Icon Energy Limited Annual Report 2022

Review of Operations KEPPEL SEISMIC SURVEY AREA 1 Icon Energy announced on 19 June 2014, that DeGolyer and MacNaughton, a well-respected and qualified international petroleum reserve and resource evaluation company, estimated that the Unconventional Prospective Raw Natural Gas Resource was 28.5 (P50) Tcf. Unconventional Prospective Resources are defined as those quantities of petroleum that are estimated, as of a given date, to be potentially recoverable from undiscovered unconventional accumulations by application of future development projects. Unconventional Prospective Resources may exist in petroleum accumulations that are pervasive throughout a large potential production area and would not be significantly affected by hydrodynamic influences (also called continuous-type deposits). The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. These Unconventional Prospective Resources are based on probabilistic estimates for each target formation and these have been statistically aggregated. 4 Icon Energy Annual Report 2022 ATP 855 LOCATION OF GAS ASSETS ATP 855 is located in the Cooper Basin, southwestern Queensland, onshore Australia and is composed of eight Prospective Commercial Areas (PCAs) covering a surface area of 1,679 km2 (400,000,000 acres). The ATP 855 tenement has a Recoverable Prospective Gas Resource in excess of 28 Trillion Cubic feet (TCF)1 in the Permian section of the Nappamerri Trough. Since 1970 the Cooper Basin has produced over 6 TCF and is still producing over 68 BCF of sales gas per year. Icon’s gas production modelling indicates that using assumed gas production rates, ATP 855 could significantly increase gas production in the Cooper Basin. But first Icon must prove the commerciality of the gas deposit with further drilling. 25km 0km 5km Nappa Merry Innamincka Tallalia Challum Hervey -1 Etty -1 Keppel-1 Halifax-1 Redland-1 Geo rey-1 Gas Discovery Raw Gas pipeline Sales Gas pipeline Seismic Adventure Highway Gas Field Oil Field QLD. S.A. Cooper-Eromanga Basin ATP 855 Road PCA 172 PCA 175 PCA 173 PCA 174 PCA 177 PCA 178 PCA 179 PCA 176