Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2015quarterly activities report● Neutral
December 2014 quarter: cash $20.977m, 6,908 shareholders, and an $11.3m R&D rebate received in November. Hervey-1 was shut in 28 Nov at 0.2 MMscf/d; Etty-1 flowed 77 days; Redland-1 could not be assessed; Geoffrey-1 peaked at 1.1 MMscf/d.
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 2014agm notice● Neutral
All eight AGM resolutions, including the remuneration report, director re-elections and executive performance rights, were carried on a show of hands. Proxy votes in favour were about 90-95%.
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.
27 Oct 2014quarterly activities report● Neutral
September 2014 quarter: cash $21.1m, 7,032 shareholders. Stimulation began 15 September; Hervey-1 and Etty-1 are stimulated, with flow testing due late October. Icon now holds 100% of ATP 594 after Triple J's 50% was transferred; a second R&D claim is being prepared.
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.
23 Oct 2014agm notice● Neutral
Notice of the 25 November 2014 AGM: votes on the remuneration report, re-election of Howard Lu and Derek Murphy, renewal of the performance rights plan, and incentive rights for Ray James and Kevin Jih.
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.
6 Aug 2014other● Neutral
Icon lists its 2014/15 reporting dates: full-year results 26 August 2014, AGM 25 November 2014, and quarterly reports through July 2015. Administrative calendar only; no substantive news.
30 July 2014drilling scheduled▲ Good
The ATP 855 joint venture agreed the stimulation and extended flow testing program on Geoffrey-1, Redland-1, Hervey-1 and Etty-1, starting early September 2014 and taking months. Condor's equipment arrived in Melbourne on 26 July. This firms up the Q3 timing flagged earlier.
29 July 2014quarterly activities report● Neutral
June 2014 quarter: cash $19.6m, plus a $7.49m R&D refund received in July; 7,134 shareholders. The four-well ATP 855 stimulation campaign (Condor contract) is still planned for Q3 2014, and the LNG agreement deadline extension to June 2015 is repeated.
30 June 2014material agreement● NeutralMajor
Icon and Shantou SinoEnergy extended the conditions precedent deadline for the 40 Mt, 20-year LNG sales agreement from 30 June 2014 to 30 June 2015. These include Icon delivering a certified 2 Tcf 2P reserves, still not achieved.
25 June 2014admin correction● Neutral
Icon corrects the competent person statement in its 19 June resource announcement: the listing rule reference should be 5.42, not 5.11, and adds Mr Berry's professional memberships. No change to resource figures.
