Past year: ▲ 0%(0.60c – 0.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2012drilling progress report● Neutral
Drilling at Halifax 1 resumed on 9 October at 4,006m after generator repairs, which required a replacement generator to be sent to the Cooper Basin. The Patchawarra is expected deeper than estimated; no new results.
3 Oct 2012joint venture update● Neutral
Beach's September drilling report, mostly on other assets. For Halifax-1 (Beach 60%) it notes the well at 4,006m with two cores cut, gas shows, and 460m of REM as expected. Nothing new for Icon beyond earlier releases.
2 Oct 2012drilling progress report▲ Good
Halifax 1 is at 4,006m. The Patchawarra came in about 100m deeper than expected, so total depth will exceed the planned 4,130m. Icon reports significant mudlog gas shows, which it calls encouraging; final log interpretation is still needed.
28 Sept 2012other● Neutral
Administrative notice of reporting dates: September quarterly by 31 October, AGM on 29 November 2012, half-year results 20 February 2013. No new operational information.
25 Sept 2012drilling progress report● Neutral
Halifax 1 is at 3,885m after a second core, 25m in the Patchawarra. The REM came in as expected at about 460m thick, versus 393m at Encounter 1. Core evaluation will take at least two months; fracture stimulation is planned for Q4 2012.
18 Sept 2012drilling progress report● Neutral
Halifax 1 is at 3,860m and drilling in the Patchawarra Formation. A 24-metre core was cut in the Epsilon Formation on 15 September, and evaluation is ongoing; no results from it yet.
11 Sept 2012drilling progress report● Neutral
Halifax 1 has drilled to 3,326m, 348m since the last update, and has entered the Roseneath Formation. The first core is planned in the Epsilon Formation; planned total depth remains 4,130m. No new results.
4 Sept 2012well test result▲ Good
Halifax 1 reached 2,878m. A drill stem test at 2,663–2,682m in the Nappamerri Formation flowed dry gas at about 0.2 Mmscf/d over four hours, with no stable rate. Icon calls it an unexpected bonus, about 530m above the primary REM target.
28 Aug 2012annual report● Neutral
Cover letter lodging the full-year accounts to 30 June 2012. The visible directors' report shows a net loss after tax of $4,618,666 (prior year $6,000,512) and no dividend. It also notes the revised Halifax 1 farm-in and 4 August spud.
23 Aug 2012drilling progress report● Neutral
Halifax 1 in ATP 855P has drilled to 2,611m in the Nappamerri Formation, been wireline logged, and will next have 9⅝ inch casing run and cemented. Icon repeats the 300 TCF gas-in-place figure for neighbouring PEL 218; no gas results yet.
21 Aug 2012investor presentation● Neutral
Notice that the Managing Director gave a media interview on Cooper Basin shale gas, including a Halifax 1 update, available as an online audio broadcast. The announcement itself contains no new results.
14 Aug 2012drilling progress report● Neutral
Halifax 1 is drilling at 1,605m in the Wallumbilla Formation after cementing casing at 847m. No gas or reservoir results yet; the release repeats the 300 TCF gas-in-place estimate for neighbouring PEL 218.
6 Aug 2012drilling spud▲ GoodMajor
Halifax 1 was spudded on 4 August in ATP 855P, targeting 4,130m with total depth expected in about 55 days. It is Icon's first shale gas well, 12km from Beach's Encounter 1; Beach funds most of the cost under the farm-in.
1 Aug 2012drilling scheduled● Neutral
Halifax 1 in ATP 855P (Beach 60%, Icon 40%) moved from a 1 August spud to 2 August 2012, with a planned depth of 4,130m. A further update will follow the spud.
16 July 2012farm in farm out agreement▲ Good
Icon's release of the same Beach announcement: Halifax-1, a vertical well, is brought forward in ATP 855P, using the Ensign 916 rig after Streaky-1. Farm-in terms are unchanged: Beach funds $16m less a $1.75m Icon contribution.
16 July 2012farm in farm out agreement▲ GoodMajor
Beach and Icon agreed to drill a vertical exploration well, Halifax-1, in ATP 855P from July 2012 instead of a horizontal well planned for late September. Beach funds the first $16m less Icon's $1.75m, to take 60% of the permit.
4 June 2012drilling result● NeutralMajor
Eolus 1 reached 1,200m with 10.4m of net coal and four drill stem tests. Icon calls seam thicknesses encouraging, and the well is cased and suspended pending study of completion methods, possibly horizontal drilling. This completes the two-well ATP 626P campaign.
31 May 2012investor presentation● Neutral
May 2012 investor presentation: market cap about $99m at 21c, 469,301,394 shares, and the objective of booking 2 TCF of 2P reserves. It repeats the Shantou and Stanwell agreements. No new results visible in the text.
22 May 2012drilling spud● Neutral
Icon spudded Eolus 1 in ATP 626P, to be drilled over 14 days to 1,200m. It is the second of two coal seam gas wells drilled with Goondi (a Stanwell subsidiary), which has earned an up-front 50% farm-in interest in the wells.
18 May 2012drilling result▼ BadMajor
Windom 1 reached 1,200m and logs show 11.8m of net coal, better than expected, but four drill stem tests indicated low permeability. The well will be plugged and abandoned; the rig moves to Eolus 1.
8 May 2012drilling spud● Neutral
Windom 1 was spudded in ATP 626P, planned to reach 1,200m in 14 days. It is the first of two coal seam gas wells drilled with Goondi/Stanwell under the farm-in, which are part of the five-well program.
20 Apr 2012contract award▲ Good
Icon signed a drilling contract for the Ensign Rig 960 to drill Eolus 1 and Windom 1 in ATP 626P, with the first spud in early May 2012. This brings the planned program to five wells, with Tiger West 1 and Dragon 1 in Q3.
17 Apr 2012drilling scheduled▼ Bad
Beach says the rig for the first ATP 855P shale well is delayed to Q3 2012 (was targeting this financial year). Beach funds Icon's share of an estimated $16m, less a $1.75m Icon contribution. Tiger West 1 and Dragon 1 in PEP 170 are planned for Q3 2012.
4 Apr 2012investor presentation● Neutral
Perth roadshow presentation restating the aim of 2 TCF of 2P reserves by March 2013, the Shantou LNG and Stanwell gas deals, and a plan to drill 5 wells in six months. Shows cash of $14.049m at 31 Dec 2011. No new results.
14 Mar 2012director officer appointment● Neutral
Formal ASX notice that Ross Mallett became Company Secretary from 13 March 2012. Kevin Jih stood down from the role but remains CFO and a director.
14 Mar 2012director officer appointment● Neutral
Media release on Ross Mallett's appointment as Company Secretary from 13 March 2012. He is a lawyer with over 25 years as a secretary at listed companies. Interim secretary Kevin Jih stood down. Duplicates the formal notice.
29 Feb 2012director officer appointment● Neutral
Company Secretary Wesley Glanville resigned after his consulting assignment ended. CFO Kevin Jih becomes Company Secretary from 1 March as interim, with a full-time legal counsel and secretary expected mid-March.
24 Feb 2012joint venture update▲ GoodMajor
Icon and Beach began a 425km 2D seismic survey in ATP 855P (Icon 40%, Beach 60%), due to finish mid to late March, with drilling expected in June. Icon estimates about 20 TCF recoverable, which it says would exceed the Shantou LNG needs if drilling confirms it.
22 Feb 2012half year report● Neutral
Half-year accounts to 31 December 2011. The directors' report says North Maroon DW-1 was plugged and abandoned despite strong oil shows. PEP 172 and 173 are listed at 100%, subject to land use agreements. ATP 794P is shown falling from 75% to 60%. Financial figures were truncated.
20 Feb 2012price query● Neutral
Icon's shares rose from 18.5 to 25 cents; ASX queried this. Icon said it knew of no undisclosed news and had no explanation, noting Drillsearch/QGC's nearby Cooper shale deal. It states ATP 855P is now Icon 40% and Beach 60% after Beach's Adelaide Energy takeover.
