Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
30 Jan 2009quarterly activities report● Neutral
December 2008 quarter: cash was $4.3m, and the Stanwell farm-in was signed. Drilling contracts for the Lydia Pilot are in place for February/March 2009, and the PEL 218 seismic survey was completed. Staff grew to twelve.
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.
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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.
30 May 2008agm notice● Neutral
The chairman's AGM address says Icon is at an advanced stage on a gas sale of 10–50 PJ a year, with an MOU expected within three weeks and a final agreement by 30 October. Development funding of about $40m is being negotiated, and a competing farm-in proposal has arrived. Dewatering is delayed. All unconfirmed.
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.
