Icon Energy Limited Annual Report 2023

4 Icon Energy Annual Report 2023 Review of Operations ATP 855 COOPER BASIN Icon Energy Limited (ASX: ICN) (the Company) submitted an application to the Queensland Department of Resources (the Department) for the renewal of ATP 855 which expired 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 asserting that Icon had not shown financial capability to meet the new program proposed for the renewal. 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 proceedings were listed for directions only on 4 December 2022 and on 15 March 2023 for a further review by the court. A hearing date for the application was allocated by the Court to be heard on 22 June 2023. After further postponement the Hearing was held on Friday 5 September 2023 in the Supreme court in Brisbane. Icon wishes to advise that on 5 September 2023 the Hearing in the Supreme Court of Queensland was held between the Company and the Queensland Department of Resources. Her Honour reserved her Decision and will deliver a written judgment at a later date. Icon will advise the market of the result of this decision as soon as the judgement is released. ATP 594 COOPER BASIN This tenement expired on 16 April 2021 and Icon did not apply for renewal. Icon is finalising the Relinquishment Report along with the final four-year inspection to return the interest to the State. No further exploration could be identified in this high-risk area that justified the drilling of a well following an extensive seismic survey. NEW VENTURES While Icon is waiting on the Decision for ATP 855, the company has not been idle and is looking at new oil and gas prospects outside of Australia. Icon is scouting several opportunities but these are not ready for release.