Icon Energy Limited Annual Report 2023

Icon Energy Annual Report 2023 5 Sustainability Report At Icon Energy, we believe that sustainability is about working safely, effectively and harmoniously with the community and the environment. At all times Icon endeavours to work efficiently to minimise the company’s impact on the environment, while also looking to benefit the communities in which we operate. Icon’s activities have not varied significantly in the past year. Our major operational activity in the field has been a safety monitoring operation of the suspended discovery wells which remain suspended. Icon Energy takes the time to plan, assess, monitor and rehabilitate all projects responsibly. Icon respects the environment and acknowledges that the care and planning that the company puts into all projects will protect and maintain ecosystems and honour the livelihood of the people that Icon works with and within the wider community. Wherever the opportunity arises, Icon Energy seeks to employ fellow stakeholders and the local community. Icon Energy’s operational health and safety personnel and operations staff are required to complete all the necessary accreditation to ensure that all personnel remain fully compliant with the oil and gas industry’s stringent health, safety and environmental policies and procedures. WORKING TO BENEFIT ALL COMMUNITIES AND CULTURES Icon Energy’s community engagement is focused on maintaining long-term, collaborative and trusting relationships amongst the communities in which the company operates. Icon Energy respects all cultures and people, seeking to foster their prosperity, quality of life and their relationship with the land, climate and water resources. Icon Energy is committed to upholding its strong relationships, built up over the past 25 years, with our fellow landholders. Where we operate, we ensure that all landholders and traditional owners are consulted and their needs considered prior to conducting any activities. OPERATING SAFELY Icon Energy has a comprehensive Safety Management System in place and is committed to the safety of its staff, contractors and joint venture partners. Icon’s safety strategies and culture is focused on maintaining a safe and incident free work place as our highest priority. Icon always has, and always will continue to work with its staff, contractors and partners to raise safety awareness and promote positive safety behaviour in the field. Icon Energy has a strong focus on the pre-qualification, training and management of its contractors, which has contributed to no safety incidents being recorded during the year. Icon Energy appreciates the efforts made by its contractors, associates and employees, for their contribution in maintaining our excellent safety record. ENVIRONMENTAL MANAGEMENT Icon has established a policy which is aimed at zero emissions by 2050 in line with the general global consensus to be compliant by this date. Icon has developed several new strategies to reduce carbon emissions with gas production from ATP 855 in the Cooper Basin. Air Liquide in the USA has indicated the feasibility of utilizing the high production pressures in the separation of our production gases using a cryocap technology to separate the carbon dioxide from methane. This technique is commonly used in oil refineries, so it is tried and tested. We have to deal with higher pressures than normally used but this turns out to represent another advantage in the separation process. Icon is positioning the methane production to be able to make hydrogen but presently the market for hydrogen is uncertain. Methane has many advantages over other methods of making hydrogen and should be in demand in future years. Icon Energy understands its responsibility and is committed to ensuring that all of Icon’s operations have minimal impact on the environment. As part of Icon’s planning, operations and rehabilitation activities, the company will continually monitor environmental performance to strict criteria. Icon Energy is proud to report that, once again, the company has maintained a zero environmental incidents record. Environmental planning and research are conducted at the beginning of every Icon Energy Project and environmental management measures are employed, checked, maintained and recorded. Icon Energy operates with care and respect under its strict Environmental Authorities to ensure the natural environments in which the company operates are preserved for the future.