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ICN - Icon Energy

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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.
Click to expand...

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 ?
 
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.
 
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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[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
 
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...
 
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
 
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.
 
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.
 
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.

 
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.
 
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.
 
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
 
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?
 
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
 
forgot to mention record high of .385 should have announcement soon or a speeding ticket , why the price rise
 
oops sorry.. didn't see the existing thread that was already going with this info.. plz disregard.. since i can't delete.
 
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.
 
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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