Icon remains carried at 19%.