references
• On25February2013BeachEnergyLtdfarmed-outpartofitsinterestinthePEL218andATP855permitstoChevron Australia. Under the farm-out Beach Energy will assign up to 60% of its interest in PEL 218 and ATP 855 to Chevron Australia over two stages. Icon Energy consented to and waived its pre-emptive rights in relation to each stage of the farm-out transaction while maintaining its 40% interest in ATP 855. At the same time Icon was granted a Put Option by Beach Energy, exercisable by Icon up to 30 June 2013, where Icon could require Beach Energy to acquire a 4.9% interest in ATP 855 from Icon on payment by Beach Energy of US$18 million. Further information regarding the Chevron Farmin into ATP 855 can be found in the Review of Operations contained in this Annual Report. • On17June2013,IconexercisedthePutOption.FollowingthecompletionofthePutOptiontransaction,US$18 million was transferred to Icon Energy and the Company will allocate these funds towards the 2013 Joint Venture Exploration Program in ATP 855. The joint venture interests in ATP 855, after the exercise of the Put Option, were: Icon Energy 35.1%; Beach Energy 46.9%; and Chevron Australia 18%. Further information regarding the exercise of the Put Option with Beach Energy can be found in the Review of Operations contained in this Annual Report.
EVENTS AFTER THE BALANCE DATE
30
• On3July2013,IconEnergyacquiredGoondiEnergy’s(thisinterestwasformerlyheldbyStanwell)equityinterestin ATP 626 following Goondi’s exit from the ATP 626 Joint Venture. Icon now holds 100% interest and is the Operator of ATP 626. The Company is committed to the ongoing development of this tenement and is planning a new seismic and drilling program for ATP 626. Other than the above transactions there has not arisen in the interval between 30 June 2013 and the date of this report, any item, transaction or event of a material or unusual nature likely in the opinion of the Directors, to affect substantially the operations or state of affairs of the consolidated entity in subsequent ï¬nancial years unless otherwise noted in the Annual Report.
CORPORATE STRATEGIES AND FUTURE DEVELOPMENTS
Reference to corporate strategies and future development is included in the Chairman’s and Managing Director’s Report. Other than matters included in this Report or elsewhere in the Annual Report, likely developments in the operations of the consolidated entity and expected results of those operations have not been disclosed as Directors believe that the inclusion would most likely result in unreasonable prejudice to the Company (in accordance with Section 299A(3) of the Corporations Act 2001).
FINANCIAL POSITION
The net proï¬t after tax for the Company and its controlled entities for the ï¬nancial year ended 30 June 2013 was $3,720,392 (30 June 2012: a loss of $4,618,666). Further information on the Company’s ï¬nancial position is included in the Chairman’s and Managing Director’s Report.
DIVIDENDS
The Directors recommend that no dividend be paid by the Company. No dividends have been declared or paid by the Company since the end of the previous ï¬nancial year (30 June 2012: Nil).
REMUNERATION REPORT
The Remuneration Report for the ï¬nancial period which forms part of the Directors’ Report can be found on page 33 of this Annual Report.
COMPANY SECRETARY
The Company Secretary is Ross Mallett. He was appointed Legal Counsel and Company Secretary on 13 March 2012. Details of Mr Mallett’s qualiï¬cations and experience are set out on page 27 of this Annual Report.
ABN 61 058 454 569
ICON ENERGY LIMITED 2013 Annual Report