Strategic Objective

The overall strategy of Icon Energy Ltd over the next three to five years is to attain a total market capitalization of $100,000,000 increasing to $300,000,000 over the next ten years.

The chairman at the 2008 AGM advised the meeting that the board has revised the timing of those objectives believing that the company target market capitalisation is $100,000,000 within the next three months and $300,000,000 within the next eighteen months.

The basis of the Company's long range plan is to increase shareholder value through systematic, scaled production increases in coal bed methane and selective oil exploration activities.

In achieving its strategic objectives the company will seek to meet the following goals:

Having successful exploration and appraisal activities to provide a solid foundation for future growth through achieving substantial coal seam gas reserves to meet the Australian and global demand for clean, efficient energy.
Add annually one to two exploration blocks to our portfolio of exploration blocks to achieve a minimum of 12 explorations blocks
Undertake pilot studies to move gas reserves from “Prospective” to the “3P” and “2 P” categories as a priority.
To obtain farm-in partners with the capital and capabilities to bring the company’s reserves through to full-scale gas and oil production
To maintain operating control of exploration fields until reserves are proven so as to maximize the value of the fields to shareholders.
Develop the business case for each tenement to bring proven reserves into commercial production.
To undertake exploration and development activities that have the highest probability of success in both gas and oil plays.
To provide employees with a working environment that incentivises employees and encourages innovation and initiative so that employees become self motivated in achieving the company’s objectives
Achieve responsible development where the environment is returned to its original/natural setting post exploration and development.