Icon Energy Limited Annual Report 2017

9 ICON ENERGY ANNUAL REPORT 2017 ATP 626 SURAT BASIN, QUEENSLAND During the period, Icon Energy plugged, abandoned and rehabilitated the remaining wells in ATP 626, Eolus-1, Mindagabie-1 and Stitch-1, in accordance with Government regulations and Icon’s Environmental Authority. ATP 626 was relinquished in full and is taken to end on 26 July 2017 pursuant to Section 65(3)(b) of the Petroleum and Gas (Production and Safety) Act 2004. At the time of writing, Icon was in the process of waiting for approval to terminate the Environmental Authority with the Department of Environment and Heritage Protection. PEP 170 (PEP 172 AND 173 PENDING), GIPPSLAND BASIN, VICTORIA The Victorian Government advised Icon that the Resources Legislation Amendment (Fracking Ban) Act 2017 came into effect on 16 March 2017. The Act bans hydraulic fracturing under the Petroleum Act 1990 and imposes a moratorium on conventional petroleum exploration and petroleum production in the onshore areas of Victoria until 30 June 2020. Icon has continued to extend the PEP 170 by paying all necessary fees, to keep the permit in good standing. Icon believes that the Victorian Government could grant further conventional exploration rights onshore after the expiry of the moratorium in 2020. It is, therefore, prudent that the area be retained until the current political and legislative impasse is over and Icon is permitted to resume exploration for oil and gas in Victoria. Icon Energy has a 100% interest in PEP 170. REVIEW OF OPERATIONS Image: Halifax 1 Wellhead, ATP 855, Cooper Basin