Icon Energy Limited Annual Report 2022

Notes to the Consolidated Financial Statements for the year ended 30 June 2022 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 $ $ 597,606,938 101,985,050 597,606,938 101,985,050 60,000,000 600,000 - - 97,150,302 971,503 - - 6,750 338 - - 1,000 50 - - 5,000 250 - - - (98,867) - - 754,769,990 103,458,324 597,606,938 101,985,050 NOTE 11 - SHARE BASED PAYMENTS 30 June 2022 30 June 2021 $ $ (a) (1,468,076) (6,919,302) (1,468,076) (6,919,302) (1,468,076) (6,919,302) (b) 688,063,561 597,606,938 45,242,531 - 733,306,092 597,606,938 (0.21) (1.16) NOTE 9 - PROVISIONS (Continued) 30 June 2021 Number of shares Number of shares There were no share based payment during the year ended 30 June 2022. Adjustment for calculation of diluted earnings per share Reconciliation of Earnings to Net Loss: Issued share capital 754,769,990 (30 June 2021: 597,606,938) fully paid, no par value ordinary shares. NOTE 12 - EARNINGS PER SHARE Shares issued - September 2021 The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders’ meetings. In the event of winding up the Company, all shareholders participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Authorised and Issued Share Capital Earnings used in the calculation of basic EPS Balance at beginning of the year 30 June 2022 The coil tubing unit (CTU) then mobilized to Redland No.1 which was successfully plugged. The rehabilitation program in relation to the remaining wells in ATP855 has been deferred. Fully Paid Shares Net Loss for the year Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted EPS. Earnings used in the calculation of diluted EPS Shares issued - January 2022 Shares issued - Febarury 2022 Shares issued - March 2022 Shares issued - June 2022 Share issue costs Balance at the end of the year Basic and diluted loss per share (cents per share) NOTE 10 - ISSUED CAPITAL CONSOLIDATED ENTITY Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS. As a safety measure, it was decided that the well head should be shut in and the valves removed to Roma for re-conditioning. The CTU was then repositioned on Halifax to test the gas flow from the Callamurra sandstone. The well head had just been serviced but was found to be leaking a small amount of gas. The non-current provision at 30 June 2021 is based on the quote provided by an independent assesser which is based on the actual costs incurred in rehabilitating Redland. This is seen as the best estimate of future expected costs to finalise rehabilitation. The liability for restoration is discounted to present value and expensed through profit or loss. The periodic unwinding of the discount is recognised in profit or loss as part of finance costs. 46 Icon Energy Annual Report 2022