21 Oct 2022director officer appointment● Neutral
Director Ray James was appointed Company Secretary on an interim basis until a permanent appointment is made. This follows Natalia Fraser's resignation in September.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2022agm notice● Neutral
The 2022 AGM will be held on 30 November 2022, with director nominations closing 18 October 2022. Administrative notice.
3 Oct 2022annual report● Neutral
FY22 accounts: loss of $1.47m (FY21: $6.92m). PEP 170 surrender was consented on 16 August 2022, and Icon served notice on 23 August to withdraw from the South Australian PRLs. ATP 855's work program was due for renewal on 31 October 2022; farm-out talks continue.
27 Sept 2022director officer appointment▼ Bad
Company Secretary and CFO Natalia Fraser resigned on 27 September 2022 for health reasons after almost 15 years with Icon. The board will consider how to fill the roles and update the market.
15 Sept 2022security holder rights change● Neutral
13,256,427 options were exercised at $0.05, raising $662,821; 83,893,875 lapsed unexercised on 12 September 2022. Icon now has no options or convertible securities on issue, so the bonus options raised far less than the $4.86m maximum.
8 Sept 2022security holder rights change● Neutral
Notice that the listed $0.05 ICNO options expire at 5pm on 12 September 2022, with quotation having ceased on 5 September. Shares last traded at $0.018, below the $0.05 exercise price. Administrative notice.
7 Sept 2022material agreement▲ GoodMajor
Icon signed a non-binding letter of intent with RP Trust Inc, a Labuan, Malaysia trust, for it to farm into ATP 855, targeting binding farm-in and JV agreements by 1 December 2022. Nothing is binding; first named farm-in counterparty after a year of talks.
29 July 2022quarterly activities report● Neutral
June 2022 quarter: Icon is finalising a 300 sq km 3D seismic survey around the Keppel No.1 well, planned for the second half of 2022, to site a Keppel No.2 well. Farm-in discussions continue with no partner named; no substantive exploration activity.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarter: rights issue confirmed at $971,503, with bonus options worth up to $4.86m if exercised. Icon says several parties have completed technical reviews of ATP 855 but no investment has followed. Operations remain on care and maintenance; no new terms.
23 Mar 2022price query● Neutral
ASX queried the share price rise from a low of $0.016 to $0.024 and heavy volume on 23 March 2022. Icon said it knew of no undisclosed information and had no explanation. A fourth such query since August 2020.
11 Mar 2022half year report● Neutral
Half-year to 31 December 2021: loss of $737,821 (versus $3.69m a year earlier) and cash of $1.47m (June 2021: $1.58m). A 60m-share placement raised $600,000. Operations remain on care and maintenance while Icon seeks partners for ATP 855.
1 Feb 2022admin correction● Neutral
Icon amended its December 2021 quarterly report to add a related-party payments paragraph ($71,149 directors' fees; $14,310 to the Chairman's law firm for raising documents) and fix an Appendix 5B item. It states the rights issue raised $971,503, resolving the earlier $0.97m versus $3.29m discrepancy.
31 Jan 2022quarterly activities report● Neutral
December 2021 quarter: farm-in talks for ATP 855 continue under several confidentiality agreements, with operations on care and maintenance. The report says the rights issue raised $0.97m, which conflicts with the $3.29m total in the 10 January result. PEP 170 to be surrendered.
12 Jan 2022other● Neutral
Required top-20 holder and distribution list for the new quoted options (ICNO, $0.05, expiring 12 September 2022). About 97.15m options issued across 587 holders. Administrative only.
10 Jan 2022capital raising announcement▲ GoodMajor
Rights issue closed 5 January 2022 with valid acceptances for 97.15m shares ($0.97m) and 231.65m shares ($2.32m) shortfall, totalling about $3.29m at $0.01. The shortfall placement wasn't explained in the text; shares and options to issue 12 January.
15 Dec 2021investor presentation● Neutral
AGM address and presentation: field operations remain on care and maintenance, and Icon is farming out its 100% ATP 855 interest. Says it is handing back ATP 594, the Victorian permits and the South Australian PRLs. Repeats known facts.
14 Dec 2021capital raising announcement● Neutral
Rights issue closing date extended from 17 December 2021 to 5 January 2022 because postal delays hit delivery of the prospectus and forms. Allotment moves to 12 January 2022.
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.
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.
29 Oct 2021quarterly activities report● Neutral
September 2021 quarter: Icon is focused on finding a joint venturer for ATP 855, with two parties under non-disclosure agreements, and is pitching a zero-carbon gas-and-hydrogen plan. ATP 855 work program extended to 29 October 2022; resources unchanged (1.57 Tcf contingent).
29 Oct 2021agm notice● Neutral
Icon says it will use ASIC relief to dispatch its 2021 Annual Report later than the usual four months after year-end. Administrative only.
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.