# ICN - Icon Energy



## NettAssets (11 July 2006)

Is this a typo or a big dilution for ICN holders


> Santos has now approved the terms of the renewal of ATP 626P and applied for the issue of *10,000,000 million  * Placement Shares in Icon Energy Limited. The issue of these shares at a price of 6.76 cents per share was approved by the General Meeting of Icon shareholders held on May 31 2006. These shares will rank equally with currently issued capital.



From todays Ann.  ICN - STO.
John


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## kyme (7 October 2006)

Think Santos being a shareholder is vote of confidence in ICN. Management doesn't do very good job of self promotion though. I like ICN for 3 projects, the upcoming wells by Santos (news could come any time), Acquisition of their own drill rig next year (will give ability to farm in), and upcoming US drilling. Think the patient will be rewarded here and I'm looking to top up at current levels.


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## dustman (7 October 2006)

I have researched ICN in depth and I believe it is the oil stock that offers the greatest leverage in the event of a discovery, however, it gets better because of the risk/reward ratio . That means the wells that Santos will be drilling appear to be relatively low risk in a good area that Santos and ICN know very well so this would be classified in the industry as low risk/high reward drilling program. It does not get any better than this for those that want to take a calculated risk. Adding to this is the quality and experience of the management team.Few investors take this into account when buying shares and forget that there are many companies around that are run by wood-ducks who are in it for the lifestyle. ICN is in it to build a mid size  oil company .
Dustman


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## kyme (8 October 2006)

I agree with that dustman, although I've only been looking at projects, don't know anything re management, although their lack of spruiking themselves a plus in my book. Any other plays you like in energy sector?. To me thats still the only place to be despite recent drop in oil price, I'm in for long term so not concerned in that regard.


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## kyme (9 October 2006)

ICN weakening today with impatient selling. Holders bored due lack of news or something to worry about?. I have long term time frame so looking to accumulate on this weakness.


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## kyme (2 February 2007)

Might have missed my chance to accumulate further. Fair bit of volume today compared to normal trading (mybe insider trading). Now in trading halt re new Indonesian oil play. Will be watching with interest for details.


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## jtb (14 September 2007)

Anyone want to comment on this old warhorse?

(Kenna's )

Commencing a 100% held 25 million bbl target early Oct (recoverable).
Have quite a substantial project in the states but their partner (operator) seems a cowboy outfit and got belted in the New Orleans Hurricane (imo only).
I imagine the issues will be rectified soon however and would expect more action early 2008 (target is actually a shoulder of the US homeland reserve).

Drilling two CSM targets next month, although these will take some time to dewater and flow (if their going too) but the ground is also prospective.

Recent talk regarding buying into some indo' resources (production wells) and prospective leases- likely to blow out shares on issue from 250 mil to 360 ish (from memory) however other projects represent supporting value.

I see this as similiar to CVN @ 5-7c?

May be falling into buy territory atm (imo)


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## jtb (15 September 2007)

jtb said:


> Recent talk regarding buying into some indo' resources (production wells) and prospective leases- likely to blow out shares on issue from 250 mil to 360 ish (from memory) however other projects represent supporting value.




Please disregard this from the last post- In digging around today I found the Hang Seng inspired meltdown in May put an end to the farmin.

So 280million shares it is (not 250).

Any of you east coast dudes tell me how I can locate petroleum exploration license ATP 626 anywhere? (south Qld)

I think I may have found it (see below) but have been unable to put any numbers to the petroleum expl' area's.

Any tech' input on the chart also appreciated.

Cheers


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## jtb (16 September 2007)

OK,

Going from the "40 km south of the Moonie oilfield, lookalike structure etc". From ICN's ann's.
I figure I must be on the right track.
Have highlighted the Moonie faults in yellow that overlay the green production wells and also the large faults that cross into the basin 40km south.
The target must be in here somewhere I reckon.

The green shaded area is the Surat sedimentary basin and therefore the large fault continuing down from the Moonie field is providing the traps where crossed.

Start investigating CSG plays and I'm off on another oiler


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## jtb (16 September 2007)

Couple of interesting graphs representing the CSG boom of late.

When contrasted with the exploration wells drilled, the development wells are certainly skyrocketing.

Interesting also on the petroleum side with a reasonable number of wells drilled (compared to WA anyway) but still 60% of them for development.

I would have thought with the infrastructure in Qld a lot more would have been put down with the rise in OP?


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## jtb (16 September 2007)

Natasha No. 1 and Lydia No. 1 (Spud date first week in October 2007 for Natasha No.1)
Icon Energy Limited has signed a Contract with Mitchell Drilling to drill two coal bed methane
(CBM) wells, back to back, in ATP 626P. These CBM wells to be known as Natasha No. 1 and
Lydia No. 1 have been selected in areas where previous wells drilled in the 1960s encountered
significant coal intersections within the Jurassic *Walloon* Coal Measures. Natasha No. 1 will be
drilled within 50 metres of Thompson No. 1 which penetrated a total coal thickness exceeding 30
metres within the Walloons. Lydia No. 1 is to be drilled approximately 800 metres north of
Yarrill Creek No. 1, which penetrated in excess of 45 metres of coal within the Walloons.

Queensland's petroleum (April 2007) 7
www.dme.qld.gov.au

"Queensland’s known coal seam gas
resources are confined largely to the
extensive coal resources in the Bowen
Basin and the adjoining and overlapping
Surat Basin to the south."

"The first significant sale of gas from the
Walloon Coal Measures in the Surat Basin
was contracted in 2001."

Sounds like the 'Walloon' coal measures are a good place to start.

Particularly like the way gas/oil fields follow the external perimeter of the Surat basin.


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## jtb (16 September 2007)

OK everyone you can stop looking now, I've found it.
For some reason the PDF on their website doesn't show the attached image whereas the ann' on the ASX does?????????????????

Any hoo, looks like I was on the right track (however it looks more like 30 km's to Moonie as opposed to 40 ).

"Stitch No. 1 (Expected spud date early October 2007)
Icon has selected a location for the drilling of Stitch No. 1 and is finalising a drilling Contract
with Century Drilling for this well. Stitch No. 1 will be drilled to test the hydrocarbon potential
of the Precipice Sandstone which is the same reservoir found in the Moonie Oilfield 40
kilometres to the north of the Stitch location. The trap is a three way closed fault dependent
structure. If the fault is a sealing fault and migration of hydrocarbons into the trap has occurred
then the potential oil reserves exceed that of the Moonie Oilfield, discovered in 1961, where oil
production was approximately 25 million barrels. At this point, we are unable to know ahead of
time if hydrocarbons are present in commercial quantities. Nearby wells Ballymena No.1 and
Widow No.1 penetrated significant oil and gas shows, which means that hydrocarbons are
present in the sedimentary rocks in this part of the Surat Basin."

I like it, no BS and a big fat *recoverable *target. 

"Icon holds a working interest in ATP 626P of 100% and a net revenue interest of 90% after
deduction of Government royalties of 10%. The Government royalty is calculated after
deducting operation and transportation costs. The interest held by Icon may be reduced to 75%
working interest, by way of farmout prior to the commencement of drilling."

Icon presently have $4 million in the bank with $1.6 mil committed to this upcoming program.

The farmout of 25% will likely be for 50% of drill costs plus cost so far incurred on seismic (they say there is a lot of interest?).

This really caught my eye - from Qld gov' petroleum exploration info' 
(April this year)

"The recent application of new geological
concepts and the adoption of different
drilling technology have seen success rates
in the *Bowen–Surat Basins rise to 59 per
cent this decade*."

So if we halve that to a 1 in 3 chance @ >20 mmbbls recoverable with 75% equity.

Or say a risked 6.5mm bbl @ $10.00 bbl x 75% = $48 million

Infrastructure all over the place.

MC @ 0.07c is $ 20 million


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## camaybay (16 September 2007)

I was good to get $4.5m for sale of leases to Santos which cashed up the coy to drill Stitch. I dont know the possibilities of the leases sold , but a % of free carry may have been a good idea? The coy duration on gas production after dewatering is a few years for "maybe" (see ann), a bit long to tie up invest funds. The time frame for drilling Stitch (2000m) seems to be a "reasonably risk" for investing, after Valentine 1 CB, free up $'s . The geology sounds promising if its can be proven. Not holding ATM but waiting for opportunity. 
DYOR
Cheers


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## jtb (17 September 2007)

camaybay said:


> I was good to get $4.5m for sale of leases to Santos which cashed up the coy to drill Stitch. I dont know the possibilities of the leases sold , but a % of free carry may have been a good idea? The coy duration on gas production after dewatering is a few years for "maybe" (see ann), a bit long to tie up invest funds. The time frame for drilling Stitch (2000m) seems to be a "reasonably risk" for investing, after Valentine 1 CB, free up $'s . The geology sounds promising if its can be proven. Not holding ATM but waiting for opportunity.
> DYOR
> Cheers




Cam,

Yeah I spent some time looking into the Santos 3 lease farm-in and share purchase and I think that original JV was designed with santos' eye on the two ATP 7' permits. I wondered why they would be interested in bearing the costs to share the profits, I figure after crunching the numbers it was economic to just buy the two permits and relinquish their share in ATP626 back to ICN?

I dipped a toe this am and have the same idea with my Val' profits


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## jtb (24 September 2007)

Good to see the old girl steadily creeping up, will be interested to see 8/9c hold as support.

The previous run last year was on good shows (gas and fluoroescence) from the Bayou Choctaw VF 1 well (targeting *1.8mmbbls- 20 odd %* share to ICN- same as HZN) which the operator unfortunately lost control of due to an underpowered rig. They (CLK) did however pay >5 million for a 60% share so they obviously see some value there? 
As its alongside a piece of the US strategic reserve then I guess its pretty oily.

Hopefully this will jump firmly back through 10c once a firm date is announced for Stitch (comparing the above with a minimum 75% share of 20+ mmbbl recoverable target)


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## jtb (5 October 2007)

Going off my previous charts it was a nice strong break up through 8c today and it was nice to see it accompanied by a bit of volume coming in too.

Rig news due now


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## jtb (8 October 2007)

Hi jtb looks like a bit of interest today.

Yeah jtb looks that way

Break through 8c looks like it may have something to it.


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## jtb (15 October 2007)

Updated chart, pennant as suspected on the potential breakout thread looks a bit out there 

Haven't got the faintest idea about the doji dragonfly stuff


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## jtb (17 October 2007)

Re: UPDATE ON ICON’S DRILLING PROGRAMME IN ATP 626P –SURAT BASIN
Icon’s drilling programme in ATP 626P is due to start with the drilling of the CBM wells with an
expected spud date towards the end of the week beginning 22nd October 2007. The Mitchell
drilling rig is expected to begin moving to the first location in the next two days. The first well
will be Natasha No.1 to be followed by Lydia No.1.
Stitch No.1 site preparation is almost completed and the water lines have been installed. The rig
we are proposing to use is stacked and ready to move and the mobilisation is to be shared
between three parties. One of the parties has not yet confirmed the contract but is expected to do
so within days. Until this decision is firm Icon must wait before the rig can be moved. Should the
rig contract not proceed then a second rig is available for contract and we would seek to use this
rig. An announcement will be made as soon as the decision is made on the rig for Stitch No.1.
While the wells are drilling, regular weekly reports will be released to the market through the
Australian Stock Exchange (ASX) and these will be posted on Icon’s website soon after the
announcements are accepted by the ASX. Special reports will be issued to announce significant
drilling results as they come to hand.
Icon’s working interest in ATP 626P is 100% and Icon will operate the drilling and testing
programme.


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## Wysiwyg (17 October 2007)

On the map of ATP626P it shows me that Lydia 1 and Natasha 1 are being drilled beside dry holes. Snatch 1 is being drilled beside two shut-in wells (Ballymena 1).They might get lucky on the first two, who knows.


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## jtb (17 October 2007)

Wysiwyg said:


> On the map of ATP626P it shows me that Lydia 1 and Natasha 1 are being drilled beside dry holes. Snatch 1 is being drilled beside two shut-in wells (Ballymena 1).They might get lucky on the first two, who knows.




Whatyousee,

Lydia and Natasha are CSM holes and if you go back in the thread you'll see the depth of coal that the two previous holes intersected.

And ahhhhhh thats *Stitch #1* for the oil hole not *Snatch*

Freudian slip ?


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## mick2006 (6 May 2008)

Looks like ICN is another of the coal seam gas explorers that is on  the verge of breaking out much higher.  Below is a copy of an interesting article from the Australian yesterday, highlighting that a dozen parties are fighting each other to gain a share of ICN's massive Surat Basin coal seam gas reserves.  I always like to see companies that are in demand, and by the looks of it ICN could well be in play at the moment.



INVESTORS suddenly couldn't get enough of coal seam gas shares following BG Group's $12.9 billion bid for Origin Energy (ORG). 

One of the last stocks out of the gate as the buy orders flooded in was Icon Energy (ICN), which got as high as 9.9c on Friday -- double the most recent low in January. 

If all the projects planned for Gladstone to turn CSG into liquefied natural gas go ahead, then there is going to be a frantic rush to increase the amount of gas available. That's where Icon comes in. 

We hear that at least a dozen different parties are chatting to the Brisbane junior. And their enthusiasm level is apparently very high. 

That may seem a luxurious position to be in. 

Yes and no. It will take somewhere north of $300 million to bring Icon's project into production. The company is worth about $26 million; moreover, it spent nearly $1.3 million in the March quarter and had just $634,000 left on March 31. 

That's obviously short of the $300 million that is going to be needed. Apparently the options being wrestled with are selling half of the project or climbing up to the high board and diving in alone. 

Previously the company reported a resource of up to 1.25 trillion cubic feet of gas at its Surat Basin project and that could be worth up to $3.7 billion. Now, Icon says that is very conservative and one director is talking of having gas worth $7.5 billion.


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## Dukey (7 May 2008)

Well well well - 3 holes in the ground!  Mick2006 - you picked it 'like a nose' - hope you bought some of these ... and wish I had 

...This mob has certainly got some attention in the last couple of days.  (see chart)  - almost doubled to 18.5c since last Fridays close of 9.9c.

- and why not given the heat in the coal seam gas sector and ICN's tenements in the walloon fairway.

Current market cap around $55M - fully diluted.
(282M shares; + 20M 'COP' classed options - presumably = unlisted options?)

Compare that to the Gas resource they are spruking (see mick2006 previous post) of $3.7 to 7.5 Bill.

If you (arbitrarily) take 10% of the lower value - thats $370M which is still 6.5X the current MC.

Sounds very good on first impressions - so do the circling predators.
Will do some more checking

-Dukey


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## Dukey (8 May 2008)

[FONT=&quot]More detail (-just throwing this together as I gather the info – mostly from their website and various announcements. http://www.iconenergy.com/)...

ICN's Main Coal Seam Gas tenements: in Sth Queensland’s Walloon Fairway CSG play - currently exploited by QGC ; AOE and others:

 [/FONT]
  [FONT=&quot]1. ATP 626 : (ICN=100% minus 10% gov't royalty)[/FONT]
  [FONT=&quot]  # Located between Moonie and Goondiwindi
  # 3 exploration wells drilled and awaiting testing. (Stitch 1; Lydia1; Natasha1)[/FONT]
  [FONT=&quot]  # All 3 wells encountered Walloon coals ( 2m – 15m thick) and gas shows.[/FONT]
  [FONT=&quot]  # Natasha1 free flowing ‘gas-cut’ water at 11 bpd.[/FONT]
  [FONT=&quot]  # De-watering was due to commence early April 2008.  – delayed due to requirement for more capital – hence the negotiations.
  # Indicated reserves of 0.9 - 1.25 TCF  (~160-225 M barrels oil eq.)
  # Currently in discussions with various parties negotiating farm-in partner to ATP 626. (& 849P)[/FONT]
  [FONT=&quot]  # Expect to announce development plan by end of May 08.[/FONT]

  [FONT=&quot]2. ATP 849P (ICN = 80%)[/FONT]
  [FONT=&quot]  # Located at and to the north of Mitchell (SEQ) –  west of Lacerta CSG field held by Sunshine Gas.[/FONT]
  [FONT=&quot]  # Large permit (3853 sq klm) of Walloon fairway[/FONT]
  [FONT=&quot]  # Currently negotiating farm-in partner.[/FONT]

  -[FONT=&quot]ICN are focusing on CSG at the moment, but also holding interests in some cooper basin tenements and the ‘Bayou Choctaw’ project in Louisiana USA – (?? gas, oil or both??).[/FONT]  
-Dukey


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## mick2006 (8 May 2008)

hey dukey, I loaded up on ICN at 12c it represented a good short term buy given the obvious interest in CSG at the moment, I took profits at 19-19.5c, it maybe was a little early but a substantial profit anyway.  I switched some into PRE with the company awaiting gas test results from a massive target in California.


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## Dukey (8 May 2008)

mick2006 said:


> hey dukey, I loaded up on ICN at 12c it represented a good short term buy given the obvious interest in CSG at the moment, I took profits at 19-19.5c, it maybe was a little early but a substantial profit anyway.  I switched some into PRE with the company awaiting gas test results from a massive target in California.




Well done!
I'll be keeping an eye on them to see what happens next.
Farm-in announcement could fire them up again...
-Also the reserves estimates don't include anything from the second CSG tenement which could be quite substantial, OR any of the other conventional oil/gas interests they hold.

good luck with PRE - I'll have a look...


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## jtb (8 May 2008)

Hey guys nice to see some chatter on the ICN thread

If you've looked at any of my posts on the first page you may like to cast an eye over OIP also (SP = to cash atm).

Good luck with ICN and well done Mick


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## mick2006 (8 May 2008)

now i'm spewing it looks like Santos has just exercised 20 million options in ICN, and the market clearly likes the news.

I guess you can never be certain when to take profits, but in this case it looks I was a day too early.


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## Dukey (8 May 2008)

Damn!! - I guess that was the buying in the last few days.
don't you just love inside information .  

I think Santos was in on ATP 626 before and opted out.. maybe in exchange for the options they have now exercised.


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## neild1971 (15 May 2008)

Hi all, I am new to all this and purchased some of these shares, because a friend told me they were a bargain @ 7c, so doing some research on the internet I found this thread.

I am a bit confused how a company like Santos could make a mistake on the paper work, what do you think this means, is there someting happening in the background.



> On May 8th 2008 Icon Energy Ltd announced it had received notice from Santos Ltd, the
> registered holder of 20,000,000 options to subscribe for fully paid ordinary shares in Icon
> Energy. The notice advises that it had transferred those options to Taycol Nominees Pty Ltd. A
> notice exercising those options by Taycol Nominees Pty Ltd. had also been received.
> ...


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## mick2006 (20 May 2008)

wow what a massive day for ICN today, ever since they announced they were in discusions regarding funding for their Surat Basin coal seam gas project the share price has just gone crazy.  

Looks like I might have sold too early at 28.5c when it stalled this afternoon, have shifted the funds into CXY as I see the exact same thing happening once CXY announce funding of their Kingaroy UCG project.

good luck all ICN longs its been a great ride recently,


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## james99 (20 May 2008)

mick2006 said:


> wow what a massive day for ICN today, ever since they announced they were in discusions regarding funding for their Surat Basin coal seam gas project the share price has just gone crazy.
> 
> Looks like I might have sold too early at 28.5c when it stalled this afternoon, have shifted the funds into CXY as I see the exact same thing happening once CXY announce funding of their Kingaroy UCG project.
> 
> good luck all ICN longs its been a great ride recently,




Mick I agree. It is all rather like a domino effect and we all just need to keep searching for the next one after this, then after CXY etc.


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## mick2006 (20 May 2008)

yes james I agree the whole coal seam gas sector is rampant at the moment with MEE and ICN breaking out on good volume today, with LNC leading the charge and also bringing plenty of attention to the sector with the release of the PWC study and International Broker Presentations.

I believe that there is a good long term future for ICN, it has just run so hard recently putting on 410% over the last 19 days.  

I think CXY now represents the best value in the sector at the moment and as more people get a chance to read the article in the courier mail this morning, CXY is likely to start to see the flow of money towards it.


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## CATAPILLAR (21 May 2008)

This share has gone ahead in leaps and bounds today from .29 to .35 last trade. Is this being fuelled by rumour because there is no report out. Any opinions?
CATAPILLAR


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## fma007 (22 May 2008)

Has anyone followed the meteoric rise of ICON energy and can anyone explain why? ICON is a CSG company, and I know CSG companies are getting a lot of attention lateley, but the rise of Icon is ridiculous.

It went from 19.5 cents last Friday, to an intraday high of 38.5 cents! almost double its share price!! before settling at 35c.

Any opinions on this one?


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## rocka1 (22 May 2008)

icon energy up 400 percent in a month up 80 percent in last three days with record volume of 20,000,00 million at .35 take over rumors on the cards does any members have info


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## rocka1 (22 May 2008)

forgot to mention record high of .385 should have announcement soon or a speeding ticket , why the price rise


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## fma007 (22 May 2008)

oops sorry.. didn't see the existing thread that was already going with this info.. plz disregard.. since i can't delete.


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## fma007 (22 May 2008)

I've also heard the rumour that it is a takeover... who knows.. i jumped in on weds at 28c just to see where it goes.

Can't go wrong with CSG these days, energy of the future.


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## neild1971 (30 May 2008)

I went to the Icon Energy general meeting today at Southport on the Gold Coast .

It was a very postive and informative meeting, I will just mention a few points to give a clear picture concerning some of the posts I have read above.

*Takeover Rumors* According to the general manager there are no takeover moves by anyone. He also stated that the company has put themselves in a postition which it would be very difficult for someone to succeed in a takeover bid.

*Partnership* In three to four weeks a parnership should be announced, the GM ofcourse couldn't state who it was, but he did say they were very honoured that they will have a working relationship with this established and productive company.

*Dividends* A share holder asked about future dividends, the GM replied that if everything goes to plan with the main ATP site and they build a pipeline, it will be about 3-4 years down the track.

*Drill Rig* Icon are in the process of building their own drill rig and they said they would be finished that project in about 5 months time, i think they said the cost of building this rig was 5M.

There was alot of other information, but one thing I liked was that they were thinking about producing bio fuels in the future, by using all the water that is left over from the mining process to create algae pools, this is experimental in the US at the moment but they say that the first results over there are promising.


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## redwynne (11 June 2008)

My mum is interested in this stock but before I go and encourage her to buy it I thought I would ask... is it worth buying? I think she is only interested in a small purchase and just forgetting about it.

There isnt much activity in this thread so Im wondering if its a worthwhile share to invest in.

Any thoughts? Thanks


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## jdh (11 June 2008)

ICN would have been a great buy last week..

The lowest I saw it at was 29c, and I'm kicking myself for not buying before it went up 30% yesterday.  Going off the chart I would guess late next week as another chance to buy in, but take that with a grain of salt.


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## zoomy jeff (12 June 2008)

can someone tell me how many Cubic feet make up one Petrajoule i.e. in the case of Icon how much is 10 petrajoules per year likely to be worth in cash flow?


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## cordelia (12 June 2008)

Actually I would like to know what happened to the SP this afternoon after the announcement. BNB took a bashing but why did ICN


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## mas888moe (13 June 2008)

The reason why is explained in the following news article:

http://www.goldcoast.com.au/article/2008/06/13/12397_gold-coast-business.html


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## redwynne (13 June 2008)

jdh said:


> ICN would have been a great buy last week..
> 
> The lowest I saw it at was 29c, and I'm kicking myself for not buying before it went up 30% yesterday.  Going off the chart I would guess late next week as another chance to buy in, but take that with a grain of salt.




Im curious, how can you tell that late next week could be a good chance to buy from the chart? Sorry, Im new to predicting stuff from charts. I can read the charts as such but not sure how one can tell what the future holds using a chart.



mas888moe said:


> The reason why is explained in the following news article:
> 
> http://www.goldcoast.com.au/article/2008/06/13/12397_gold-coast-business.html




So is this good news? Im still trying to decide if investing in these shares is a good idea.

Cheers for your feedback.
Noob here


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## cordelia (13 June 2008)

redwynne said:


> Sorry, Im new to predicting stuff from charts. I can read the charts as such but not sure how one can tell what the future holds using a chart.
> So is this good news? Im still trying to decide if investing in these shares is a good idea.
> Cheers for your feedback.
> Noob here




No one can tell for sure what the future holds by looking at charts or anything else for that matter. A chart can give an indication on what might happen...might being the operative word....Charts are a reflection of past human behaviour and work on the premise that because humans generally behave in certain ways in certain situations that they might do so again....but they do not guarantee it...

They can certainly help with your entry and exit points but nothing is absolute...More important than looking at charts is knowledge of risk management and position sizing to protect your capital. There is some very good literature on trading stratergies etc. and specific threads in the forum are devoted to this sort of thing. take a look in the resources forum...

Getting back to the news article ...from what I can gather it would have been good news but for the fact that it was associated with BNB....guilty by association or some such thing.....

I was going to top up before all this happened but now I will wait for the dust to settle to see if its viable....


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## doogie_goes_off (25 August 2008)

Outstanding increase in coal seam gas resources released today - providing the company with a new focus for production.


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## doogie_goes_off (26 August 2008)

Very quiet reaction this morning, I would have thought this was going to continue to buck the trend, looks like I'm in for some buying.


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## doogie_goes_off (27 August 2008)

Well it's day 3 and still no one seems to have made the connection that there is the equivalent of 900 million barrels of oil in the ground as coal seam gas in the Surat Basin. I suppose I'll just have to take the tens of billions for myself then.


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## zoomy jeff (29 August 2008)

I believe the next major jump in price will be when and if they prove reasonable gas flow from the de-watering.  I have put half of my ICN profit into NWE hoping for a profit from the Puffin well currently being drilled.  Once the well has been completed I plan to buy more, thus I am hoping ICN doesn't rise too soon.


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## Sean K (28 April 2009)

I'm trying to get my head around these petajoules and gigijoules etc and wondering how Ican rates in the joule department. How's 5400 petajoules sound?

COAL SEAM GAS EXPLORATION
Authority to Prospect (ATP) 626P Farmin
On 24 December 2008, Icon Energy Ltd. (Icon) signed a Farmin Agreement
with the Stanwell Corporation Limited (Stanwell) for an interest in part of
ATP626P consisting of four blocks. ATP 626P has an estimated prospective
gas resource of up to 5400 petajoules of gas initially in place (GIIP).


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## grace (28 April 2009)

kennas said:


> I'm trying to get my head around these petajoules and gigijoules etc and wondering how Ican rates in the joule department. How's 5400 petajoules sound?
> 
> COAL SEAM GAS EXPLORATION
> Authority to Prospect (ATP) 626P Farmin
> ...




Hi Kennas.....5400PJ is fantastic if they can get it out of the ground at commercial flow rates.   QGC had 7000PJ from memory at which point BG took them out for $5.5bill.  Pure Energy taken out at $1bill with PJ proved up of a few thousand on 5% of their acreage (gosh I've forgotten already sorry).  It is nice to prove up some 2P (not just 3P) though....  I think in one of Santos's annoucements a good $/PJ comparison.

A petajoule is 1million gigajoule (you probably already know that).


----------



## Sean K (28 April 2009)

grace said:


> Hi Kennas.....5400PJ is fantastic if they can get it out of the ground at commercial flow rates.   QGC had 7000PJ from memory at which point BG took them out for $5.5bill.  Pure Energy taken out at $1bill with PJ proved up of a few thousand on 5% of their acreage (gosh I've forgotten already sorry).  It is nice to prove up some 2P (not just 3P) though....  I think in one of Santos's annoucements a good $/PJ comparison.
> 
> A petajoule is 1million gigajoule (you probably already know that).



So, it seems if their guestimate of joules is around about they should be rated a wee bit higher perhaps.

Ann out regarding drilling update and they are ramping the 5.4/5400 still. I suppose ASIC must be happy with that so it's reasonable to assume they may find it?



UPDATE ON DRILLING STATUS LYDIA PILOT LP-4 AND LP3

Lydia Pilot LP4 has been completed with the running of production tubing and sucker rods together with the bottom hole pump assembly, sensor unit telemetry bundles and tubing string in preparation for dewatering and gas build up testing. The completed well is showing a well head pressure of 40 pounds per square inch, suggesting that the coals are saturated with gas. The rig was mobilized to LP-3 on Saturday April 25th and drilling commenced on Sunday April 26th. Drilling has continued to a depth of 80 metres.

When the three wells have been completed and the installation of well instrumentation and transducers in Lydia No1 has been completed, water samples will be obtained to test the quality of the water and commence the permeability draw down test on the three wells. The gas cut water tests from Natasha No. 1 measured water of a potable quality with impurities for 600 parts per million. This has important implications for water treatment and the costs of production.

The dewatering phase will then commence. This phase consists of the slow reduction in well head pressure on one well only to gauge the effects on well pressure in the other wells. The water drawdown process must be managed carefully to prevent the coals from caving or sluffing in the hole.

As previously advised, the reserves in the permit have not been determined at this point. However, establishing the existence of gas saturation in the coals of LP4 means we are on target for completing those activities necessary to move some of the 5.4 TCF (5400PJ) Gas Initially In Place (GIIP) to 1P, 2P and 3P reserves status.


----------



## grace (29 April 2009)

I just wanted to add a bit more to this one.  I remember researching it some 18months ago and decided there were much better csg stocks around.  They have been all taken over, except for esg, aoe, and I have small investments in bul (high risk), and I think that is it.

Anyway, I just wanted to remind myself about why I didn't buy some at the time, perhaps others may benefit, or not....

Stitch 1  has intersected Walloon coal at below 1000metres, and there were several 2 - 4 metre coals intercepted.  78 units of methane.  What worries me about this is the depth.  The good Walloon's can be found at 200 - 800metres up around the Chinchilla/Condamine area.  The coals in ATP626P seem very deep, and the deeper, the harder to extract.  The coals seem to head shallower around the Moree south area (where esg is drilling, and seem better further south around the Narrabri area).
Now, the land in ATP626P is an area close to my heart in QLD.  However, I think there is more chance of finding conventional gas/oil here, like at Moonie.  Just over the border in NSW,  some conventional gas was found some time back (many years ago).
Looking at Lydia 1, this has intersected 15 metres of coal, but at what depth???  This is very important.
Natasha 1 intersected 11metres of coal, with 89% methane (okay) and 50mtrs carbonaceous material (what does that mean?).

Up in the Walloon fields around QGC, PES etc country, over the decades, geologists would drill up around those parts for other minerals, and would find all of this gas, and have trouble stopping it coming out of the ground.  Once an old refrigerator was jammed down with some readymix to stop one of those flows many years ago (incidentally, that geologist became the founder of QGC).  These same flows are now reaping rewards.  I had also heard that sometimes farmers would drill for water and up would come the gas....a real problem at the time.

Now knowing some history about ATP626P, I have never heard any such stories in these parts.  Doesn't mean there may not be commercial flows, I just think it is not going to be easy going to get that 5400PJ out. I watch with interest and hope though as with the commercial flows comes employment and prosperity for surrounding towns.  Technology is improving with drilling too.

Comments invited and appreciated.


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## Sean K (1 May 2009)

I don't know crap about O&G and CSM but I know S&R and this is behaving well at the moment. Nice last couple of days too, although the whole market is running well despite the avalanche of bad international news. Expect a pause at 30c, but a break through will be bullish.


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## Sean K (4 May 2009)

Testing 30, but would expect a pause. Maybe moreso at the top of the up trend channel resistance around 33. Should expect that while it's conforming to this basic S&R and the market is relatively stable.


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## Sean K (9 May 2009)

Approaching that top trend line. Had a great run. Harry says, why didn't grandma commit more to this one earlier. Forever the consevative.


----------



## Sean K (12 May 2009)

kennas said:


> Testing 30, but would expect a pause. Maybe moreso at the top of the up trend channel resistance around 33. Should expect that while it's conforming to this basic S&R and the market is relatively stable.



No pause, no resistance, just ran through to almost alltime highs.  So much for S&R, but I'm not too unhappy.  Bad thing out of this as far as TA goes is that we're leaving support way behind. Need some consolidation, basing, for a floor to push off again. Don't like it when things move too fast.


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## Sean K (13 May 2009)

Anyone know what all this means?

I'm still learning this CSM stuff, and have basically jumped on the bandwagon, following the charts.

_12th MAY 2009 CORRECTED UPDATE ON DRILLING STATUS LYDIA PILOT LP-2

Lydia Pilot LP2, has reached a depth of 638.15 metres and piping has been set in preparation for the coring of the Walloon Coals. As previously advised, selected portions of the main coal sections will be sent to the testing laboratory in Brisbane to determine the gas content. The coring operation provides useful information on the Methane content of the coal. While we have strong indications of gas saturation from the drill cuttings and gas readings from the drilling process, reserve certifiers normally see standard cores as the most reliable source of gas content estimates. Core analysis also provides useful laboratory results on isotherm testing, proximate analysis and coal thickness. Core analysis results will be received progressively over the next two months with the final report due by the end of July. 

Once the coring operations have been completed the hole will be enlarged and under-reamed to 22 inches over the main coal intervals. The production casing will then be installed and the rig released. A workover rig will be mobilized immediately LP-2 is cased and the production tubing and pumps installed for testing. The rig will then move to LP-3._


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## grace (13 May 2009)

kennas said:


> Anyone know what all this means?
> 
> I'm still learning this CSM stuff, and have basically jumped on the bandwagon, following the charts.
> 
> ...




This is what I use Kennas to evaluate, although I note that 10 millidarcies or above is okay.  I also note that Arrow had a good drill recently with only 1mD I think, which is very surprising!  I wrote this in the csm general thread some time back in the earlier days.....

1. Gas content - need to be 3 cubic metres per tonne or higher (I think QGC range from 3 - 9 on their drilling).

2. Permeability - measured in Millidarcies. Average is 50 (now I didn't read that in his document, I seem to think that was average of commercial wells). Richard mentions 10.

3. Gas Saturation - the higher the better obviously. High 90%'s is good.

4. Coal depths - generally 200m to 800m depth for coal seam gas. Gas can be up to 1000m, but must be highly permeable at these depths. eg ESG are deep, up to 1000m, but are higly permeable, and do have seams shallower on the way down.

5. Coal seam thickness - one would think the thicker the better. QGC and PES are finding good thickness, some 25 - 30 metres of seams. However, if it is thick, but not permeable, one can get more gas out of thinner, but more permeable. (QGC and PES drills are highly permeable so far)

6. Type of coal - eg coking coal is high in gas, however, as it has very low permeability, it cannot be extracted in most cases. Brown coals may be better for coal seam gas as more permeable.

7. Just because a company has gas-in-place, does not mean you can extract it. It can be mind boggling when looking at gas-in-place figures, but of no value if you can't get it up out of the ground.


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## Sean K (14 May 2009)

grace said:


> This is what I use Kennas to evaluate, although I note that 10 millidarcies or above is okay.  I also note that Arrow had a good drill recently with only 1mD I think, which is very surprising!  I wrote this in the csm general thread some time back in the earlier days.....
> 
> 1. Gas content - need to be 3 cubic metres per tonne or higher (I think QGC range from 3 - 9 on their drilling).
> 
> ...



Awesome, thanks Grace. Much appreciated. ICN is still running, dam it! Funny to be dissapointed when a stock does that, LOL


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## Sean K (19 May 2009)

kennas said:


> No pause, no resistance, just ran through to almost alltime highs.  So much for S&R, but I'm not too unhappy.  Bad thing out of this as far as TA goes is that we're leaving support way behind. Need some consolidation, basing, for a floor to push off again. Don't like it when things move too fast.



Well, that's more like it. Obviously ran too hard at that point and needed a decent break. Looks like the 30 support area has held thus far. Still under the radar by the look as I am talking to myself and grace.


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## shag (19 May 2009)

well im looking
it seems putting yr water to use is a major issue, if its not already potable.
potentially a real earner or killer of the field, depending on rudd and local politics(bribes seem to work well here), and your luck in the residual water quality in yr coal. i presume all of it is nasty to some degree, like its coal and its a long way down often.
unless u r in the know like locals likely are as well as loads of corporates, to me u could do all the sums, and still luck out.
pipes/delivery and water management, i guess with the latter dealing with wastewater is getting easier all the time, tho just as rules tighten also.
its all very well using it for irrigation, but if too many nasties are not filtered out, you will build these up in yr ground, and potentially pollute yr aquifer.
i'm rambling, but its just another relatively unknown variable.


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## Sean K (27 May 2009)

Forming one of those nice triangely things in an uptrend. Volume coming off looks good. Seems to have consolidated OK. I'm just worried about the overall market for these things to keep running.


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## Sean K (28 May 2009)

Well, this will probably take that triangely thing out of the equation. Hope it's at not too great a discount, and the market likes it... 

Has *anyone* not done a capital raising this year?


*REQUEST FOR TRADING HALT IN THE SHARES OF ICON ENERGY LIMITED (ICN)*

Icon Energy Limited (ICN) (“Icon”) hereby requests a trading halt be granted by the Australian Securities Exchange in respect of trading Icon’s ordinary shares to come into effect immediately. Icon confirms that the trading halt should remain in place until the opening of trading on Monday, 1 June 2009 or sooner as advised by Icon.

The trading halt is requested in advance of an announcement to be made to the market concerning a proposed capital raising. 

Icon is not aware of any reason why this trading halt should not be granted.

Yours faithfully
Ray McNamara


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## Nero64 (28 May 2009)

> Has anyone not done a capital raising this year?




For the CSG sector - Origin and Arrow haven't. They don't need to either as they have plenty of cash. 

Still many people buy with their hearts and not their brains and if the sentiment is there ICN sp won't be affected too much in the medium term.


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## Sean K (1 June 2009)

Hopefully 30c is a floor for now, pending market gyrations.

$15K available to existing holders. I will probably bite, if the general market stays calm.


*SHARE PLACEMENT AND SHARE PURCHASE PLAN*

For the purposes of ASX Listing Rule 3.10.3, and further to the request for trading halt made by the Company on 28 May 2009, Icon Energy is pleased to advise that it has obtained commitments for a placement of 45,000,000 to 46,000,000 fully paid ordinary shares at $0.30 per share (“Placement”). The final number of shares to be issued under the Placement will be confirmed once monies are received. Intersuisse Limited is the Manager and lead broker for the Placement. The Company expects to issue the Placement shares on or about 5 June 2009.

In addition to the Placement, the Company is pleased to announce a proposed Share Purchase Plan (“SPP”) where eligible shareholders will be entitled to acquire, up to a maximum of $15,000 worth of fully paid ordinary shares in the Company at $0.30 per share, being the same price as the shares issued under the Placement. The SPP is subject to the receipt of the requisite waivers of Listing Rule 7.1 and 10.11 from the ASX. The record date for determining eligible shareholders will be 5 June 2009 and applications together with subscription monies must be received by 26 June 2009.


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## Sean K (19 June 2009)

Anyone with a CSG hat on care to comment?

Grace? LN?

Initial market take likes it...


LYDIA PILOT ACHIEVES GAS FLOW IN ATP 626P

Icon’s Lydia Pilot Program has completed the draw down tests on LP-4 and LP-3 with the test of LP-4 to be completed today. All wells have produced free gas flows to surface with indications that the free gas flow is expected to increase as dewatering progresses.

Managing Director, Mr Ray James, said “the gas/water flows represented a “milestone” achievement and proved a new gas province in ATP 626P, 100 kms south of the existing fields.” He stated that “thus far the performance of the Lydia Pilot has exceeded all our expectations for these early stage tests. It confirms the accuracy and quality of the months of analysis that preceded the commencement of this pilot.”

These drawdown tests require water to be slowly drawn down in one well while testing the effects of the pressure reduction on the other wells. The immediate gas flows are an unexpected and significant finding from these tests. All wells have produced free gas flows to surface, with controlled water flow rates of up to 320 barrels of water per day from Lydia No 3. “Once dewatering commences, there is generally a period of time before gas flow appears,” said Mr James. “We are very encouraged by this immediate gas flow as it is an indication that the Walloon Coal Measures are gas saturated in Lydia Pilot Area,” he said.

Dewatering will continue until commercial gas flow rates are achieved. An extensive development program of up to 20 wells may be undertaken over the next 12 months under Stanwell Corporation Farmin Drilling Program. Seismic data will be obtained as part of this program and is expected to contribute to additional proven gas reserves between the wells in ATP 626P. Stanwell’s farmin agreement is for a total $36 million capital input to fund the drilling program in four graticular blocks which contain the Lydia Pilot Wells. The Lydia Pilot blocks are 300 sq kms of a total of 2,225 sq kms in ATP 626P. By funding this program Stanwell has a right to earn a 50% working interest in the Lydia area which is aimed at proving 340PJ of 2P gas reserves.

Icon has reviewed the recent budget brought down by the Queensland Government on 16th June 2009 and is pleased that Stanwell has not been placed on any asset sale list. The Government has said it supports the liquefied natural gas industry, as this is a direct means of creating jobs in Queensland.


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## grace (19 June 2009)

kennas said:


> Anyone with a CSG hat on care to comment?
> 
> Grace? LN?
> 
> ...




I'm not wearing a hat, but it is indeed fantastic news!  Always good to have free flow to surface.  Fantastic!


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## grace (20 June 2009)

grace said:


> I'm not wearing a hat, but it is indeed fantastic news!  Always good to have free flow to surface.  Fantastic!




I just thought I would add my disclaimer to this for the punters who might read this thread.........it will be important to watch early flow rates on this drill and examine the results due back from the lab come July on the coal cores.  At this stage, saturation looks very good (no testing, just a verbal acknowledgement).  Look out for drill stem tests.  It is all important.  I was somewhat sceptical about this area of the Walloons, but hopefully, they'll prove me wrong.  I don't hold yet......


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## Sean K (22 June 2009)

Chart update.

The 30c level identified a while ago has held ok and nice break up. That should make that even stronger support if we have a market reversal. Although if people start bailing on mass again, support will mean nada. 

Grace, has a summary of all the independant CSG juniors been done. ie, comparing GIP, and the Ps, cash etc?


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## grace (22 June 2009)

kennas said:


> Chart update.
> 
> Grace, has a summary of all the independant CSG juniors been done. ie, comparing GIP, and the Ps, cash etc?




There is a coal seam methane thread, but the comparisons have not been done for a long time - perhaps 2 years.  Chops was the first to do such a thing when he briefly mentioned PES on that thread when it hadn't even drilled!  It would be good to have this done in your spare time on that thread and I'll be happy to contribute as much as I can....


----------



## Sean K (22 June 2009)

grace said:


> There is a coal seam methane thread, but the comparisons have not been done for a long time - perhaps 2 years.  Chops was the first to do such a thing (God bless his soul) when he briefly mentioned PES on that thread when it hadn't even drilled!  It would be good to have this done in your spare time on that thread and I'll be happy to contribute as much as I can....



I'll start putting something together in my spare time (read all the time  ) and we can work on it.


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## Sean K (7 July 2009)

Chart update, and that 30c support is looking ordinary and could mean a revert to downtrend, or at least sideways. 

Really surprised after the gas flow report and good cap rasing where they raised more than expected. 



Like all these CSG things could be a bit of good luck to get on the right thing, and lots of time for results...


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## Sean K (14 August 2009)

Any real reason for this going balystic the past couple of days other than a potato in the land of churches and crows?

Unusual, even with the general market strength.


----------



## grace (14 August 2009)

kennas said:


> Any real reason for this going balystic the past couple of days other than a potato in the land of churches and crows?
> 
> Unusual, even with the general market strength.




Forgive me if I get this wrong, but I thought maiden resource certification is out some time next week.  A bit of buying in beforehand.......I was thinking of that myself actually.....just didn't quite get to it.


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## Sean K (21 August 2009)

grace said:


> Forgive me if I get this wrong, but I thought maiden resource certification is out some time next week.  A bit of buying in beforehand.......I was thinking of that myself actually.....just didn't quite get to it.



Market looks to be expecting something good Grace. Hope it's not a buy the rumour.

Breaking through some decent resistance between 35-40c. 

Nice couple of weeks.


----------



## swm79 (21 August 2009)

good thread guys... very interested to see where this is headed..............


lots of interest in these


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## Sean K (21 August 2009)

Grace, I will leave it to you to discect this for the minute. Getting late here.


*MAIDEN CSG RESOURCE CERTIFICATION*

OVERVIEW

1. Netherland, Sewell & Associates, Inc. (NSAI) certifies 260 PJ 2C Contingent resource in Lydia
2. All three Lydia pilot wells flowing
3. Seismic Program update
4. Tenders for new October drilling program


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## grace (23 August 2009)

kennas said:


> Grace, I will leave it to you to discect this for the minute. Getting late here.
> 
> 
> *MAIDEN CSG RESOURCE CERTIFICATION*
> ...




Well, it was a buy the rumour, sell the fact moment for Icon last week when the maiden resource of 260PJ of 2C was announced I'm afraid.

Still early days for this little gasser, but it doesn't look too bad at all.

It is only contingent reserves, so some big hoops still to jump, but we should get an idea about that very soon as the 3 Lydia pilots are on production test, and the forth about to go on.  These are more important, and will progress the reserves up to 3P.  If the 260PJ is proved up to 3P I would assign a value of $260 million.  It is only on 13% of ATP626, so plenty of area to find more.

Saturation, permeability, depth, and width of coals all stated as good per ASX announcements if you search here and there.  Just waiting on the pilots now.

This company is hoping to prove up 5400PJ eventually.

I don't have time to check shares on issue etc, but my commsec account is saying
MC = $187 million
Cash = $20 million (sorry not sure, but at least this)
Value for csg $167 million

(They have been doing quite a bit of fund raising through share issues of late and should have about $20 million cash.)

Well, if 260 of 2C is converted to 3P, I think there is certainly room to move up in the share price.

Comments welcome!


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## Donga (23 August 2009)

Great stuff - you and Kennas make a wonderful team and can see you really do look at the fundamentals


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## Sean K (7 September 2009)

This looks like quite a few PJ's!

Just GIIP of course....

Another ramp?


7th September 2009
The Manager
Company Announcements Office
Australian Securities Exchange Limited
20 Bridge Street
Sydney NSW 2000
Dear Sir

*NETHERLAND, SEWELL & ASSOCIATES, INC. (NSAI) ESTIMATES SIGNIFCANT COAL SEAM GAS RESOURCES WITHIN ICON ENERGY’S ATP 626P*

HIGHLIGHTS:
1. GIIP within ATP 626P estimated to be 6115 PJ.
2. ATP 626P’s current resource is 1150 Best Estimate (2C) and 1773 PJ High Estimate (3C).
3. Lydia farmin area report due.


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## swm79 (7 September 2009)

why does this always happen to me?!

i was just tossing up between ICN, WCL and ECU... in the end it came down to ICN and WCL and i went with WCL... and now this!!!! 

anyway, time will tell i guess


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## Sean K (7 September 2009)

swm79 said:


> why does this always happen to me?!
> 
> i was just tossing up between ICN, WCL and ECU... in the end it came down to ICN and WCL and i went with WCL... and now this!!!!
> 
> anyway, time will tell i guess



LOL  I was saying the same thing a few months ago regarding ECU. Has trippled since then.


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## Sean K (16 September 2009)

Bit of a resource upgrade which looks nice.

*UPGRADED NSAI CERTIFIED RESOURCE ESTIMATES FOR ICON ENERGY’S LYDIA FARMIN AREA*

S&P/ASX 300 Index company, Icon Energy Limited (ICN) has received consent from Netherland, Sewell & Associates, Inc. (NSAI) on the 16th of September 2009 of upgraded certified estimates of the coal seam gas resource within the Stanwell Corporation farmin area in ATP 626P.

The farmin region, containing the Lydia Pilot Program, represents 13% of the key Icon Energy tenement located in Queensland’s Surat Basin.

The resource estimates have been provided by leading international certifier, Netherland, Sewell & Associates, Inc. (NSAI).

In the Lydia farmin area, the NSAI best estimate of the 2C Contingent Gas Resource is 357 billion cubic feet (BCF).

The 2C Gas Initially In Place (GIIP) best estimate is 773 BCF.

The upgraded results compare with earlier estimates of 2C Contingent Gas Resource at 260 BCF and 2C GIIP at 564 BCF.



I love this chart!


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## Sean K (28 September 2009)

kennas said:


> I love this chart!



Question now is, where is support on the inevitable consolidation/correction?

Need to check market cap v peers, but has probably run ahead of itself you'd think.

Best guess major and minor support:


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## swm79 (1 October 2009)

kennas said:


> Question now is, where is support on the inevitable consolidation/correction?
> 
> Need to check market cap v peers, but has probably run ahead of itself you'd think.
> 
> Best guess major and minor support:




prepare for the punters now kenna 

saw this in this afternoon's Australian:



> CSG hopeful Icon runs hot
> 
> * Font Size: Decrease Increase
> * Print Page: Print
> ...




you might have to revise that graph


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## grace (30 October 2009)

First report on flows at Lydia at 30 000 reported today.  Not all that flash in my books.  They are hoping to build up to 250 000, their required commerical flow rate.  That seems a long way away.  Anyone been following flows starting at this level and where they ended up?

It is my thoughts, that there is a weak patch in the surat basin between condamine QLD and narrabri NSW.  Hope this is not true, but these early signs are way below their blue chip peers in the industry.

Market does not appear to agree with me, so I could be completely wrong of course!


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## Dukey (2 November 2009)

Hi Grace - 30 000 does sound pretty ordinary hey.  Hope for all concerned that it picks up.....


Oh for the good ole days of QGC...   (from early on - post #35 in the QGC thread)....



ob1kenobi said:


> QGC today came close to equaling its last high. Around 11 Feb 2005 QGC reached $0-74. From memory there was a special public share issue at that time. Today it closed $0-735. The chart has been consolidating in recent times and the price movement today is on the back of a market sensitive ASX announcement. In short QGC is almost ready to turn its gas exploration efforts into a commercial reality, ahead of contractual deadlines.
> 
> The following is from the QGC website and is part of the ASX announcement released today.
> 
> ...




I think a few companies are starting to realise why BG wanted QGC so bad, and PES too. Don't think any other mob has come close to these kind of flows.... sadly. 
-D


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## grace (2 November 2009)

Dukey said:


> Hi Grace - 30 000 does sound pretty ordinary hey.  Hope for all concerned that it picks up.....
> 
> 
> Oh for the good ole days of QGC...   (from early on - post #35 in the QGC thread)....
> ...




Yes, remembering the good old days.  I have a picture on my desk of the Berwyndale South #18 flare that initially free-flowed gas at 2.3 million cubic feet per day and stabilised at around 2 million cubic feet per day.  Blue chip alright!  BOW looking quite smart though today (trying to be a bit quiet on that front before I load up there.)


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## Miner (3 November 2009)

Folks

I do hold some ICN.
Reading your postings and seeing the performance of ICN it looks like doom sayer's stock.

Is there any positive sign to get the fire extinguished ?


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## grace (25 November 2009)

Methane content of 98% is very good, pity about the flow rates though...doesn't sound very encouraging at this point.  No upgrade yet from 30 000 scfd.


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## grace (2 February 2010)

grace said:


> Methane content of 98% is very good, pity about the flow rates though...doesn't sound very encouraging at this point.  No upgrade yet from 30 000 scfd.




Well folks, this has been on pump since August 2009, which means at about 6months you'll get a good indication of whether it is commercial or not.

I think this company is not informing the market very well at all.  One only has to look at esg to see what good information is.

No permeability results ever given - come on, we know how to read them.  They say they are good, yet don't give a measure.  

Not touching this until we have some decent information.  Shareholders are supposed to be kept well informed, and the fact they haven't really reported the strength or otherwise of this pilot from time to time, shows to me that perhaps the results are very poor.

Hopefully, I will be proven wrong.


----------



## grace (3 February 2010)

grace said:


> Well folks, this has been on pump since August 2009, which means at about 6months you'll get a good indication of whether it is commercial or not.
> 
> I think this company is not informing the market very well at all.  One only has to look at esg to see what good information is.




Perhaps they read my post last night?



> “The Lydia Pilot has been on production for four (4) months now and water flow rates average about 300 barrels of water per day,” Mr James said.
> “This rate has been constant now for a couple of months and indicates the permeability will sustain production although on the low side of initial expectations”.
> “*The wells will eventually produce gas for a long time but at low rates.* We will continue pumping the wells until we see the gas breakout that is required for sustained production of gas.” he said.
> Samples from the new wells are being desorbed in the laboratory, a process which will take some months to reach a result.
> ...




Okay, so are they say it is either gas or water at that flow rate - and not necessarily gas?  mmmm   Anyone care to comment.


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## Dukey (3 February 2010)

I agree Grace - doesn't look all that flash to me, and I recall thinking before that ICN seem to talk up their prospects without a lot of detail to back it up.  They might hit paydirt somewhere... but ...??  There are other CSGers around with much better prospects.... ESG - esp since their reserves upgrade and BOW to name 2. ... all just IMO.


----------



## Trader Paul (7 February 2010)

Hi folks,

ICN ..... chart seems to be primed for some news ... v-bottom will be confirmed this
week, after a small hammer and an increase in volume last Friday, just ahead of a
major and positive time cycle coming into play, from Tuesday next ..... 

have a great week all

paul



=====


----------



## val1239 (8 April 2010)

ASX ANNOUNCEMENT

ICON ENERGY LIMITED SIGNS CHINA GAS DEAL FOR UP TO $A32 BILLION
Icon Energy Limited (ICN) has signed a major international agreement with Shenzhen Sino Industrial Development Company Limited (SSIDC), a subsidiary of China’s SinoGas Group.
Under a MOU signed in China today, Icon Energy and SSIDC have agreed the key terms of an exclusive gas supply deal for the delivery of 40 million tonnes of liquefied natural gas (LNG) over a 20 year period with detailed terms of the Gas Sale Agreement to be negotiated and executed by 31 August 2010.
The export value of the agreement ranges from $A23 billion to $A32 billion, depending on the price of Singapore Tapis Crude.
The deal positions Icon Energy as the exclusive supplier of approximately 2.2 trillion cubic feet (TCF) over the 20 year life of the agreement.
Icon Energy plans to meet the contractual requirements via its current tenements in South Australia and Queensland, arrangements with existing joint venture partners, new farmin agreements and the securing of additional tenements.
2
Icon Managing Director, Ray James will be available for comment on the agreement at a media conference to be held in Melbourne at 1pm on Friday 9 April 2010 at Level 37, 530 Collins Street, Melbourne.


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## tech/a (8 April 2010)

Managed to get out at 52c waiting for supply to dry up then back in again.----------------------------------


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## val1239 (8 April 2010)

wow great exit at 52c.. good catch..i got out at 48c

yeah im looking to jump in again after supply deteriorates.. what price you looking at?


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## Dangerous (8 April 2010)

What a load of crap!  No certified reserves but we are going to export billions of dollars of gas.  Absolute rubbish - I look forward to the ASX investigation on misleading the market AND the lack of trading halt


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## grace (8 April 2010)

Dangerous said:


> What a load of crap!  No certified reserves but we are going to export billions of dollars of gas.  Absolute rubbish - I look forward to the ASX investigation on misleading the market AND the lack of trading halt




Yes, don't you just love it.  Pilot test flows are looking really bad (non-commercial as of yet), yet they sell $32billion worth of gas.

It is the silliest thing I have seen in a while.  I wonder how many insiders have bought in the last week, and sold out today.


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## Dangerous (8 April 2010)

not to mention no LNG plant!??

I am going to go to briefing tomorrow as it is a block out of my way.


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## Dukey (9 April 2010)

grace said:


> Yes, don't you just love it.  Pilot test flows are looking really bad (non-commercial as of yet), yet they sell $32billion worth of gas.
> 
> It is the silliest thing I have seen in a while.  I wonder how many insiders have bought in the last week, and sold out today.




its a strange one alright!  wish i could stay home and watch/play the action.  Still... there must be something in it... Maybe they will basically play 'facilitator' between various JV partners yet to be announced.  watching with interest.


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## growing (9 April 2010)

I also remain sceptical. ICON Energy ??? They always seemed to be full of hot air  if you ask me.

Fun to trade with if you're into that sort of thing but way too dangerous in my books. HUGE dilution, hanging onto announcements with zero intrinsic value on the company books. The Board Of Directors must be a real gentleman's club - lol.


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## SuperGlue (9 April 2010)

Don't you get it "I" "Con" Energy.

The Chinese got co****.

Guess who has CSG & LNG plant by 2014, from memory with no market/customer for their LNG?

Now all they have to do is c** Oxxxxx Energy to buy them over & hey presto they have a customer for the LNG.


Just thinking a loud.


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## bluubear (10 April 2010)

This Chinese Company - Shenzhen Sino Industrial Development Ltd,
established in 2006 with a registered capital of RMB 196,480,000 (~AUD 30 million) by 2008

... and what was this deal we've got here?

32 billion $ gas deal 

Look at their website, half Chinese, half English, spelling mistakes... this website (sinogas-intel_com) was only approved in May 2009 by Chinese authority. CEO of the company is apparently a certain Mr Yang - link above names him in full - Yang Wenqing. (edit: actually later realised he is named in full on the About Us pg)

And guess what? This guy was arrested 17th November 2009 for *fraudulent investment*!

No quite sure who's con-ed who in this case lol 

Sorry about the links... not enough pts to post them


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## Gringotts Bank (21 March 2011)

Be interesting to watch the close here.  Had multiple attempts at breakout.  Think I might grab some if that lump at 24c starts getting eaten into.


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## Gringotts Bank (21 March 2011)

So I'm just thinking ok I'll place a buy now, then *two *lines get wiped clean.



I sat watching for 5 hours.


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## scotto83 (21 March 2011)

Should be an interesting day tomorrow for this one..


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## Gringotts Bank (21 March 2011)

I chased this for 20 minutes after missing my 24c entry by about 1 second.  At 27c I backed off, pulling my bid and ended up with nothing!  Good day's work.

I liked the look of VOR into close.  Hoping for a 10c rise there if DOW is green O/N.  Futs are up at the moment.


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## noirua (1 June 2011)

grace said:


> Yes, don't you just love it.  Pilot test flows are looking really bad (non-commercial as of yet), yet they sell $32billion worth of gas.
> 
> It is the silliest thing I have seen in a while.  I wonder how many insiders have bought in the last week, and sold out today.




Yes indeed grace, you've been banging your head for 13 months and it looks as if little has changed. Not only was their last well a bit of a duster they've also a court battle with BPT. Ho hum errrr what aye, cor blimey; anyway, the stocks around 18c and the market cap under $100mln and BPT's well over $1bln, so a shale oil strike would benefit  ICN's stock price most.
Add ICN to your monitor by all means and watch very carefully, who knows, it could spike suddenly.


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## noirua (18 June 2011)

If you want a high risk stock, selling what they haven't found yet and a virtual punt in the dark, then hoorayyyyyyyyy, you've found it, hats in the air; Yes indeed! - It is Icon Energy ICN.

A better thought is that they are a bit of a BPT in wolfe's clothing, I jest ... at about 8% of BPT's market cap. One good find followed by another and they'll be racing ...


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## noirua (12 July 2011)

noirua said:


> If you want a high risk stock, selling what they haven't found yet and a virtual punt in the dark, then hoorayyyyyyyyy, you've found it, hats in the air; Yes indeed! - It is Icon Energy ICN.
> 
> A better thought is that they are a bit of a BPT in wolfe's clothing, I jest ... at about 8% of BPT's market cap. One good find followed by another and they'll be racing ...




Unsure about ICN's likely reaction to BPT (90%) and ADE (10%) Holdfast-1 well result. So ICN for gamblers only - will they come off or not?


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## noirua (14 November 2011)

noirua said:


> Unsure about ICN's likely reaction to BPT (90%) and ADE (10%) Holdfast-1 well result. So ICN for gamblers only - will they come off or not?





Icon Energy ICN with the court cases behind them and Beach Energy BPT may now be in the firing line with Adelaide Energy ADE all but picked up by BPT.

Findless ICN look very likely to be in with a big chunky stake in a very first find, now a tie-up with BPT is in place, and their time looks short.





ASF: You have a chance to vote for your favourite forum at http://www.thebull.com.au/the_stockies/forums.html


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## noirua (24 November 2011)

My guess, that a bid for Icon Energy is certain once Beach Energy BPT fully complete their bid for Adelaide Energy ADE; this bid is likely to be more of a struggle than ADE and at a larger premium as ICN's stock price has fallen sharply and may be a stock offer as well as cash.


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## mr. jeff (24 November 2011)

noirua said:


> My guess, that a bid for Icon Energy is certain once Beach Energy BPT fully complete their bid for Adelaide Energy ADE; this bid is likely to be more of a struggle than ADE and at a larger premium as ICN's stock price has fallen sharply and may be a stock offer as well as cash.




Is it a possibility that this potential move (well reported on recently) may be pre-empted by a strong bid from another source such as AWE or someone else trying to get in on the action?


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## noirua (26 November 2011)

mr. jeff said:


> Is it a possibility that this potential move (well reported on recently) may be pre-empted by a strong bid from another source such as AWE or someone else trying to get in on the action?




ICN have all the contracts in place to sell gas but haven't found any yet. They are presently drilling a well at ATP626p and this is probably one of the two hinges, the other is the 40% interest in ATP855pp, Beach 40% and two Adelaide Energy subsidiaries Deka Resources and Well Traced that own 10% each.


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## mr. jeff (21 February 2012)

Noirua thanks for that. Sounds like a risky way to do it, but partnering with Beach makes the risk sound more justifiable - don't think they would partner without good reason.





Looking interesting and closing above that long term level that will hopefully offer decent support.


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## Gringotts Bank (23 March 2012)

I like this at current prices (28c) up to 33c (target).  

Symmetrical triangle break (19th Mar), 27c was a better entry but I missed that.


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## mr. jeff (24 March 2012)

An entry in the vicinity of 25c offers a low risk trade IMO and a break of that 33c level that you mention would be great. I would expect some consolidation, perhaps a retreat, before it runs over that on good news. Watching!


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## So_Cynical (24 March 2012)

mr. jeff said:


> An entry in the vicinity of 25c offers a low risk trade IMO and a break of that 33c level that you mention would be great. I would expect some consolidation, perhaps a retreat, before it runs over that on good news. Watching!




16 cents a few months ago would of been even better.

Anyway watching with interest as ICN have some acreage very close to the Beach shale test wells.


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## Gringotts Bank (28 March 2012)

Taken a small profit here.  There's no way the new pattern (ascending triangle) will bust as easily as the old symmetrical triangle did, with some of the other shale stocks taking a decent hit today. Watch for double top break to the downside??  Unlikely but possible.


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## Swervin Mervin (13 June 2021)

Been a while since anyone posted on the ICN threads. Does anyone else think this is worth a punt at 1.6c with its new blue hydrogen strategy being examined?


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## greggles (13 June 2021)

Swervin Mervin said:


> Been a while since anyone posted on the ICN threads. Does anyone else think this is worth a punt at 1.6c with its new blue hydrogen strategy being examined?




It might be worth a punt, but it looks very speculative so I wouldn't put a lot on it. Could go either way IMO.


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## Swervin Mervin (24 March 2022)

Bit of volume went through yesterday. Christopher Chandler has appeared in the T20. This could really move over the next few days from 1.7c


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## Swervin Mervin (6 April 2022)

3c in the next few weeks?


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## Dona Ferentes (6 April 2022)

Swervin Mervin said:


> Bit of volume went through yesterday. Christopher Chandler has appeared in the T20. This could really move over the next few days from 1.7c



and got a speeding ticket

_No_
_No_
_In Compliance_


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