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 Country of Date of Parent entity: Incorporation Incorporation 30 June 2019 30 June 2018 Icon Energy Limited Australia Subsidiaries of Icon Energy Limited: Jakabar Pty Ltd Australia 18 Dec 1992 100 100 Icon Drilling Pty Ltd Australia 18 Nov 1994 100 100 Icon Gas Productions Pty Ltd Australia 16 Dec 2008 100 100 30 June 2019 30 June 2018 30 June 2019 30 June 2018 30 June 2019 30 June 2018 $ $ $ $ $ $ Revenue Total segment revenue - - - - - - (31,372,498) (4,035,297) (1,894) (31,372,498) (4,037,191) Interest income 228,445 203,027 - - 228,445 203,027 Finance cost (76,615) (70,457) - - (76,615) (70,457) Legal costs recovered 500,000 - 500,000 - Other Income 3,850 9,762 - - 3,850 9,762 (26,003) (97,981) - - (26,003) (97,981) - 2,225,791 - - - 2,225,791 Impairment of Assets (25,909,794) 1,446,617 - - (25,909,794) 1,446,617 Segment Assets 17,906,000 49,122,569 - 11,084 17,906,000 49,133,653 Segment Liabilities 6,261,592 6,128,016 - 1,902 6,261,592 6,129,918 Other segment information 8,462 26,075 - - 8,462 26,075 Australia INFORMATION ABOUT GEOGRAPHICAL AREAS During the year ended 30 June 2019, the Consolidated Entity deregistered its US subsidiary Icon Oil US (LLC) leaving only one operating segment on the basis of geographic location. During the year ended 30 June 2019, the Consolidated Entity deregistered its US subsidiary Icon Oil US (LLC). Gain on sale of non-current assets Segment loss before income tax Depreciation and amortisation of segment t NOTE 18 - SEGMENT INFORMATION % Owned Acquisition of non-current segment assets NOTE 17 - CONTROLLED ENTITIES In presenting the information on the basis of geographical areas, the Australian geographical areas include a majority of corporate head office expenses on the basis that all resources within the corporate head office are applied to these exploration activities. Information by geographical areas are as follows: USA Consolidated Entity The Consolidated Entity operates in the oil exploration and petroleum sector, predominantly within Queensland. The majority of its exploration activities are conducted in the Cooper/Eromanga and Surat Basins in Australia. Icon's Board of Directors reviews internal management reports on at least a monthly basis. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 56 52 Icon Energy Annual Report 2019