Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2012farm in farm out agreement▲ GoodMajor
Beach and Icon agreed to drill a vertical exploration well, Halifax-1, in ATP 855P from July 2012 instead of a horizontal well planned for late September. Beach funds the first $16m less Icon's $1.75m, to take 60% of the permit.
4 June 2012drilling result● NeutralMajor
Eolus 1 reached 1,200m with 10.4m of net coal and four drill stem tests. Icon calls seam thicknesses encouraging, and the well is cased and suspended pending study of completion methods, possibly horizontal drilling. This completes the two-well ATP 626P campaign.
22 May 2012drilling spud● Neutral
Icon spudded Eolus 1 in ATP 626P, to be drilled over 14 days to 1,200m. It is the second of two coal seam gas wells drilled with Goondi (a Stanwell subsidiary), which has earned an up-front 50% farm-in interest in the wells.
18 May 2012drilling result▼ BadMajor
Windom 1 reached 1,200m and logs show 11.8m of net coal, better than expected, but four drill stem tests indicated low permeability. The well will be plugged and abandoned; the rig moves to Eolus 1.
8 May 2012drilling spud● Neutral
Windom 1 was spudded in ATP 626P, planned to reach 1,200m in 14 days. It is the first of two coal seam gas wells drilled with Goondi/Stanwell under the farm-in, which are part of the five-well program.
17 Apr 2012drilling scheduled▼ Bad
Beach says the rig for the first ATP 855P shale well is delayed to Q3 2012 (was targeting this financial year). Beach funds Icon's share of an estimated $16m, less a $1.75m Icon contribution. Tiger West 1 and Dragon 1 in PEP 170 are planned for Q3 2012.
28 Dec 2011drilling result▼ BadMajor
North Maroon DW1 tests at 1,835-1,860m and 1,568-1,593m flowed formation water, with some gas in the upper test, so no oil flowed. Icon says the sandstone is good reservoir with oil shows, but a trap is not yet defined. South Maroon and other locations are being considered.
21 Dec 2011drilling progress report● Neutral
Logs on North Maroon DW1 are evaluated and a first drill stem test is under way over 1,840-1,865m, where strong oil shows were seen. Further tests on other zones and coal seams depend on that first result.
20 Dec 2011drilling progress report● Neutral
Logging continues on North Maroon DW1 to evaluate the Precipice shows, before deciding on drill stem tests. A final decision on plugging back and sidetracking west awaits the test results. Coal seam gas sample tests are continuing.
19 Dec 2011drilling result● Neutral
North Maroon DW1 reached 1,891m. Icon says oil shows prove a hydrocarbon system in ATP 626P, but the main lower Precipice sandstone was absent here. The well may be plugged back and sidetracked west. Tests are still to come.
16 Dec 2011drilling progress report● Neutral
North Maroon DW1 is at 1,742m in the Evergreen Formation, drilling slowly through small faults. More strong fluorescent cut shows and gas of 10 units of C1 were seen at 1,731-1,736m. Icon says significance is not yet established.
15 Dec 2011drilling progress report● Neutral
North Maroon DW1 is drilling at 1,618m with weak to strong bluish-white fluorescent shows, usually a sign of residual oil, but no rise in background gas. Icon calls the shows encouraging but says their significance is unproven. Precipice target is still to come.
13 Dec 2011drilling progress report● Neutral
North Maroon DW1 reached 1,473m measured depth, passing through Walloon Coal Measures as planned. Drilling paused to fix rig and downhole equipment problems, with restart expected 14 December. Target remains about 2,100m; Icon holds 100%.
6 Dec 2011drilling progress report● Neutral
North Maroon DW1 is at 272m with surface casing cemented and blowout preventers tested, awaiting directional drilling tools. Target depth is about 2,100m, 21 days from spud. The release gives the spud date as 1 December, which conflicts with the 2 December spud announcement.
2 Dec 2011drilling spud● NeutralMajor
North Maroon DW1 was spudded in ATP 626P and drilling ahead. It targets the Precipice Sandstone and is planned to take 21 days to about 2,100m. Icon holds 100% after Stanwell's Goondi declined to participate. Spud slipped from the planned 24 November.
23 Nov 2011drilling scheduled● NeutralMajor
Icon signed an Atlas Drilling contract to drill North Maroon DW1 in ATP 626P, targeting the Precipice Sandstone that produces at the Moonie oilfield. Stanwell's Goondi chose not to participate, so Icon holds 100%. A change from the coal seam gas focus; spud planned 24 November.
30 Aug 2011drilling scheduled▲ GoodMajor
Icon says Beach has secured the Ensign #65 rig for the ATP 855P farm-in well, arriving April 2012 and drilling by June 2012 at the latest. Beach funds Icon's share of the ~$16m programme except Icon's $1.75m. First ATP 855P drilling timetable since the July settlement.
15 July 2011farm in farm out agreement● NeutralMajor
Icon and Beach settled the ATP 855P dispute with a signed farm-in. Icon transfers 40% to Beach (subject to Ministerial approval), leaving Icon 40%. Beach funds Icon's share of an estimated $16m work programme, except $1.75m Icon pays. Icon gets 33.333% of PEL 218 post-Permian.
21 June 2011drilling result▼ BadMajor
Lydia-13 was plugged and abandoned at 825m because coal permeability was too low for economic gas production. That ends the four-well programme with no wells kept. A follow-up programme from 1 July, possibly outside the farm-in area, needs approvals.
14 June 2011drilling progress report● Neutral
Lydia-13 is being cored at 759m, with logging and testing to follow. It is the last well of the four-well programme this budget year. A further programme from 1 July is possible, subject to board and partner approval.
7 June 2011drilling result▼ Bad
Lydia-12 reached 900m with 8.9m of coal, and all three drill stem tests showed low permeability. The joint venture plugged and abandoned it. The rig moved to Lydia-13, spudded 6 June. Third consecutive poor result.
31 May 2011drilling progress report● Neutral
The rig returned to Lydia-12, and the stuck drilling assembly was recovered on 30 May. Drilling restarted on 31 May. (The release says it returned on 25 March, which appears to be a typo for May.)
24 May 2011drilling result▼ Bad
Lydia-11 reached 915m with 12m of coal; the deeper Taroom coals showed about 10 millidarcies permeability, needing stimulation. The joint venture plugged and abandoned it. Second poor result from the programme.
17 May 2011drilling progress report● Neutral
Coring began on Lydia-11 at 696m. Lydia-13 is confirmed as a fourth well in the programme, with the Atlas rig option exercised. The rig will return to Lydia-12 afterwards.
10 May 2011drilling progress report▼ Bad
Lydia-12 was spudded on 2 May and drilled to 651m before stuck pipe suspended operations while equipment comes from Perth. The rig moved to Lydia-11 and will return to Lydia-12 afterwards.
3 May 2011drilling result▼ Bad
Lydia-10 was plugged and abandoned on 2 May 2011. Poor core recovery prevented gas content analysis, and drill stem tests showed lower-permeability coals. A disappointing first well of the Stanwell Stage 2 programme.
18 Apr 2011drilling spud● Neutral
Lydia-10 was spudded on 17 April 2011 in ATP 626P, targeting the Walloon Coal Measures to 920m. Casing is set at 105.75m. First of three planned wells in Stanwell's Stage 2 programme.
12 Apr 2011drilling scheduled▲ Good
Icon will mobilise Atlas Rig #2 on 14 April 2011 to drill three exploration wells (Lydia 10, 11, 12) in ATP 626P, part of Stanwell's $30m Stage 2. This begins the long-awaited drilling after the February rig contract, with Cooper and Gippsland drilling to follow.
25 Feb 2011drilling scheduled▲ GoodMajor
Icon signed Atlas Drilling to drill three wells in ATP 626P, with an option for two more, ending the wait for drilling to resume. Further wells are planned for ATP 855P, PEL 218 and PEP 170. Cash was $19.8m at December.
13 Dec 2010resource reserve update▲ Good
A consultant's assessment of geothermal permits EPG 49 and EPG 51 estimates 23,000 PJ of thermal energy in place, with reservoir temperatures of 133-137°C at depths up to 2,700 m. A certified inferred resource is expected in 2011. Icon says geothermal is not a core focus.
