Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2009resource reserve update▲ GoodMajor
NSAI estimated gas in place in ATP 626P at 6,115 PJ, up from 5,438 PJ certified in July 2008. Contingent resources were 1,150 PJ (2C) and 1,773 PJ (3C); a Lydia farmin area report was still due, and upgrades to reserves need commercial flow rates, which could take months.
2 Sept 2009drilling scheduled● Neutral
Adelaide Energy, a PEL 218 partner, says Wakefield 1 should spud next week, targeting 2,380 m total depth, with Adelaide free carried. After the well Icon holds 33.33% of the post-Permian section. Unrisked recoverable oil is over 11 million barrels.
21 Aug 2009resource reserve update▲ GoodMajor
NSAI certifies Icon's first coal seam gas resource: 260 PJ (2C contingent) in the Lydia Pilot area, 13% of ATP 626P. It may become reserves once water flows stabilise. All three pilot wells are flowing, and tenders are out for 11 wells from October.
14 Aug 2009drilling result▲ GoodMajor
Tingan 2 in ATP 626P found a new coal seam gas reservoir in a thin 1.5 m coal, with good permeability and good flows on a drill stem test. Icon (100%) calls it a new play. Gas content is not yet measured. Lydia 3 dewatering starts within days.
13 Aug 2009drilling scheduled▲ GoodMajor
Icon will take part in the Wakefield 1 oil well in PEL 218, South Australia, expected to spud about 6-7 September with Beach as operator. Drilling lifts Icon's interest from 10% to 33.3%. It targets up to 11 million barrels, and Icon suggests success could add 12-15 cents per share.
12 Aug 2009drilling progress report▲ Good
Dewatering of the Lydia Pilot started 11 August with Lydia 2, the other wells following a week apart. Tingan 2 hit coals with good gas shows at 302 m. NSAI's first reserves report is due next week, and the Wakefield 1 oil well in PEL 218 is due to spud in September.
4 Aug 2009drilling progress report▲ Good
Seismic recording in ATP 626P starts 21 August. Lydia 5 is drilling at 653 m toward 922 m, and Lydia 2 is due to be turned on next week. ATP 849P (80% Icon) is cleared for grant, with two wells being considered. Commercial gas rates may take weeks to months.
30 July 2009drilling scheduled▲ Good
Icon will drill an extra exploration well at Lydia, to 922 m into the Hutton Sandstone, to test for conventional oil and gas and serve as an observation well. The storage pond is finished and a 300 km seismic contract is signed, starting 10 August. Raising it above routine.
14 July 2009drilling progress report● Neutral
Lydia Pilot well data has gone to reserves certifier NSAI, and lab results confirm the coals are fully gas saturated. Continuous dewatering is now expected before end of July, after pond changes for wild pigs. A rig for the new drilling is still being negotiated; seismic totals 305.5 km.
7 July 2009drilling scheduled▲ GoodMajor
Icon starts preparing a 300 km seismic program in ATP 626P and plans up to 12 stratigraphic wells (4 inside, 8 outside the Stanwell area). Preliminary core analysis shows the coals 100% gas saturated. Dewatering is due within two weeks.
16 June 2009drilling progress report● Neutral
Production tests at Lydia Pilot are due to start 17 June, with the pond nearing completion. Natasha 1, drilled in 2007, shows 135-160 psi. Icon says this suggests possible gas saturation; no certifiable gas content yet and reserves remain undetermined.
9 June 2009drilling progress report▲ Good
All three Lydia Pilot wells are completed and pumps tested, with permeability tests due that week. Annulus pressure of 40-85 psig that rebuilds within hours is called a favourable sign. The pond excavation is about 80% done and was slowed by weather.
2 June 2009drilling progress report● Neutral
LP-2 is completed with pumps and monitoring equipment, and LP-1 is being prepared as a monitor well. The rig has moved to LP-3. LP-4 will start dewatering first, and the storage pond is on schedule.
26 May 2009drilling progress report● Neutral
LP-2 has a slotted liner and 10.7 metres of net coal over 11 seams. The completion rig has moved to LP-3 to fit pumps, and preliminary core results are expected in 3-4 weeks. Pond construction has begun; commercial gas rates usually take time.
19 May 2009drilling result▲ Good
LP-2 reached its 818 metre target depth and three cores were recovered, with gas desorption testing underway. A workover rig will then fit pumps to LP-2 and LP-3 and convert Lydia 1 to a monitor well before dewatering. Icon says commercial gas flows usually take some time.
12 May 2009drilling progress report● Neutral
LP-2 drilling update with a typographical error in the depth figure, corrected in a later release the same day. Core analysis results are expected progressively over two months, with the final report due by the end of July.
8 May 2009drilling progress report● Neutral
LP-2, the last of the three Lydia Pilot wells, began drilling on 8 May and reached about 105 metres, with surface casing being cemented. The coals will be fully cored for gas-content testing in Brisbane. The water storage pond is under construction.
5 May 2009drilling progress report▲ Good
LP-3 reached its 819 metre target depth, with gas readings of 35-101 units against background up to 10, and casing is being run. Icon says this again indicates gas-saturated coals. LP-2, to be cored, is next; reserves remain undetermined.
28 Apr 2009drilling progress report▲ Good
LP-4 is completed with pump and tubing, showing 40 psi well head pressure, which Icon says suggests gas-saturated coals. LP-3 started drilling on 26 April and is at 80 metres. Reserves are still undetermined against the 5.4 TCF gas-in-place figure.
21 Apr 2009drilling progress report● Neutral
LP-4 is nearly complete: coals under-reamed, 7 inch casing and slotted liner cemented, and pump and tubing about to be run for dewatering. Equipment is moving to LP-3. Reserves are still undetermined against the 5.4 TCF gas-in-place figure.
14 Apr 2009drilling result▲ GoodMajor
LP-4 reached 819 metres, intersecting 12 well-developed Walloon coals with gas readings of 40-75 units against 2-9 background. Icon calls the gas saturation excellent. No reserves are certified yet and the 5.4 TCF figure remains an unproven gas-in-place resource; gas flow rates await dewatering.
6 Apr 2009drilling spud▲ GoodMajor
Lydia Pilot LP-4 started drilling on 4 April 2009 and had surface casing cemented at 103.6 metres. It is the first well under the Stanwell farm-in, which could earn Stanwell 50% if it funds the $36m program. Planned total depth is 800 metres.
1 Apr 2009drilling progress report● Neutral
Rig 1 was delayed by unscheduled tests on its previous job and should mobilise on 2 April, spudding LP-4 the next day. LP-4 is the first of three Stage 1 Stanwell wells, planned to 900 metres.
23 Mar 2009drilling progress report● Neutral
Rig mobilisation now starts 28 March, with LP-4 drilling from 29 March, then LP-3 and LP-2 (cored). Dewatering is expected to start in late April after all three wells are done; core analysis is due late July 2009. Commercial gas flows can take over twelve months.
10 Mar 2009drilling progress report▼ Bad
Ancon says rig mobilisation to Lydia begins the week of 23 March 2009, after it finishes the last two wells of another company's program. Icon's preparations are complete. A further slip in the Lydia Pilot start.
3 Mar 2009drilling progress report▼ Bad
Ancon Rig #1 is now expected at the Lydia Pilot sites before the end of March 2009, later than the February/March start previously flagged. Sites and completion equipment are ready; the schedule is subject to weather and mechanical delays.
30 Jan 2009farm in farm out completion▲ GoodMajor
Icon signed the Stanwell gas sale and joint operating agreements, meeting the conditions of the farm-in, and received the $6m Stage 1 payment. Drilling starts February/March 2009. Stanwell can add $30m for 50% of four blocks, and the 225 PJ gas sale depends on Stage 2.
29 Dec 2008farm in farm out agreement▲ GoodMajor
Icon signed a farm-in with Queensland Government-owned Stanwell: $6m for a pilot on four of 30 ATP 626P blocks, then optionally $30m more for a 50% interest in them. Stanwell would buy up to 225 PJ over 15 years. It is conditional on agreements by 30 January 2009. This replaces the earlier farm-in and gas sale talks.
15 Jan 2008resource reserve update▲ GoodMajor
Icon says the three ATP 626P wells found promising coal seams, with prospective recoverable gas of 0.9–1.25 TCF. This is unproven and needs testing. Stitch's oil target remains untested, with a plug set for a possible later sidetrack. Icon is now focused on coal seam gas.
4 Dec 2007drilling result▼ BadMajor
Stitch No.1 stopped at 1,943 metres with no commercial Precipice sandstone found, only clays, so the oil target failed. It will be completed as a coal seam gas well. The three wells show extensive Walloon coals, roughly 20 by 14 km.
