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 Balance at 1 July 2018 Work Programme Commitments 30 June 2019 30 June 2018 $ $ • not later than 1 year 400,000 6,850,000 • later than one year but not later than five years 10,450,000 4,000,000 10,850,000 10,850,000 Operating Lease Commitments • not later than 1 year 530,259 522,334 • later than one year but not later than three years 359,395 980,548 889,654 1,502,882 NOTE 16 - JOINT ARRANGEMENTS AND MINING TENEMENTS HELD Basin Interest % Interest % 30 June 2019 30 June 2018 100.00% 100.00% 100.00% 100.00% 33.33% 33.33% 100.00% 100.00% Gippsland 100.00% 100.00% Gippsland 100.00% 100.00% 30 June 2019 30 June 2018 NOTE $ $ 8 1,647,937 1,647,937 1,647,937 1,647,937 1,647,937 1,647,937 If any of the above expenditures are not met within the life of the tenement 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 The total commitments for work programmes for ATP594P and ATP855 are as follows: PEP 172 ** NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Cooper Eromanga Interests in joint operations are accounted for by including the Group’s portion of assets, liabilities, revenue and expenses. Information relating to joint ventures that are material to the Consolidated Entity are set out below: Exploration and evaluation expenditure at cost Gippsland Cooper Eromanga NON-CURRENT ASSETS PRL's 35, 37, 38, 41, 43, 44, 45, 48 and 49 * NOTE 15 - CAPITAL AND LEASING COMMITMENTS Operating Lease During the year an amount of $518,000 was recognised in Profit or Loss in respect of operating leases (30 June 2018: $172,667) CONSOLIDATED ENTITY The following is a list of active mining tenements held by Icon Energy Ltd and its subsidiaries. Exploration expenditure commitments PEP 170 On 12 March 2018, the Consolidated Entity sold its corporate office and leased it back for a three year term. The rent is payable by monthly installments in advance and is adjusted every year to reflect increases in CPI. There is an option to renew the lease for a further three year term. Total non current assets Share of total assets in joint arrangements Oil and Gas * Formerly PEL 218 (Post Permian Section). PEP 173 ** ATP 855P ATP 594P Cooper Eromanga In 2019, the Group has 100% interest in the above tenements (30 June 2018: 100%) ** Permit to be granted Minimum lease payments of non-cancellable operating leases contracted for but not capitalised in the financial statements: 55 51 Icon Energy Annual Report 2019