8 Icon Energy Annual Report 2024 Directors' Report for the year ended 30 June 2024 SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS ATP 855 Cooper-Eromanga Basin Queensland − ATP 855 was due for renewal on 31 October 2022. Icon Energy submitted a renewal application to the Queensland Department of Resources on 4 October 2022. However, on 17 October 2022, the Acting Chief Executive’s delegate refused to process the application, citing sections 82(1)(e) and 82(1)(f) of the Petroleum and Gas (Production and Safety) Act 2004 (P&G Act), which address capability criteria and other relevant matters. The Department notified Icon on 1 November 2022 that ATP 855 and the PCAs had expired, and further reasons for rejecting the renewal were provided on 8 February 2023. − Icon Energy challenged this decision by filing an appeal with the Supreme Court of Queensland. The Court ruled in favor of Icon Energy, declaring the refusal to process the application null and void. The Court found that the application substantially complied with the requirements of the Act and ordered the Department to accept the application and cover the costs of the proceedings. The renewal application is still being processed by the Department of Resources, and Icon Energy will provide an update once the renewal outcome is finalised. − On 30 August 2024, the Company applied for a Petroleum Lease over the entire area of ATP 855 due to an amendment to the Regional Planning Interests Regulations 2014 (RPI Regulations) made on 2 August 2024. Corporate − Icon Energy held the Company’s 2023 Annual General Meeting on 28 November 2023 with all resolutions adopted. − On 8 September 2023, the Board appointed a new non-executive director of the Company, Mr Peter Wilson. Mr Wilson has over 42 years of experience in the international coal mining and mining contract industry and has held senior management positions including General Manager, Director and Chief Operating Officer at a number of mine operating and contracting companies. During his career, Mr Wilson has worked in multiple jurisdictions including Australia, New Zealand, India, and Africa, and he has experience across a range of commodities including coking coal, heavy mineral sands and metalliferous mining. More recently, Mr Wilson was engaged as a consultant on a Heavy Mineral Sands project in Namaqualand, South Africa, and is currently Operations Director at Mine2Port Limited, an Australian company with interests in coking coal, rail and port logistics projects in Africa and the United States of America. Mr Wilson was also appointed a Non-Executive Director of UK AIM listed company Kazera Global Plc in April 2023. − On 6 October 2023, Mr Raymond James was appointed Chairman of the company. − On 6 October 2023, Jeff Marvin was appointed Managing Director. − As announced on 12 January 2024, the company entered a binding term sheet with Consolidated Resources Pte Ltd (CR) to jointly pursue energy resource opportunities in the oil and gas sector. − On 9 January 2024, Icon shares were suspended from quotation on the ASX because of the uncertainty of the decision for the renewal of ATP 855. The company will continue to release periodic disclosures to ensure that the market is fully informed under Listing Rule 3.1-3.1B while under suspension. LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS − Renewal of ATP855: Renewal of ATP 855 has been a significant focus for Icon Energy. − Petroleum Lease Application: Icon has applied for a Petroleum Lease (PL) over the entire area of ATP 855 (Keppel Gas Project) in accordance with the revised Regulations made on 2 August 2024. The application for a PL was submitted on 30th August 2024. The Timeframe allowed under the new regulations for the grant of a PL is two (2) years. Icon is confident that this can be achieved. The grant of a Production Lease (PL) will enable us to resume operations and relist Icon securities to the trading lists of the ASX. − Leadership Changes: The recent appointments of Mr. Raymond James as Chairman and Mr. Jeff Marvin as Managing Director, alongside the addition of Mr. Peter Wilson to the Board, bring renewed leadership and strategic direction. − Financial Outlook: We are focused on cost management and exploring several options to address financial backing for the Keppel Gas Project.
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