Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Nov 2015investor presentation● Neutral
AGM address: cash was $19.6m on 19 November, above the $18.6m market cap. Beach needs a new farm-in partner before ATP 855 Stage 2, and Icon tendered for two blocks north of the Jackson field, results likely January 2016.
21 Oct 2015annual report● Neutral
2015 Annual Report and AGM notice for 25 November. The chairman calls it a very frustrating year, blames the early-2015 oil price collapse for Chevron's ATP 855 exit and the share price fall, and cites $13.75m cash at year end.
25 Aug 2015annual report● Neutral
Cover note and full-year statutory accounts for the year to 30 June 2015. The text provided is a directors' report repeating known ATP 594 and ATP 855 facts, with the financial statements truncated and no new figures.
25 Aug 2015remuneration report● Neutral
Summary of key terms of Dr Jih's renewed five-year contract from 11 August 2015: base salary $399,500 a year plus superannuation, with incentives of up to 40% each for short and long term. No incentive awards for FY15.
13 Aug 2015director officer appointment● Neutral
Dr Kevin Jih's executive services agreement as CFO, Company Secretary and Executive Director was renewed for five years, to August 2020. This continues his expanded role from the May 2015 restructure.
26 June 2015material agreement● NeutralMajor
Icon and Shantou Sino Energy extended the deadline for conditions precedent on the 40 Mt (2 Mtpa for 20 years) LNG Sales Agreement from 30 June 2015 to 30 June 2018. Icon must still certify 2 Tcf of 2P reserves, and resource estimates are unchanged.
15 May 2015regulatory community update▲ GoodMajor
ATP 594 (Icon 100%, operator) was renewed by Queensland with a grant date of 17 April 2015. Icon plans a 200 km2 3D seismic survey and two wells to about 1,600 m, and will start talks with potential joint venture partners. Cash was $18.1m, no debt.
13 May 2015director officer appointment● Neutral
Icon abolished three positions in an internal restructure to reduce corporate administration costs. Company Secretary Ross Mallett leaves and CFO Dr Kevin Jih takes over the role.
17 Apr 2015investor presentation● Neutral
Conference presentation repeating known ATP 855 facts. It shows a share price of $0.06 on 15 April 2015 (market cap $36.93m), 615,624,176 shares and $20.9m cash at 31 December with no debt.
27 Mar 2015farm in farm out completion▼ BadMajor
Chevron will not join Stage 2 in ATP 855, so Beach moves to 64.9% and Icon stays at 35.1%. Chevron cited strategic fit. Icon expects modest spending to June, a likely 3D seismic survey in Stage 2, and had $20.9m cash at 31 Dec.
27 Mar 2015joint venture update● Neutral
Beach confirms Chevron's exit from ATP 855 and the South Australian PRLs for nil consideration, giving Beach 64.9% of ATP 855. It plans a scaled-back program with minimal spend through FY15 and into FY16, and will seek partners.
27 Mar 2015resource reserve update▲ GoodMajor
DeGolyer and MacNaughton lifted ATP 855 gross contingent resources to 1C 343 / 2C 1,572 / 3C 5,841 Bcf, from 2C 629 Bcf. Icon's 35.1% share is about 552 Bcf 2C. This is a big step toward the 2 Tcf 2P goal, though still contingent.
24 Feb 2015half year report● Neutral
Cover note and interim financial report for the half-year to 31 December 2014. The text provided shows operations repeating known well results and no new figures; the financial statements are truncated.
23 Feb 2015joint venture update● Neutral
Beach said Stage 1 of the Nappamerri Trough program was complete. The Boston-2 well in the Beach/Chevron PRLs had mechanical problems and will be plugged. Chevron must decide on ATP 855 Stage 2 participation by 31 March 2015.
4 Feb 2015regulatory community update▲ GoodMajor
The Queensland Supreme Court struck out in full the Baldwin/Southern Fairway claim against Icon, which had been lodged in April 2014. The claimants may re-plead part of their case, so the litigation is not fully ended.
3 Feb 2015drilling progress report● Neutral
Geoffrey-1 has been shut in for pressure build-up after reaching a peak of 1.1 million cubic feet a day. Icon says the joint venture has all the data it needs, and the managing director says shutting in kept the program within its exploration budget.
20 Jan 2015joint venture update● Neutral
Operator Beach reports Etty-1 peaked at 0.9 MMscfd and was shut in 15 Jan; Geoffrey-1 peaked at 1.1 MMscfd and is re-testing. Redland-1 was shut in after mechanical issues, so its target zone was not assessed. Beach calls Stage 1 technically successful.
20 Jan 2015flow test result● NeutralMajor
Icon reports Geoffrey-1 peaked at 1.1 million cubic feet a day and Etty-1 flowed 77 days at 900,000-700,000 a day (57 million cubic feet total). Redland-1 was shut in after a mechanical wellbore issue, so its deliverability was not assessed. Hervey-1 is not mentioned.
12 Dec 2014flow test result▲ GoodMajor
First flow results from the ATP 855 campaign: Etty-1 steady at 830,000 cubic feet a day, over 90% from the Daralingie Formation; Geoffrey-1 at 700,000 and rising; Redland-1 still cleaning up. Daralingie is proposed as a Stage 2 priority, subject to joint venture approval.
25 Nov 2014investor presentation● Neutral
AGM address and presentation: the chairman says the share price fell 38% between August and October 2014 alongside weaker oil prices, and restates the goal of 2 Tcf of 2P reserves. It also notes the divestment of non-core permits (ATP 560, ATP 849, EPG 49/51).
13 Nov 2014drilling progress report● Neutral
Redland-1 stimulation is complete. Equipment has moved to Geoffrey-1, where stimulation of the Patchawarra and Epsilon formations started 12 November. All four wells are now stimulated or in progress, with stabilised flow rates still to be reported.
7 Nov 2014listing compliance notice● Neutral
ASX granted Icon a waiver from Listing Rule 14.7 so that votes of non-executive directors can be counted on the AGM resolutions for performance rights to Ray James and Kevin Jih. Administrative.
29 Oct 2014investor presentation● Neutral
Corporate update repeating known facts: 10 Tcf Icon share of prospective resource, nil debt, cash $21.11m at 30 September. It shows a share price of $0.13 (market cap $80.1m) and FY14 net profit of $1.57m, down from $3.72m in FY13.
29 Oct 2014drilling progress report● Neutral
Etty-1 stimulation is complete, with flow testing over the coming weeks. Stimulation of Redland-1 began 28 October. No flow rates reported yet.
23 Oct 2014annual report● Neutral
Icon sent shareholders its 2014 Annual Report and Highlights report. Cover note only; no new information in the text provided.
13 Oct 2014drilling progress report● Neutral
Stimulation of Hervey-1 is complete, with flow testing to follow and a flow rate announced once stabilised. Equipment moved to Etty-1, where stimulation started 11 October. No flow results yet.
16 Sept 2014drilling progress report● Neutral
Hydraulic stimulation began at Hervey-1, with five Upper Patchawarra zones to be fracture stimulated and then flow tested. This is the first well fracture stimulated in the four-well campaign; no results yet.
11 Sept 2014drilling progress report● Neutral
ATP 855 stimulation operations began with a wellbore cleanout of Geoffrey-1 by Condor, ahead of testing one Lower Patchawarra zone. Hervey-1 stimulation is due in about a week; the whole four-well program is expected to take about six weeks.
27 Aug 2014investor presentation● Neutral
DUG conference presentation by the MD repeating known facts: 629 Bcf 2C contingent resource, 10 Tcf Icon share of prospective resource, nil debt. It shows cash of $25.2m (as at 31 July), share price $0.165 and market cap $101.6m.
26 Aug 2014annual report● Neutral
FY2014 full-year accounts lodged; the visible text is the directors' report recapping the year's six-well ATP 855 drilling, resource reports and Condor contract. A later presentation cites FY14 net profit of $1.57m. The financial figures are truncated here.
