29 Oct 2013drilling progress report● Neutral
Geoffrey-1 is drilling ahead at 2,338 m in the Hutton Sandstone, heading for a planned 4,266 m total depth. No gas or test results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2013drilling spud▲ GoodMajor
Geoffrey-1, the fourth well in the ATP 855 program, spudded on 14 October 2013, later than the late September to early October guidance. It targets 4,266 m, 36 km north-east of Hervey-1, and stimulation is proposed for Q1 2014, starting with Hervey-1.
4 Sept 2013drilling progress report● Neutral
Beach's August report: Keppel-1 safely suspended after gas influx from the over-pressured Epsilon, with the joint venture to evaluate options. Rig released to Boston-3 in PEL 218. Mostly other Beach permits, no new Icon-specific result.
26 Aug 2013resource reserve update▲ GoodMajor
Maiden contingent resource for Halifax-1 in ATP 855: gross 318 Bcf 1C, 629 Bcf 2C and 1,115 Bcf 3C. This delivers the booking previously targeted, a first step toward Icon's goal of 2 Tcf 2P reserves.
21 Aug 2013drilling result● NeutralMajor
Halifax-1 now flows 0.7 MMscfd, with 239 MMcf produced. Hervey-1 stimulation is expected in December 2013. Keppel-1 hit strong gas from the over-pressured Epsilon and is suspended, with a Notice of Petroleum Discovery. Geoffrey-1 expected to spud late September to early October.
7 Aug 2013drilling progress report● Neutral
Beach's July report: Hervey-1 cased and suspended at 4,266 m after over 800 m of Patchawarra. Keppel-1 stopped at about 3,900 m by high-pressure gas, with options to restart under review. Remainder covers other Beach permits.
16 July 2013drilling result▲ Good
Hervey-1 reached total depth of 4,269 m with gas shows; Keppel-1 is at 3,897 m. Geoffrey-1 is planned for later in July, subject to approvals. No flow results yet.
5 July 2013drilling progress report● Neutral
Icon reports Hervey-1 drilling at 4,020 m and Keppel-1 having cut its first core, with gas shows described as encouraging. Geoffrey-1 is planned for mid-July. No quantified result.
3 July 2013drilling progress report● Neutral
Beach's June drilling report: in ATP 855 (now Beach 46.9%, Icon 35.1%), Hervey-1 is at 3,969 m and Keppel-1 is coring at 3,535 m. Other results concern Beach's other permits, with no new Icon-specific result.
26 June 2013farm in farm out completion● NeutralMajor
The put option sale completed on 25 June 2013: Icon transferred 4.9% of ATP 855 to Beach for US$18m. Icon now holds 35.1%, Beach 46.9% and Chevron 18%, resolving the option pending since February.
17 June 2013farm in farm out agreement● NeutralMajor
Icon exercised its put option, obliging Beach to buy a 4.9% interest in ATP 855 for US$18m. Icon's stake drops from 40% to 35.1%, completion due 25 June 2013. Icon says the cash will fund its ATP 855 exploration program.
6 June 2013drilling progress report● Neutral
Beach's drilling report table revised for Sceale-1 in PEL 91 (cased and suspended). In ATP 855, Hervey-1 is at 1,931 m and Keppel-1 at 911 m, both drilling ahead. No new Icon-specific result.
5 June 2013drilling progress report● Neutral
Beach's May monthly drilling report. In ATP 855, Hervey-1 is at 1,931 m and Keppel-1 at 911 m. The rest covers Beach's other Cooper Basin permits. No new Icon-specific result.
3 June 2013drilling spud● NeutralMajor
Keppel-1 spudded 3 June in ATP 855, 25 km north-east of Halifax-1, to over 4,500 m. It is described as the deepest Nappamerri Trough well to date. Hervey-1 is drilling at 1,404 m.
27 May 2013drilling spud● NeutralMajor
Hervey-1 spudded 26 May in ATP 855, 30 km east of Halifax-1, to about 4,200 m. A material contingent resource is expected to be booked if testing succeeds. Halifax-1 is flowing 1.1 MMscfd, continuing its decline.
25 Feb 2013farm in farm out agreement▲ GoodMajor
Beach will farm out up to 60% of PEL 218 and ATP 855 to Chevron for up to US$349m over two stages. Icon, holding 40% of ATP 855, waived pre-emptive rights and gets a put option to sell 4.9% to Beach for US$18m by 30 June 2013.
25 Feb 2013farm in farm out completion▲ GoodMajor
Icon welcomes Chevron into ATP 855, keeping its 40%, and confirms Beach has completed its 2011 farm-in commitments by funding Halifax-1. It also holds the US$18m put option over 4.9%. A 2C resource is now targeted for later in 2013, and five more wells are planned.
6 Dec 2012drilling scheduled▲ GoodMajor
Icon says Halifax-1 hydraulic stimulation starts mid-December 2012: 15 stages between 2,670m and 4,267m, with Queensland approvals in place. Flow testing follows, and a 2C resource booking is expected in Q1 2013 if successful. This firms up the earlier 'late November, subject to approval' timing.
18 Oct 2012drilling result▲ GoodMajor
Icon says preliminary logs indicate Halifax-1 is likely gas saturated across a Permian zone over 1.3km, the thickest REM at about 460m. Stimulation is planned for late November, subject to approval; a 2C resource guidance is expected in Q1 2013. These are preliminary readings, not a booked resource.
16 Oct 2012drilling result▲ GoodMajor
Halifax 1 reached total depth of 4,267m, beyond the planned 4,130m. The well will be cased and suspended for fracture stimulation in Q4 2012, subject to Queensland environmental approvals. Log interpretation follows.
9 Oct 2012drilling progress report● Neutral
Drilling at Halifax 1 resumed on 9 October at 4,006m after generator repairs, which required a replacement generator to be sent to the Cooper Basin. The Patchawarra is expected deeper than estimated; no new results.
2 Oct 2012drilling progress report▲ Good
Halifax 1 is at 4,006m. The Patchawarra came in about 100m deeper than expected, so total depth will exceed the planned 4,130m. Icon reports significant mudlog gas shows, which it calls encouraging; final log interpretation is still needed.
25 Sept 2012drilling progress report● Neutral
Halifax 1 is at 3,885m after a second core, 25m in the Patchawarra. The REM came in as expected at about 460m thick, versus 393m at Encounter 1. Core evaluation will take at least two months; fracture stimulation is planned for Q4 2012.
18 Sept 2012drilling progress report● Neutral
Halifax 1 is at 3,860m and drilling in the Patchawarra Formation. A 24-metre core was cut in the Epsilon Formation on 15 September, and evaluation is ongoing; no results from it yet.
11 Sept 2012drilling progress report● Neutral
Halifax 1 has drilled to 3,326m, 348m since the last update, and has entered the Roseneath Formation. The first core is planned in the Epsilon Formation; planned total depth remains 4,130m. No new results.
23 Aug 2012drilling progress report● Neutral
Halifax 1 in ATP 855P has drilled to 2,611m in the Nappamerri Formation, been wireline logged, and will next have 9⅝ inch casing run and cemented. Icon repeats the 300 TCF gas-in-place figure for neighbouring PEL 218; no gas results yet.
14 Aug 2012drilling progress report● Neutral
Halifax 1 is drilling at 1,605m in the Wallumbilla Formation after cementing casing at 847m. No gas or reservoir results yet; the release repeats the 300 TCF gas-in-place estimate for neighbouring PEL 218.
6 Aug 2012drilling spud▲ GoodMajor
Halifax 1 was spudded on 4 August in ATP 855P, targeting 4,130m with total depth expected in about 55 days. It is Icon's first shale gas well, 12km from Beach's Encounter 1; Beach funds most of the cost under the farm-in.
1 Aug 2012drilling scheduled● Neutral
Halifax 1 in ATP 855P (Beach 60%, Icon 40%) moved from a 1 August spud to 2 August 2012, with a planned depth of 4,130m. A further update will follow the spud.
16 July 2012farm in farm out agreement▲ Good
Icon's release of the same Beach announcement: Halifax-1, a vertical well, is brought forward in ATP 855P, using the Ensign 916 rig after Streaky-1. Farm-in terms are unchanged: Beach funds $16m less a $1.75m Icon contribution.