Icon Energy Limited Annual Report 2022

25 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS ATP 855 Cooper-Eromanga Basin Queensland • Icon’s working interest in ATP 855 has been subdivided into eight Potential Commercial Areas (PCAs) 172 to 179 which do not expire until 29th October 2032. The obligations under the PCA programs include the obligations under the Later Work Program (LWP) • The remaining work under the current LWP includes a suite of G&G studies and 300 km2 of new 3D seismic acquisition. At the time of preparation of this report the current LWP is due for renewal on 31 October 2022. • Icon is currently finalising plans for a 300 km2 seismic survey located around the Keppel No.1 well which penetrated a porous gas zones Permian Epsilon Formation that could not be tested at the time it was drilled. The survey will be utilized to position Keppel No. 2, to test the hypothesis that a special seismic analytical technique can identify extensions of the porous zones in Keppel No.1 and conduct a test of the gas flow from the original discovery. • The rehabilitation of the remaining three wells, has been deferred for a further 2 years as these wells have been identified as having Carbon Capture and Storage (CCS) potential. • At the time of preparation of this report, talks are continuing with several potential parties with the aim of joining Icon’s appraisal drilling program in the tenement. • Icon supports and continues to advance opportunities which favour the production of blue hydrogen with carbon zero outcomes. PEP 170, 172 and 173 Gippsland Basin Victoria • Icon decided not to accept the offer to renew PEP 172 and 173 and advised the Victorian government of that decision. Icon applied to surrender PEP 170 and consent was given on 16 August 2022. PRLs 35, 37, 38, 41, 43, 44, 45, 48 and 49 South Australia (PRLs) • PRLs cover a total area of 857 km2. Icon has a 33.33% interest in the post-Permian section. • No operations took place in the last year, and none have been proposed by the Joint Venture Operator for the coming year. Icon reports that following a decision by other joint venturers to withdraw from the tenement, Icon determined that it would likewise withdraw from the venture and from the tenement and served a notice on the Operator on 23 August 2022. Icon Energy Annual Report 2022 21