Icon Energy Limited Annual Report 2017

ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2017 30 June 2017 30 June 2016 $ $ 33,056,664 32,708,365 Total $ 42,267,462 58,970 (1,903,623) (7,714,444) 32,708,365 32,708,365 1,829,299 (1,481,000) 33,056,664 NOTE 9 - TRADE AND OTHER PAYABLES 30 June 2017 30 June 2016 $ $ - 233 314,074 113,275 314,074 113,508 Payables and accruals to a joint operations partner represent expenses are non-interest bearing. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS In 2017, Exploration and Evaluation expenditure immediately expensed in the consolidated statement of profit or loss and other comprehensive income amounted to $107,816 (30 June 2016: $150,062) and consisted of amortisation costs of restoration asset and unwinding of discounting on the restoration provision. There were no liabilities arising from Exploration and Evaluation activities that formed part of trade and other payables (Note 9) (30 June 2016: $233) Less: Impairment (ATP 626) Exploration and Evaluation expenditure incurred is carried forward for each area of interest. This expenditure is only carried forward if it is expected to be recovered through the successful development, commercial exploitation or alternatively sale of respective areas of interest or where the activities in the area of interest have not reached a stage which permits a reasonable assessment of economically recoverable reserves and active and significant operations in the area of interest are continuing. In assessing the recoverability of Exploration and Evaluation expenditure in the financial report, the directors have considered the impacts of relationships with joint venture operators, future funding arrangements and planned future expenditure in relation to mining leases held. NOTE 8 - EXPLORATION AND EVALUATION EXPENDITURE Additions Consolidated entity Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Trade and sundry payables Reconciliations Less: Impairment (ATP 549, ATP 626 and ATP 794) CONSOLIDATED ENTITY CONSOLIDATED ENTITY Exploration and Evaluation expenditure at cost Current Less: RDTI applied Balance at 1 July 2015 Payables and accruals to a joint operations partner Balance at 1 July 2016 Balance at 30 June 2017 Balance at 30 June 2016 Additions NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 47 ICON ENERGY ANNUAL REPORT 2017