Icon Energy Annual Report 2019

Notes to the Consolidated Financial Statements for the year ended 30 June 2019 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2019 30 June 2019 30 June 2018 $ $ 5,308,867 - - - 76,615 - 171,947 - 5,557,429 - - 5,238,410 - - - 70,457 - - - 5,308,867 $ $ 597,556,938 101,984,750 597,556,938 101,984,750 - - - - 597,556,938 101,984,750 597,556,938 101,984,750 Current Balance at the end of the year Number of shares Non-current Balance at beginning of the year Charged to profit or loss: unwinding of discount Increase in the restoration provision The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up the Company, all shareholders participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. 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. Movements in carrying amounts Consolidated Entity Balance at end of the year Authorised and Issued Share Capital Charged to profit or loss: unwinding of discount NOTE 9 - PROVISIONS Increase in the restoration provision The restoration provision was reviewed at the end of 30 June 2019 and it was decided by the Board that the restoration works of the well sites be carried out in the next year (before 30 June 2020) whereas the initial plan was to perform this work in 20 years. This decision triggered the change of the disclosure of provision from non-current to current in the financial year ended 30 June 2019. This change also affected the estimate of the provision and an adjustment was recorded to increase it by $171,947 (30 June 2018: Nil). This increase is significantly less than the increase in net current estimate had the restoration work not been brought forward. After the restoration work is completed, the restoration provision will not be required and will be reduced to nil. Fully Paid Shares NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Management bases its judgements, estimates and assumptions on historical and on other various factors including expectations of future events, management beli e ves to be reasonable under the circumstances. Number of shares NOTE 10 - ISSUED CAPITAL 30 June 2018 30 June 2019 CONSOLIDATED ENTITY 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 Consolidated Statement of Financial Position by adjusting both the restoration and rehabilitation asset and provision. Such changes trigger a change in future financial charges. Movements in the carrying amounts for each class of provision between the beginning and the end of the current financial year: Issued share capital 597,556,938 (30 June 2018: 597,556,938) fully paid, no par value ordinary shares. Balance at end of the year Balance at beginning of the year Shares issued 53 49 Icon Energy Annual Report 2019