Icon Energy Limited Annual Report 2016

9 ICON ENERGY ANNUAL REPORT 2016 ATP 626 SURAT BASIN, QUEENSLAND ATP 626 is located approximately 40 kilometres north of Goondiwindi and 350 kilometres west of Brisbane in the Surat Basin. The permit is currently in the final term with a Later Work Program covering the period from January 2014 to 31 August 2017. Remaining wells within ATP 626 are Eolus-1, Mindagabie-1 and Stitch-1, which have been suspended and monitored on a monthly basis for several years. Icon Energy completed a thorough technical review of the remaining prospectivity within ATP 626 and concluded that both conventional and unconventional prospectivity within the permit was low. All potential plays were considered to be high risk and sub-economic. At the time of writing, Icon was in the process of plugging and abandoning (P&A) and rehabilitating the three remaining wells. Existing completions (where present) have been removed from the wells and preparations are being made to run cement plugs prior to completing the P&A operations and rehabilitating the wellsites in accordance with Government regulation and Icon’s Environmental Authority. It is anticipated that this work should be completed by the end of September 2016. Once this work has been finished, Icon can complete its reporting obligations to the Department of Natural Resources and Mines, submit all required reports and documentation and relinquish the permit. It is expected that this will occur sometime during the first half of 2017. Icon has a 100% interest in ATP 626. Map showing the location of ATP 626, Surat Basin, Queensland REVIEW OF OPERATIONS