Icon Energy Limited Annual Report 2016

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2016 30 June 2016 30 June 2015 $ $ Profit/(loss) after income tax (5,602,229) (5,863,547) Add/(less) non-cash items: Depreciation and amortisation 272,576 308,409 Loss/(Gain) on sale of property,plant and equipment assets - (19,732) Impairment expense 1,903,623 9,657 Movement in foreign currency reserve 501 3,337 Movement in share based payments reserve 99,522 110,671 Adjustment for changes in assets and liabilities Performance guarantee bonds (1,162) (1,075) Trade and other receivables 74,978 5,083,520 Trade and other payables* (677,886) (1,173,723) Employee provisions 26,400 (43,835) Restoration provision 21,475 (70,411) Net cash used in operating activities (3,882,201) (1,656,727) Work Programme Commitments 30 June 2016 30 June 2015 $ $ • not later than 1 year 22,897,488 4,332,998 • later than one year but not later than five years 14,925,000 37,822,488 37,822,488 42,155,486 CONSOLIDATED ENTITY Exploration expenditure commitments NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS *Trade and other payables amount is exclusive of the movement in payables attributable to deferred exploration expenditure, which has been incorporated into Cash Flows from Investment Activities. NOTE 16 - CASH FLOW INFORMATION NOTE 17 - CAPITAL AND LEASING COMMITMENTS Reconciliation of net cash used in operating activities to Profit/(loss) after income tax: The total commitments for work programmes for ATP549, ATP594P, ATP794P, ATP855P and PEP170 are as follows: The entity's share of the above commitments that relate to its interests in joint operations are $10,105,485 (30 June 2015: $12,600,259). If any of the above expenditures are not met then the Department of Mines and Energy (QLD) / the Department of Primary Industries (VIC) will require the permit to be forfeited without liability. CONSOLIDATED ENTITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2016 FINANCIAL REPORT 51 ICON ENERGY ANNUAL REPORT 2016