Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2010farm in farm out completion▲ GoodMajor
Stanwell committed an unconditional $30m to Stage 2 of the ATP 626P farm-in, with ministerial consent, taking total spend to $36m toward 340 PJ of 2P reserves. Stanwell gets an immediate 50% of the four-block area. This resolves the open August decision and starts a new drilling program.
16 Apr 2010drilling result▲ Good
Lydia 7 finished with cores bleeding gas, indicating high gas saturation, and completes the first stage of the Stanwell farm-in. The board added a new well, Jack 1. A report on Lydia commerciality is due after about two months of data analysis.
1 Apr 2010drilling result▲ Good
Lydia 9 reached 850.6 m with 12 m of net coal, and all four permeability tests confirmed permeability. It is cased and suspended, and is the likely site for pilot production wells pending Lydia 7. Rig moves to Lydia 7 next.
16 Mar 2010drilling result● Neutral
Lucy 1 reached 895.2 m after a week lost to floods, with about 10 m of good, fractured coals. Permeability tests were within expected parameters. The rig moves to Lydia 9, and sites are being selected for a four-well pilot production program.
10 Feb 2010drilling result▲ Good
Lydia 8 reached 840 m and four drill tests confirmed the coals are over-pressured with open fractures. It is cased as a monitor well. Lydia 6, the next of four wells with Stanwell, spudded on 10 February after rain delays.
3 Feb 2010drilling result● Neutral
Lydia 8, five km from the Lydia pilot, hit 13 m of coal and a drill test estimated 935 barrels of water a day, which management calls a possible sweet spot. The pilot's water flow of about 300 barrels a day is on the low side of expectations. Commercial gas still unproven.
15 Dec 2009drilling result▲ Good
Lorena 1 was cored to 1,110 m with 15.6 m of coal. Preliminary data show gas-release and permeability properties better than earlier wells. It is cased and suspended as a possible monitor well. Rig now on location to spud Henry 1, the third well.
9 Dec 2009drilling progress report▲ Good
Lorena 1, the second well of the nine-well program, has penetrated 11.45 m of net coal, with fractured coals showing open cleats at 1,048-1,084 m. Management calls it the most encouraging result so far. Icon holds 100%; no gas results yet.
1 Dec 2009drilling result▲ Good
Tommy 1, the first well of the nine-well program, found 15 m of net coal, 11% above expectations, with fractured coals and five faults suggesting good permeability. Gas desorption results are pending. Lorena 1 has reached the top of the Walloon coals at 813 m.
25 Nov 2009drilling result▲ Good
A preliminary Lydia Pilot gas sample is 97.87% methane with a heating value of 999 BTU per standard cubic foot, so no costly treatment is expected. Tommy 1 finished at 1,066 m and the rig moves to Lorena 1.
18 Nov 2009drilling progress report● Neutral
Tommy 1 is cased and has reached 952 m, with a drill stem test of 849-952 m being prepared. The program aims to take gas-content cores and measure coal thickness and permeability. Icon holds 100%. No results yet.
12 Nov 2009drilling progress report● Neutral
Tommy 1 has reached the casing point, reported as 649 m (the headline says 849 m, an inconsistency in the text). Coring of the Walloon Coal Measures to 1,120 m follows. Next well is Lorena 1.
6 Nov 2009drilling spud▲ GoodMajor
Icon spudded Tommy 1, the first of the nine wells in ATP 626P and the first of five in its 100% area outside the Lydia area. The wells will supply data for reserve certification by NSAI.
4 Nov 2009drilling scheduled● Neutral
Major Drilling's rig arrived at ATP 626P to start the nine-well program, with the first well Tommy 1 due to spud later that week. New seismic is being processed in Western Australia. Gas is building in Lydia Pilot 4; reserves still need commercial flow.
29 Oct 2009drilling scheduled▲ Good
Icon's five-well program outside the Lydia farm-in area in ATP 626P is due to start by 6 November. Lydia dewatering is said to be better than expected. ATP 849P cultural heritage deal signed with the Bidjara owners, with two wells planned after the ATP 626P wells.
26 Oct 2009farm in farm out agreement▲ GoodMajor
Icon confirms a signed letter of agreement under which Beach can earn up to 40% of ATP 855P in a deal valued at up to $8.5m, plus a $3.5m share subscription needing shareholder approval. Icon keeps the geothermal permits. Binding documents and approvals are still needed.
26 Oct 2009farm in farm out agreement▲ Good
Media-statement version of Icon's announcement of the ATP 855P letter of agreement with Beach: up to 40% for up to $8.5m, plus a $3.5m share subscription subject to shareholder approval. Repeats the other release with no new terms.
23 Oct 2009farm in farm out agreement▲ GoodMajor
Beach Petroleum says it agreed terms to earn up to 40% of Icon's ATP 855P in the Cooper Basin. It would fund seismic for 25%, then a well (Icon's share capped at $7m) for 15% more, and take over as operator. It would also subscribe $3.5m of Icon shares.
23 Oct 2009farm in farm out agreement▲ Good
Beach's media release repeats the ATP 855P deal: 25% for 80% of seismic costs, plus an option on a further 15% via a well costing Beach up to $7m. Beach would also subscribe $3.5m of Icon shares. Subject to documentation and approvals.
8 Oct 2009drilling result▲ GoodMajor
Icon says Wakefield No.1 logs show 8.9 m of coal in the Winton Formation with gas shows up to 112 units, a potential new coal seam gas play. It was not a drilling objective, and the results are preliminary. Gas content tests are pending, and core holes are planned. Icon holds 33.33% of PEL 218.
6 Oct 2009drilling progress report● Neutral
Lydia Pilot dewatering has risen to 160-180 barrels of water a day. Landowner compensation deals for the five-well program are due within two weeks. Seismic is 85% complete, and Bob King has been appointed Chief Geophysicist. No commercial gas flow yet.
1 Oct 2009drilling progress report● Neutral
Beach's weekly report confirms Wakefield-1 is cased and suspended pending evaluation, and the rig was released on 26 September. It repeats the 29 September result with no new information for Icon.
29 Sept 2009drilling result● NeutralMajor
Wakefield-1 is cased and suspended after oil and gas shows at multiple levels, but wireline logs are inconclusive over the key zones. The joint venture will consider a cased-hole evaluation to test for commercial oil. This is not a discovery, and the earlier hope of up to 11 million barrels remains unproven.
23 Sept 2009drilling progress report● Neutral
Wakefield-1 reached total depth of 2,298 m. Beach reports fair hydrocarbon shows in the Murta, Namur, Adori and Birkhead formations. The well is about to be logged, and no result on commercial oil has been announced yet.
17 Sept 2009drilling progress report● Neutral
Bounty says Wakefield 1 had reached 1,873 m by 17 September. Oil shows were noted in several intervals, but their significance needs logging and testing. The main Birkhead and Hutton targets had not yet been reached.
16 Sept 2009drilling progress report● Neutral
Beach's weekly report has Wakefield-1 drilling ahead at 1,467 m. Icon's final interest in the post-Permian section is shown as 33.33%. It also shows a Beach well elsewhere in the Bass Basin was dry, which does not involve Icon.
16 Sept 2009resource reserve update▲ GoodMajor
NSAI raises the Lydia farmin area's 2C contingent resource to 357 bcf from 260 bcf, and gas in place to 773 bcf from 564 bcf. This is the 13% of ATP 626P that Stanwell may farm into. Reserves still await flow data from the pilot wells.
15 Sept 2009drilling progress report● Neutral
Wakefield No.1 reached 1,061 m by 15 September against a 2,380 m target. Icon says drilling is ahead of schedule. No oil results have been reported yet.
11 Sept 2009drilling spud▲ GoodMajor
Wakefield No.1 in PEL 218 began drilling on 10 September 2009 and was at 468 m by the next morning. Target depth is 2,380 m, aiming at up to 11 million barrels. Icon will rise from 10% to 33.3% after the well.
9 Sept 2009drilling progress report● Neutral
Beach's weekly report says Wakefield-1 in PEL 218, where Icon is to hold 33.33%, is rigging up and expected to spud 10 September. No new result for Icon; it repeats the known spud timing.
