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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2006quarterly activities report● Neutral
Icon is preferred tenderer for ATP 849P and ATP 855P, at an 80% interest. PetroSun replaced Tiger as rig funder. Bayou Choctaw drilling is expected to resume in Q1 2007. Cash fell to $409k after a $608k outflow.
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.
31 July 2006quarterly activities report● Neutral
June quarter cash flow only (operations text not shown). Cash rose to $1.391m from $65k, with $1.284m of financing inflows; operating spend was $275k. Shares on issue 253.3m, with 20m Santos options outstanding.
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.
31 May 2006agm notice▲ Good
All resolutions passed at the 31 May 2006 AGM by large majorities, including the Santos share and option issues and ratifying the Harnbury placement. Shareholder approval for the Santos subscription is now in place.
31 May 2006agm notice● Neutral
Chairman's AGM address: Stitch No.1 slipped from April to August after the environmental licence was granted 29 May 2006. Icon agreed with Tiger Energy to build a rig (Icon Explorer 1, about $A6.0m, 50% Icon, available early 2007). AMI-1 was last producing 300 bopd and 200 bwpd.
28 Apr 2006quarterly activities report● Neutral
March quarter report restates the Santos deals: 10m shares at 6.76c ($676k), 20m options for $100k, and Santos earning 50% of ATP 626P by drilling Stitch No.1. AMI-1 is producing; the rig was released and a new one is due mid-July. Western Australian permits EP432 and TP 21 were released in February.
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 2006agm notice● Neutral
Notice of 31 May 2006 AGM. Shareholders vote on the accounts, remuneration, ratifying the 10m Harnbury shares at 2.8c, the Santos 20m options and 10m shares at 6.76c, and re-electing chairman Pyecroft.
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%.
7 Mar 2006drilling progress report● Neutral
AMI-1 now at 4,128 feet; progress slowed by a broken rig power swivel, since replaced. Target depth is 9,100 feet. Icon remains carried at 19%.
7 Mar 2006drilling progress report● Neutral
Horizon Oil's update repeats AMI-1 at 4,128 feet, with delays from rig equipment replacement. About 17 more days to total depth are expected. No new results.
28 Feb 2006drilling progress report● Neutral
Icon's weekly update: AMI-1 drilling at 2,670 feet, with casing cemented at 2,355 feet. It is the first of three wells; Icon holds 19%.
28 Feb 2006drilling progress report● Neutral
Partner Horizon Oil reports the AMI-1 well drilling at 2,670 feet with casing set at 2,355 feet. It cites prospect potential of 1.8 million barrels. Horizon holds 14% in this well; Icon's subsidiary is a partner.
20 Feb 2006drilling spud▲ GoodMajor
Australian Mineral Interests No.1 began drilling on 17 February 2006 at Bayou Choctaw, Louisiana, targeting Frio sands to 9,100 feet over about three weeks. Icon holds 19% and is carried; three back-to-back wells are planned.
6 Feb 2006regulatory community update▲ GoodMajor
A Louisiana court dismissed with prejudice the environmental damage claim against Icon and its partners over the Wilberts Lease, ending the litigation. The first Bayou Choctaw well is about to start.