Icon Energy Limited Annual Report 2022

28 ENVIRONMENTAL REGULATION The Consolidated Entity’s operations are subject to various environmental regulations. The Company has a policy of full compliance, but in most cases exceeding environmental performance obligations. Further information on the Group’s environmental performance can be found in the Sustainability section of the 2022 Annual Report. The Directors regret to report that in the financial year the company obtained from Queensland Treasury a determination of the surety required to be provided in respect of ATP 855 and its Estimated Rehabilitation Cost however failed to apply to the Department of Environment and Science for its determination of the estimated rehabilitation cost prior to the expiry of the ERC on 1 April 2022. Consequently, the company’s care and maintenance work was performed at a time when Icon did not have a current ERC determination which is a breach of the act. The Department of Environment and Science has after the end of the financial year issued the company with penalty infringement notices in respect of the breaches totalling $17,231.00 which have been paid. The Directors otherwise are not aware of any environmental breaches nor has the Group been notified of any breaches by any Government Agency during the financial period. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in any proceedings to which the Company is a party for the purpose of taking responsibility on behalf of the Company for all or any part of those proceedings. DIRECTORS AND AUDITORS INDEMNIFICATION The Directors and Company Secretary are indemnified by the Company against any liability incurred in their capacity as an officer of the Company or a related body corporate to the maximum extent permitted by law. The Company has not paid any premiums in respect of any contract insuring the Directors of the Company against a liability for legal costs. The Company has not paid any premiums in respect of any contract insuring the auditor against a liability incurred in the role as an auditor of the Company. In respect of non-audit services, Crowe, the Company's auditor, has the benefit of indemnity to the extent Crowe reasonably relies on information provided by the Company which is true, accurate and complete. No amount has been paid under this indemnity during the period ended 30 June 2022 or to the date of this Report. Details of the nature of the liabilities covered in respect of Directors’ and Officers’ insurance policies are not disclosed as such disclosure is prohibited under the terms of the contracts. Directors' Report for the year ended 30 June 2022 24 Icon Energy Annual Report 2022