6 Nov 2013drilling progress report● Neutral
Beach's October report: Geoffrey-1 in ATP 855 is at the intermediate casing point of 2,612 m. The rest covers Beach's other permits, with no new Icon-specific result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2013drilling progress report● Neutral
Geoffrey-1 is drilling ahead at 2,338 m in the Hutton Sandstone, heading for a planned 4,266 m total depth. No gas or test results yet.
28 Oct 2013quarterly activities report● Neutral
September 2013 quarter: cash fell to $25.95m from $33.20m. Halifax-1 produced 243 MMscf over 188 days before shut-in in August; Geoffrey-1 is drilling. The PEP 170/172/173 ILUA was executed 9 Aug 2013, awaiting registration. Shares on issue 533.5m.
21 Oct 2013investor presentation● Neutral
Conference presentation to the East Coast Gas Conference, covering Asian demand, east-coast gas supply and ATP 855 history including the Chevron farm-in and the US$18m put sale. Repeats known facts, with no new results.
18 Oct 2013annual report● Neutral
2013 Annual Report dispatched. It reports a $3.72m after-tax profit and about $34m raised over the year, and commits to at least three more ATP 855 wells by October 2014. Largely repeats the accounts released in August.
18 Oct 2013agm notice● Neutral
Notice of the 25 November 2013 AGM. Resolutions cover the remuneration report, re-election of Dr Keith Hilless, performance rights for Ray James and Kevin Jih, a 10% placement capacity under Listing Rule 7.1A, and renewal of the proportional takeover provisions.
16 Oct 2013drilling spud▲ GoodMajor
Geoffrey-1, the fourth well in the ATP 855 program, spudded on 14 October 2013, later than the late September to early October guidance. It targets 4,266 m, 36 km north-east of Hervey-1, and stimulation is proposed for Q1 2014, starting with Hervey-1.
26 Sept 2013other● Neutral
Administrative notice of Icon's 2013/14 reporting calendar: quarterly reports due by end Oct, Jan, Apr and Jul, half-year results 20 Feb 2014, and the AGM on 25 November 2013. No new operational or financial information.
4 Sept 2013drilling progress report● Neutral
Beach's August report: Keppel-1 safely suspended after gas influx from the over-pressured Epsilon, with the joint venture to evaluate options. Rig released to Boston-3 in PEL 218. Mostly other Beach permits, no new Icon-specific result.
4 Sept 2013other● Neutral
Administrative Appendix 3B: 2,064,748 shares issued at nil price on exercise of vested 2012-13 performance rights. Quoted shares now total 535,455,958.
27 Aug 2013annual report● Neutral
Full-year accounts to 30 June 2013. Directors' report recaps the year: the Nov 2012 placement and share purchase plan at $0.22, the Chevron farm-out, the put option exercise, and the Goondi acquisition after year end. Financial figures were not visible.
26 Aug 2013resource reserve update▲ GoodMajor
Maiden contingent resource for Halifax-1 in ATP 855: gross 318 Bcf 1C, 629 Bcf 2C and 1,115 Bcf 3C. This delivers the booking previously targeted, a first step toward Icon's goal of 2 Tcf 2P reserves.
21 Aug 2013drilling result● NeutralMajor
Halifax-1 now flows 0.7 MMscfd, with 239 MMcf produced. Hervey-1 stimulation is expected in December 2013. Keppel-1 hit strong gas from the over-pressured Epsilon and is suspended, with a Notice of Petroleum Discovery. Geoffrey-1 expected to spud late September to early October.
7 Aug 2013drilling progress report● Neutral
Beach's July report: Hervey-1 cased and suspended at 4,266 m after over 800 m of Patchawarra. Keppel-1 stopped at about 3,900 m by high-pressure gas, with options to restart under review. Remainder covers other Beach permits.
1 Aug 2013other▼ BadMajor
Icon received a claim letter from Ronald Baldwin and Southern Fairway (formerly Babcock & Brown Australia Infrastructure) over a 2008 agency agreement and MOU for ATP 626P gas sales. They allege damages of $20-60m and $15-30m. Icon gives the figures no credence and no proceedings have started.
30 July 2013quarterly activities report● Neutral
June 2013 quarter: cash rose to $33.20m, helped by the US$18m put option proceeds, with 533.4m shares. Halifax-1 flows 0.9 MMscfd. Keppel-1 was suspended at about 3,900 m after strong gas influx. Hervey-1 found over 800 m of Patchawarra.
16 July 2013drilling result▲ Good
Hervey-1 reached total depth of 4,269 m with gas shows; Keppel-1 is at 3,897 m. Geoffrey-1 is planned for later in July, subject to approvals. No flow results yet.
5 July 2013drilling progress report● Neutral
Icon reports Hervey-1 drilling at 4,020 m and Keppel-1 having cut its first core, with gas shows described as encouraging. Geoffrey-1 is planned for mid-July. No quantified result.
3 July 2013drilling progress report● Neutral
Beach's June drilling report: in ATP 855 (now Beach 46.9%, Icon 35.1%), Hervey-1 is at 3,969 m and Keppel-1 is coring at 3,535 m. Other results concern Beach's other permits, with no new Icon-specific result.
3 July 2013asset acquisition disposition● NeutralMajor
Icon acquired Goondi Energy's (Stanwell subsidiary) 50% in ATP 626, lifting its stake to 100% after Goondi exercised its right to exit. Icon plans a new seismic and drilling program there. Price not stated.
26 June 2013farm in farm out completion● NeutralMajor
The put option sale completed on 25 June 2013: Icon transferred 4.9% of ATP 855 to Beach for US$18m. Icon now holds 35.1%, Beach 46.9% and Chevron 18%, resolving the option pending since February.
17 June 2013farm in farm out agreement● NeutralMajor
Icon exercised its put option, obliging Beach to buy a 4.9% interest in ATP 855 for US$18m. Icon's stake drops from 40% to 35.1%, completion due 25 June 2013. Icon says the cash will fund its ATP 855 exploration program.
6 June 2013drilling progress report● Neutral
Beach's drilling report table revised for Sceale-1 in PEL 91 (cased and suspended). In ATP 855, Hervey-1 is at 1,931 m and Keppel-1 at 911 m, both drilling ahead. No new Icon-specific result.
5 June 2013drilling progress report● Neutral
Beach's May monthly drilling report. In ATP 855, Hervey-1 is at 1,931 m and Keppel-1 at 911 m. The rest covers Beach's other Cooper Basin permits. No new Icon-specific result.
3 June 2013drilling spud● NeutralMajor
Keppel-1 spudded 3 June in ATP 855, 25 km north-east of Halifax-1, to over 4,500 m. It is described as the deepest Nappamerri Trough well to date. Hervey-1 is drilling at 1,404 m.
27 May 2013drilling spud● NeutralMajor
Hervey-1 spudded 26 May in ATP 855, 30 km east of Halifax-1, to about 4,200 m. A material contingent resource is expected to be booked if testing succeeds. Halifax-1 is flowing 1.1 MMscfd, continuing its decline.
27 May 2013joint venture update▼ Bad
Beach reports Halifax-1 now flowing 1.1 MMscfd, down from 1.7 MMscfd in April. Hervey-1 spudded 26 May and Keppel-1 is due soon. ATP 855 interests are shown as Beach 42%, Chevron 18% (subject to approval), Icon 40%.
30 Apr 2013quarterly activities report● Neutral
March 2013 quarter: cash fell to $19.77m from $21.15m, with 533.4m shares unchanged. Icon estimates $9.06m of outlays next quarter, including $7.76m for exploration. Routine quarterly.
17 Apr 2013joint venture update● Neutral
Beach's update repeats Halifax-1's 4.2 MMscfd peak was affected by a faulty gauge, with 1.7 MMscfd now unconstrained. It also covers PEL 218 wells and a second stimulation program from May. Mostly duplicates Icon's release.
17 Apr 2013well test result▼ BadMajor
Icon said Halifax-1's 4.2 MMscf/d peak was reached while a faulty temperature gauge let wellhead temperature exceed its recommended maximum. The well was flowing an unconstrained 1.7 MMscf/d, and Hervey-1 was due to spud in early May, followed by Keppel-1.