Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2008quarterly activities report● Neutral
December 2007 quarter: ATP 626P's three wells indicate 0.9–1.25 TCF of prospective gas; commerciality needs months of testing, with equipment due in 6–8 weeks. ATP 849P is not yet awarded. Bayou Choctaw makes about 50 bopd. No cash figure is given in the text.
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.
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.
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%.
31 July 2007quarterly activities report● Neutral
June 2007 quarter: Icon holds 100% of ATP 626P from 2 July after Santos withdrew, and the $4.5m ATP 765P/766P sale to Santos is complete. Stitch No.1 and two coal methane wells are expected around September. Cash was $4.14m.
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.
30 May 2007agm notice● Neutral
All three resolutions passed at the 28 May 2007 AGM: re-election of Stephen Barry, election of Raymond McNamara, and an issue of additional shares. Proxy votes for were well above votes against.
28 May 2007agm notice▼ Bad
Chairman says Santos has withdrawn from the ATP 626P farm-in, so Icon is arranging its own rig for Stitch No.1, with drilling now expected in H2 2007. Bayou Choctaw is deprioritised, and the biofuel deal is not a priority. Debt finance is sought for the rig.
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 2007quarterly activities report● Neutral
Cover letter attaching the March 2007 quarter Appendix 5B cash flow statement. The operations report is not repeated because the annual report was released the same day.
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.
