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 $ $ 1,521,175 1,499,699 - 13,293 21,476 (270,504) - 3,974,446 - 5,238,410 1,521,175 $ $ 597,556,938 101,984,750 607,026,150 102,346,082 • - - (4,515,946) (210,222) • - - (185,723) (6,181) • - - (234,380) (7,197) • - - (646,581) (20,069) • - - (3,886,582) (117,663) 597,556,938 101,984,750 597,556,938 101,984,750 Balance at the end of the year Issued share capital 597,556,938 (30 June 2016: 597,556,938) fully paid, no par value ordinary shares. Restoration provision represents the present value of estimated costs for future restoration of land explored by the consolidated entity at the end of the exploration activity. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Movements in carrying amounts Number of shares NOTE 10 - PROVISIONS 30 June 2017 CONSOLIDATED ENTITY March 2016 - Share buyback Amounts used during the year Shares issued: Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial year: Management bases its judgements, estimates and assumptions on historical and on other various factors including expectations of future events, management belives to be reasonable under the circumstances. Number of shares Restoration provision Balance at beginning of the year The restoration provision recognised for each tenement is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs are recognised in the statement of financial position by adjusting both the restoration and rehabilitation asset and provision. Such changes trigger a change in future depreciation and financial charges. 30 June 2016 Balance at end of the year Authorised and Issued Share Capital Increase in restoration provision August 2015 - Share buyback November 2015 - Share buyback Consolidated Entity Charged/(credited) to profit or loss: * Shares bought through on-market buyback in June were cancelled on 4 July 2016. unwinding of discount NOTE 11 - ISSUED CAPITAL Fully Paid Shares Balance at beginning of the year February 2016 - Share buyback June 2016 - Share buyback* NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2017 FINANCIAL REPORT 48 ICON ENERGY ANNUAL REPORT 2017