Icon Energy Annual Report 2023 53 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2023 30 June 2023 30 June 2022 Reconciliation of net cash used in operating activities to loss after income tax: $ $ Loss after income tax (5,537,787) (1,468,076) Add/(less) non-cash items: Depreciation and amortisation 116,863 374,766 Impairment expense 3,937,029 - Finance costs 14,561 - Adjustment for changes in assets and liabilities: Inventories - - Prepayments (23,198) (23,699) Trade and other receivables (55,675) 20,688 Trade and other payables 80,952 (42,179) Lease libilities - 6,029 Employee provisions (34,492) 10,630 Restoration provision - - Net cash used in operating activities (1,501,747) (1,121,841) Work Programme Commitments • not later than 1 year - 4,000,000 • later than one year but not later than five years - - - 4,000,000 Refer to Note 1. NOTE 16 - JOINT ARRANGEMENTS AND MINING TENEMENTS HELD Basin Interest % Interest % 30 June 2023 30 June 2022 0.00% 100.00% 0.00% 33.33% 0.00% 100.00% Gippsland 0.00% 100.00% Gippsland 0.00% 100.00% Country of Date of Parent entity: Incorporation Incorporation 30 June 2023 30 June 2022 Icon Energy Limited Australia Subsidiaries of Icon Energy Limited: Icon Drilling Pty Ltd Australia 18 Nov 1994 100 100 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 17 - CONTROLLED ENTITIES % Owned Cooper Eromanga The following is a list of active mining tenements held by Icon Energy Ltd and its subsidiaries. Oil and Gas Gippsland Exploration expenditure commitments **** Icon did not accept the offer to take up PEP 172 and 173 from the Victorian Dept of Earth Resources. Icon applied to surrender PEP 170 and consent was given on 2 August 2022. ** Currently in dispute. The total commitments for work programmes for ATP 855 is as follows: CONSOLIDATED ENTITY NOTE 14 - CASH FLOW INFORMATION NOTE 15 - COMMITMENTS PRL's 35, 37, 38, 41, 43, 44, 45, 48 and 49 *** *** Formerly PEL 218 (Post Permian Section). Icon withdrew from all PRLs. PEP 173 **** ATP 855P** Cooper Eromanga PEP 170**** PEP 172 ****
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