Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 June 2014joint venture update▲ Good
Beach repeats the 28.49 Tcf ATP 855 estimate. The Queensland Government extended ATP work programs by two years; stimulation of four wells, starting with Geoffrey-1, is now planned for Q1 FY15 (Jul-Sep 2014) once new equipment arrives. PEL 218 retention licences (PRLs 33-49) were granted.
19 June 2014resource reserve update▲ GoodMajor
An independent DeGolyer & MacNaughton report gives ATP 855 a best-estimate 28.49 Tcf gross unconventional prospective resource (P90 21.48, P10 37.74), Icon's share 10 Tcf (35.1%). These are undiscovered volumes, not contingent resources; upgrading needs successful stimulation and flow testing of four wells.
28 Apr 2014quarterly activities report● Neutral
March 2014 quarter: cash $27.6m, 7,330 shareholders. Etty-1 reached 3,807 m; stimulation of four wells starts Q3 2014, with Condor Energy Services awarded the contract. After review, Icon must relinquish two-thirds of ATP 626 (20 sub-blocks), as the coal seam gas play proved uncommercial.
17 Apr 2014regulatory community update▼ BadMajor
The threatened ATP 626P claim has now been filed in the Queensland Supreme Court, alleging $221.75m (MOU) and $52.4m (agency agreement), well above the earlier $20-60m estimate. Icon calls it an ambit claim, says ATP 626 remains uncommercial, and will vigorously defend.
10 Apr 2014investor presentation● Neutral
Perth market update repeats known facts: 629 Bcf 2C contingent resource, stimulation of four wells in Q3 2014, nil debt. Cash is $28.0m at 31 March, funded into FY2015-16; shares at $0.15, market cap $93.0m. No new announcements in the extract.
2 Apr 2014drilling progress report● Neutral
Beach's March report: Etty-1 reached 3,807 m, logs indicate a gas-saturated target interval, and the six-well ATP 855 program is complete. The rest covers Beach's other permits, including an oil discovery at Stunsail-1 (not Icon's).
2 Apr 2014drilling result▲ Good
Icon confirms Etty-1 reached 3,807 m, with preliminary log interpretation indicating a gas-saturated target interval. It is the sixth and final well of this campaign. Stimulation of the four wells is still expected in Q3 2014, subject to JV approval.
25 Mar 2014drilling result▲ Good
Etty-1, the sixth ATP 855 well, reached 3,807 m on 23 March in the top of the Patchawarra, with gas shows throughout the Permian. It will be cased and suspended; stimulation is expected from Q3 2014.
14 Mar 2014joint venture update● Neutral
Beach update: Etty-1 is drilling in the Toolachee, with the four-well stimulation campaign (Redland-1, Geoffrey-1, Hervey-1, Etty-1) now 'mid-2014'. PEL 218 was offered Petroleum Retention Licences for up to 15 years; Boston stimulation had mechanical problems. Not Icon's ATP 855 results.
7 Mar 2014other● Neutral
S&P Dow Jones Indices' March 2014 quarterly rebalance of the S&P/ASX indices, effective 21 March. The visible text does not show any Icon change (the list is truncated), so no effect on Icon can be confirmed.
5 Mar 2014drilling progress report● Neutral
Beach's February report: Etty-1, spudded 9 February, is running intermediate casing after reaching 2,665 m, and will be cased and suspended for stimulation. The rest covers Beach's other permits. Nothing new for Icon.
5 Mar 2014drilling progress report● Neutral
Etty-1 is at 2,665 m in the Nappamerri Group, running intermediate casing to about 2,660 m. It is still aiming for 3,800 m. No gas or test results yet.
4 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 repeats the $18.8m placement at 23.5 cents, a 62% premium, with HK Prosperous at 13.04%. It also repeats the Halifax-1 production of 243 MMscf and contingent resources of 318/629/1,115 Bcf. The extract does not show the financial results.
3 Mar 2014price query● Neutral
ASX asked Icon to explain a rise in its share price from $0.16 to an intraday $0.17 and to confirm it is complying with disclosure rules. This is only the query letter; Icon's reply is not included.
11 Feb 2014drilling spud● NeutralMajor
Etty-1, the sixth ATP 855 well, spudded 9 February 2014. It targets 3,800 m, 8.6 km east of Halifax-1, for basin-centred gas in the Permian. Stimulation is planned from Q3 2014, subject to joint venture approval.
5 Feb 2014drilling progress report● Neutral
Beach's January report: Redland-1 was cased and suspended after reaching 3,804 m, and the rig is moving to Etty-1, 8.6 km east of Halifax-1. Stimulation is targeted for Q3 2014. The rest covers Beach's other permits.
3 Feb 2014drilling result▲ GoodMajor
A Notice of Petroleum Discovery was lodged for Redland-1. Wireline logs indicate the target interval is gas saturated, with mud gas readings up to 800 units. It follows the Halifax-1 and Keppel-1 notices. Stimulation is planned for Q3 2014.
31 Jan 2014quarterly activities report● Neutral
December 2013 quarter: cash was $35.62m after the $18.8m placement. HK Prosperous holds 13.04% of 615.8m shares. Geoffrey-1 and Redland-1 reached total depth, Etty-1 is next, and stimulation is now expected in Q2-Q3 2014.
24 Jan 2014drilling result▲ GoodMajor
Redland-1 reached 3,804 m on 23 January 2014 with significant gas shows in the Toolachee and Daralingie. It will be cased and suspended. Stimulation now slips to Q3 2014 (Q1 was proposed in December, Q2 on 20 January). Etty-1, the sixth well, is next.
20 Jan 2014joint venture update● Neutral
Beach update on Cooper Basin unconventional programs. Stimulation of Boston-1 and Boston-3 in PEL 218 is planned for early February, with flow tests in March. A stuck setting tool at Holdfast-2 must be recovered first. It lists ATP 855 interests differently (Icon 40%, Beach 45.9%) from Icon's own 35.1%/46.9%.
20 Jan 2014drilling progress report● Neutral
Redland-1 is drilling at 3,700 m, near its planned 3,800 m. Etty-1 is next. A four-well stimulation campaign (Geoffrey-1, Redland-1, Etty-1, Hervey-1) is now set for Q2 2014, later than the Q1 2014 proposed in December.
10 Jan 2014drilling progress report● Neutral
Redland-1 is at 2,883 m, with 9-5/8" casing cemented at 2,880 m. The rig is preparing to drill on towards 3,800 m. No gas or test results yet.
8 Jan 2014drilling progress report● Neutral
Beach's December report: Geoffrey-1 reached 4,124 m on 9 December with high gas levels in the Permian. Redland-1, spudded 15 December, is cementing intermediate casing. The rest covers Beach's other permits. Nothing new for Icon.
17 Dec 2013drilling spud● NeutralMajor
Redland-1, the fifth ATP 855 well, spudded 15 December 2013. It targets 3,800 m, 22 km north-west of Geoffrey-1, aiming at the Toolachee and Daralingie Formations. Stimulation is still proposed to start in Q1 2014, beginning with Hervey-1.
13 Dec 2013drilling result▲ GoodMajor
Geoffrey-1 reached 4,125 m on 9 December 2013, with good gas shows throughout the Permian section. It will be cased and suspended for stimulation in Q1 2014. Redland-1 is next, with a sixth well subject to joint venture approval.
4 Dec 2013drilling progress report● Neutral
Beach's November report: Geoffrey-1 in ATP 855 is drilling ahead at 3,979 m, planned to about 4,250 m. Most of the report covers Beach's other permits, including PEL 218 horizontal well Boston-3 reaching total depth. No new Icon-specific result.
2 Dec 2013other● Neutral
Administrative Appendix 3B and cleansing statement for the 80,318,393 placement shares at $0.235, issued 2 December 2013 under existing capacity. Quoted shares total 615,774,351. Duplicates the placement announcement.
2 Dec 2013capital raising announcement▲ GoodMajor
Icon raised A$18.8m by placing about 80.3m shares at $0.235 each to Hong Kong's HK Prosperous Technology, a 62.1% premium to the $0.145 last close. Shares on issue rise to 615.8m, and the investor becomes the largest shareholder. Cash is $41.7m, which management says funds the ATP 855 program.
What it means for a shareholder
80.3m new shares at A$0.235 to raise about A$18.8m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (4,255 at the issue price), your slice goes from 0.000795% to 0.000691% of the company. To keep it you'd need 638 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
25 Nov 2013agm notice● Neutral
All eight AGM resolutions passed, including the remuneration report, Dr Hilless's re-election, executive performance rights, the extra 10% placement capacity and the proportional takeover provisions. Proxy votes for each were roughly 87-94%.
25 Nov 2013agm notice● Neutral
AGM address recaps 2012-13 and ATP 855 progress. Geoffrey-1 was at 3,682 m on 24 November and is expected to reach its 4,266 m target within two weeks. Hervey-1 stimulation is now expected in early 2014. Largely repeats known facts.
