Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Nov 2007drilling progress report● Neutral
Stitch No.1 is at 1,739 metres on day 12 of 14, drilling slowly through a fault. Shallow coals show promise as a gas well. A second Natasha gas sample shows 89% methane, with dewatering due in a few weeks.
28 Nov 2007drilling progress report● Neutral
Icon will keep drilling Stitch No.1 past 1,652 metres after reviewing logs, saying the Precipice absence was expected. The first Precipice is not expected until about 1,700–1,750 metres.
27 Nov 2007drilling result● NeutralMajor
Stitch No.1 hit 1,652 metres and the Precipice target sandstone is absent at this level, which Icon calls disappointing. Coal methane results from the Walloons are better than expected, with Natasha water at 520 ppm salinity and pilot drilling being considered.
23 Nov 2007drilling progress report▲ Good
Stitch No.1 is at 1,301 metres with strong gas shows, up to 78 units, in the Walloon coals. Natasha No.1 is bubbling gas. The report also attaches a top-20 shareholder list, led by managing director RS James interests at 6.75%.
19 Nov 2007drilling spud▲ GoodMajor
Stitch No.1 started drilling 18 November 2007 to about 2,000 metres, targeting the Precipice sandstone as at Moonie. Natasha and Lydia are complete; Natasha flowed some gas, while Lydia flowed 3,880 barrels of water a day from a sand above the coal.
13 Nov 2007drilling progress report● Neutral
Lydia No.1 started 8 November and is drilling the Walloon coals; Natasha No.1 is completed and being tested. Stitch No.1's rig is on location and expected to start 16 November. Natasha logs show 11m of coal.
6 Nov 2007drilling result● Neutral
Natasha No.1 reached total depth of 745 metres, with good coal seams found, and is being prepared for flow testing and dewatering. Stitch No.1 is still waiting for the ground to dry, with the rig move hoped for 9 November.
2 Nov 2007drilling progress report● Neutral
Natasha No.1 reached 611 metres and set casing above the first Walloon coal seam, on schedule and within budget. Stitch No.1's rig still cannot move onto the boggy location after more heavy rain.
29 Oct 2007drilling spud● Neutral
Natasha No.1 coal methane well began drilling 28 October 2007, targeting about 745 metres. Heavy rain is holding up the Stitch No.1 rig move; its major objective is expected near 1,850 metres.
23 Oct 2007drilling scheduled● Neutral
Natasha No.1 is set to spud 28 October and Stitch No.1 on 2 November using Century Rig 11, with a contract about to be signed. Stitch is expected to take about 14 days. Century's contract brings savings and an option for a second well.
17 Oct 2007drilling scheduled● Neutral
Natasha No.1 coal methane well is expected to spud around 25–26 October 2007, with Lydia No.1 next. Stitch No.1 site works are nearly done but the rig move awaits another party's confirmation. Icon holds 100% of ATP 626P.
5 Sept 2007drilling scheduled● Neutral
Icon signed Mitchell Drilling to drill two coal bed methane wells, Natasha No.1 and Lydia No.1, in ATP 626P. Stitch No.1 is finalising a Century Drilling contract. Both are expected to spud in early October 2007, and Icon may farm out to 75%.
17 Oct 2006drilling scheduled● Neutral
Santos says Stitch No.1 in ATP 626P is now lined up for the first quarter of 2007, the earliest slot available. Earlier hopes for August 2006 are dropped. Santos still earns 50%, cutting Icon's interest from 100%.
11 July 2006farm in farm out completion▲ GoodMajor
ATP 626P was renewed for 18 years, making the Santos subscription unconditional. Santos applied for 10m Icon shares at 6.76c, and the Santos farm-in can now complete. Stitch No.1 will likely miss August 2006; no new spud date was given.
21 Apr 2006drilling result● NeutralMajor
AMI-1 has been completed as a producing well, with a first production test due soon. The rig could not handle the pressures at 8,630 feet and was released; the deeper zone will be tested by twinning the well later. New-rig drilling is expected in 2-3 months.
13 Apr 2006drilling progress report● Neutral
AMI-1 reached 8,630 feet and hit another hydrocarbon zone with higher pressure that needed heavier mud. The drill string stuck and was backed off at 8,336 feet. Logging of the new interval is being prepared.
6 Apr 2006drilling result▲ GoodMajor
Icon declares the first target zone in AMI-1 a commercial discovery, with 74 feet of net oil pay at 7,700-7,773 feet. The well is cased for production and drilling toward 9,100 feet continues. Icon holds 19%.
29 Mar 2006drilling result▲ GoodMajor
Horizon reports AMI-1 logs and cores show oil-saturated sands at 25-30% porosity, with a preliminary 74 feet net pay in 3 zones. The drill string stuck and was backed off; casing will be set above it.
29 Mar 2006drilling result▲ GoodMajor
Icon confirms AMI-1 logs and cores show 34-38 API oil, with preliminary pay of 219 feet gross and 74 feet net across 3 zones. The drill string became stuck and was backed off; Icon holds 19%.
22 Mar 2006farm in farm out agreement▲ GoodMajor
Icon signed agreements with Santos: Santos subscribes 10m shares at 6.76c ($676k, conditional) plus 20m options for $100k. Santos farms into ATP 626P, earning 50% by drilling Stitch No.1, and takes a 63% stake in ATP 765P/766P, carrying Icon (27.75%).
22 Mar 2006drilling progress report▲ Good
Icon reports a drilling break and gas rising from 22 to 1,070 ppm across 7,700-7,773 feet in AMI-1, with oil fluorescence. This is an early hydrocarbon show, to be evaluated by logs; main targets not yet reached.
22 Mar 2006drilling progress report▲ Good
Horizon Oil reports AMI-1 at 7,863 feet with strong gas readings and fluorescence between 7,700 and 7,773 feet. Their significance awaits electric logs.
21 Mar 2006drilling progress report● Neutral
AMI-1 at 7,654 feet; some drilling mud is being lost to the formation and running casing is under consideration. The first main target sand is expected below 8,000 feet.
14 Mar 2006drilling progress report● Neutral
Horizon Oil's update repeats AMI-1 at 6,960 feet, with about 12 more days to reach total depth. No new results.
14 Mar 2006drilling progress report● Neutral
AMI-1 drilling ahead at 6,960 feet toward 9,100 feet. No results yet; Icon remains carried at 19%.
7 Mar 2006drilling progress report● Neutral
AMI-1 now at 4,128 feet; progress slowed by a broken rig power swivel, since replaced. Target depth is 9,100 feet. Icon remains carried at 19%.
7 Mar 2006drilling progress report● Neutral
Horizon Oil's update repeats AMI-1 at 4,128 feet, with delays from rig equipment replacement. About 17 more days to total depth are expected. No new results.
28 Feb 2006drilling progress report● Neutral
Icon's weekly update: AMI-1 drilling at 2,670 feet, with casing cemented at 2,355 feet. It is the first of three wells; Icon holds 19%.
28 Feb 2006drilling progress report● Neutral
Partner Horizon Oil reports the AMI-1 well drilling at 2,670 feet with casing set at 2,355 feet. It cites prospect potential of 1.8 million barrels. Horizon holds 14% in this well; Icon's subsidiary is a partner.
20 Feb 2006drilling spud▲ GoodMajor
Australian Mineral Interests No.1 began drilling on 17 February 2006 at Bayou Choctaw, Louisiana, targeting Frio sands to 9,100 feet over about three weeks. Icon holds 19% and is carried; three back-to-back wells are planned.
