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 FOR THE YEAR ENDED 30 JUNE 2022 Country of Date of Parent entity: Incorporation Incorporation 30 June 2022 30 June 2021 Icon Energy Limited Australia Subsidiaries of Icon Energy Limited: Icon Drilling Pty Ltd Australia 18 Nov 1994 100 100 30 June 2022 30 June 2021 $ $ Revenue Total segment revenue - - (1,468,076) (6,919,302) Interest income 1,948 13,067 Finance cost (5,211) (7,823) Government grant income (COVID-19 cash flow boost) - 50,000 Other Income - 10,000 (374,766) (82,773) - - Impairment of Assets - (5,807,557) Segment Assets 7,038,095 6,468,336 Segment Liabilities 5,257,027 4,692,467 Other segment information 5,091 2,600 Financial instruments comprise of the following: NOTE Financial Assets Cash and cash equivalents 5 1,845,450 1,581,687 Performance guarantee bonds 756,220 756,220 Amortised cost - Trade and other receivables 2,118 22,806 Financial Liabilities Held at amortised cost - Trade and other payables 96,501 138,680 NOTE 16 - CONTROLLED ENTITIES The carrying values of financial assets and financial liabilities held at amortised cost approximate their fair value. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Depreciation and amortisation of segment assets Acquisition of non-current segment assets The Consolidated Entity operates in a single business segment, being the oil and gas exploration and petroleum resources, predominantly within Queensland. This activity is conducted in the Cooper/Eromanga and Surat Basins in Australia, a single geographical segment. This is consistent with reporting to Icon's Board of Directors that reviews internal management reports on at least a monthly basis. Gain on sale of non-current assets NOTE 18 - FINANCIAL INSTRUMENTS Segment loss before income tax During the year ended 30 June 2021, the Consolidated Entity deregistered its subsidiary Jakabar Pty Ltd. Consolidated Entity NOTE 17 - SEGMENT INFORMATION % Owned 48 Icon Energy Annual Report 2022

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