7 Dec 2021capital raising announcement● Neutral
Rights issue prospectus and entitlement forms were dispatched to eligible shareholders on 7 December 2021; offer to close 17 December. Administrative notice with no new terms.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Dec 2021asset acquisition disposition▼ BadMajor
Icon will apply to surrender Victorian permit PEP 170 and not pursue PEP 172/173, after the regulator wanted more information on a conventional-drilling work program. This reverses the June 2021 extension of the permits to 2026; focus is now ATP 855.
29 Nov 2021capital raising announcement● Neutral
Icon confirmed the rights issue record date of 2 December 2021 and eligibility (Australia, New Zealand, Hong Kong addresses). Timetable notice only; no new terms.
29 Nov 2021capital raising announcement● Neutral
Prospectus lodged for the rights issue: 1 new share for every 2 held at $0.01, with one attaching $0.05 option per new share expiring 12 September 2022. Maximum 328.8m shares; offer closes 17 December 2021. Formal document for the already announced raise.
29 Nov 2021capital raising announcement● NeutralMajor
Icon launched a 1-for-2 non-renounceable rights issue at $0.01 per share, up to 328.8m shares to raise up to $3.28m, with a free $0.05 bonus option (expiring 12 September 2022) per share. It follows a recent placement to sophisticated investors, mentioned without details.
22 Nov 2021price query● Neutral
ASX queried the share price rise from $0.015 to $0.023 and heavy volume on 18-19 November 2021. Icon said it knew of no undisclosed information and had no explanation. A third such query after August 2020 and May 2021.
12 Nov 2021annual report● Neutral
2021 Annual Report dispatched, with AGM set for 15 December 2021. Chairman says the focus is farming out the 100% ATP 855 interest; field operations are on care and maintenance, with $1.58m cash at 30 June. Repeats known facts.
14 Oct 2021annual report▼ BadMajor
Audited FY21 accounts differ materially from the unaudited ones: the South Australian PRL exploration asset is fully impaired because the joint operation has no budgeted exploration work, despite permits being extended to 2024. Icon says prospectivity and resource certification are unaffected.
30 Sept 2021annual report▼ BadMajor
Unaudited FY21 accounts: loss $5.27m (FY20 $2.95m), including a $4.16m impairment. Cash fell to $1.58m from $5.54m; net assets $3.42m. Audited accounts are due by 31 October 2021.
30 July 2021quarterly activities report▲ GoodMajor
June 2021 quarter: an unnamed overseas gas company has expressed interest in ATP 855 and is doing due diligence under confidentiality; no terms discussed. Victoria extended PEP 170 and other permits to 1 July 2026, reversing April's expectation of non-renewal. ATP 594 has expired.
11 May 2021price query● Neutral
ASX queried a share price rise from $0.018 to $0.031 and higher volume on 11 May 2021. Icon said it knows of no undisclosed information, has no explanation, and confirmed Listing Rule compliance. A repeat of the August 2020 query.
30 Apr 2021quarterly activities report▼ BadMajor
March 2021 quarter: ATP 594 expired 16 April 2021 and is being relinquished; PEP 170 likely won't be renewed. Icon pitches a 'blue hydrogen' and carbon-separation 'Roadmap' for ATP 855 and says it is talking to potential farm-in partners. Rehab is suspended.
16 Apr 2021half year report▼ BadMajor
Reviewed half-year accounts confirm a $3.69m loss and $4.09m cash. Icon says it will relinquish ATP 594 after failing to find a partner, and the remaining four ATP 855 wells' restoration is rescheduled to three years' time. Halifax testing is delayed.
16 Mar 2021half year report▼ Bad
Unreviewed half-year to 31 December 2020: loss $3.69m (prior $1.78m), including a $3.17m restoration provision increase. Cash $4.09m, down from $5.54m at June; net assets $5.0m. Reviewed accounts are due by 16 April 2021.
10 Feb 2021drilling progress report▼ Bad
Halifax No.1 was plugged deep and Redland No.1 plugged, but the Halifax wellhead leaked a little gas, so valves went to Roma for reconditioning. The Callamurra test is delayed again, and the remaining three wells are suspended pending a new quote.
31 Dec 2020drilling progress report● Neutral
ATP 855 rehabilitation and testing began on 30 December 2020 after COVID-19 equipment delays. Work is expected to take up to 35 days, including the Halifax No.1 Callamurra gas test; results will be announced when known.
2 Dec 2020investor presentation● Neutral
AGM address: cash was $5.5m at 30 June 2020. Stage-2 work in ATP 855 and ATP 594 drilling stay on hold until funding; the Halifax No.1 Callamurra test was expected to start the following week. Chairman hopes to raise funds. Presentation text is truncated.
30 Nov 2020admin correction● Neutral
Icon announced a temporary new phone number, +61 407 200 200, until further notice. Registered office (Bundall) and principal place of business (Varsity Lakes) are unchanged. Administrative only.
30 Oct 2020quarterly activities report● NeutralMajor
September 2020 quarter: ATP 855 rehabilitation and Halifax No.1 Callamurra test delayed by COVID-19, now expected from early-to-mid November 2020. Queensland extended the ATP 855 work program two years to 29 October 2022. Delays have held back finding a joint venturer.
23 Oct 2020annual report● Neutral
2020 Annual Report released, with the AGM set for 26 November 2020. The chairman highlights a gas prospect in the Halifax No.1 well's Callamurra sand and says he hopes to raise funds. Financials are not visible in the text.
15 Oct 2020director officer appointment▼ Bad
Non-executive director Howard Lu, a director since 2011, resigned effective 30 November 2020, citing outside business interests and travel restrictions. The board gets smaller after the 2019 retirements of Dr Jih and Mr Murphy.
27 Aug 2020admin correction● Neutral
Icon changed its registered office to Bundall and its principal place of business to Varsity Lakes, Queensland. Phone number is unchanged. Administrative only.
26 Aug 2020annual report● Neutral
Text not readable.
20 Aug 2020price query● Neutral
ASX queried a share price rise from $0.012 to $0.022 and higher volume since 7 August 2020. Icon said it knows of no undisclosed information and has no explanation for the trading, and confirmed Listing Rule compliance.
31 July 2020quarterly activities report▲ GoodMajor
June 2020 quarter: ATP 855 work now expected from early September 2020. Plan changed to complete and test Halifax No.1 in a shallower, normally pressured gas zone (97% methane); flows above 1 million cubic feet a day could allow suspension as a producing well. Pipeline within 2 km.
20 Feb 2020half year report● Neutral
Half-year to 31 December 2019: loss $1.78m (prior year $1.88m); cash $6.97m, down from $8.83m at June. Icon repeats the ATP 855 well rehabilitation plan before a new farmout campaign, and Berella No 1 plan in ATP 594 subject to funding.
31 Jan 2020quarterly activities report▼ BadMajor
December 2019 quarter: farmout talks failed, and Icon says funding is unlikely in current markets. It signed Wellpro Services to plug and rehabilitate six ATP 855 wells in mid-2020 to offer a 'clean slate'. First ATP 594 well, Berella No1, targeted late 2020/early 2021, subject to funding.
2 Jan 2020director officer appointment● NeutralMajor
Ray James's executive service agreement as managing director expired on 31 December 2019. He stays on as a director, must retire by rotation at the next AGM, and remains committed to the company. No new managing director is named.
27 Nov 2019investor presentation▼ Bad
AGM address: no farmout yet for ATP 855 or ATP 594; cash was $8.83m at 30 June 2019. Staff were made redundant in Aug–Sep 2019, and Ray James's base salary was cut 60% from 1 September 2019. Chairman hopes to raise funds.
25 Oct 2019annual report▼ BadMajor
2019 Annual Report: no farmout achieved for ATP 855 or ATP 594 in FY19. Cash was $8.83m at 30 June 2019. Asset impairments of $28.2m drove a $31.3m loss, with the chairman saying resource certification is unaffected. Funding search continues.