Icon Energy Limited Annual Report 2023

Icon Energy Annual Report 2023 25 25 REVIEW OF OPERATIONS A review of operations of the Consolidated Entity during the financial year is included in the Review of Operations section of this Annual Report. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS ATP 855 Cooper-Eromanga Basin Queensland  ATP 855 was due for renewal on 31 October 2022.  On 4 October 2022, Icon submitted an application to the Queensland Department of Resources (DOR) for the renewal of ATP 855 which was due for renewal on 31 October 2022.  On 14 October 2022 Icon received a letter from the Department stating that the Minister’s Delegate refused to receive or process the renewal application. It was refused under section 82(1)(e) of the P&G Act—which addresses capability criteria and section 82(1)(f) of the P&G Act and other matters under sections 84 and 86. Section 84 of the P&G Act provides that the Minister may grant or refuse the renewal unless satisfied that the applicant satisfies the capability criteria.  On 1 November 2022 the Department of Resources informed Icon that ATP 855 and the PCAs had expired. On 8 February 2023 the Department in correspondence outlined further reasons concerning its position rejecting the renewal application  Icon has filed an appeal to the Supreme Court of Queensland seeking to set aside that decision as being incorrect.  The appeal was heard by the Court on 5 September 2023 and the matter expected to be finalised with a judgement due sometime in the next 3-6 months. PEP 170, 172 and 173 Gippsland Basin Victoria  Icon did 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)  Following a decision by other joint venturers to withdraw from the tenement, Icon also withdrew from the venture and from the tenement and served a notice on the Operator on 23 August 2022.