Notes to the Consolidated Financial Statements for the year ended 30 June 2024 38 Icon Energy Annual Report 2024 ICON ENERGY LIMITED AND ITS CONTROLLED ENTITIES FOR THE YEAR ENDED 30 JUNE 2024 Fair value estimation • • • There were no other related party transactions during the year ended 30 June 2024 or 30 June 2023. Lodgement of invalid surrender notice 30 June 2024 30 June 2023 a) Financial position $ $ Assets Current assets 1,462,235 2,357,481 Non-current assets 5,321 13,976 Total assets 1,467,556 2,371,456 Liabilities Current liabilities 5,137,414 4,976,216 Non-current liabilities 445,389 393,459 Total liabilities 5,582,803 5,369,675 Net Assets (4,115,247) (2,998,220) Equity Issued capital 104,116,869 104,116,869 Contributed capital 142,673 141,103 Accumulated losses (108,374,789) (107,256,192) Total equity (4,115,247) (2,998,220) NOTE 17 - FINANCIAL INSTRUMENTS (Continued) The accounting policies of the parent entity, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements. Refer to Note 22 for a summary of the material accounting policy information relating to the Consolidated Entity. The net fair value of cash and cash equivalents and short-term non-interest bearing monetary financial assets and liabilities of the Consolidated Entity, as stated in the Consolidated Statement of Financial Position and accompanying explanatory notes as at 30 June 2024 and 30 June 2023, is a reasonable approximation of their carrying value. NOTE 21 - PARENT ENTITY INFORMATION 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 1st August 2024. There were no other after balance sheet date events at the date of signing. There are no other contingent liabilties as at 30 June 2024 (30 June 2023: Nil). NOTE 19 - CONTINGENT LIABILITIES Transactions with Directors and Director Related Entities are disclosed in note 4. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 20 - EVENTS AFTER BALANCE DATE Interests in subsidiaries are disclosed in note 15. NOTE 18 - RELATED PARTY TRANSACTIONS Following the expiration of tenure (ATP594 on 16 April 2021) the Company were issued a requirement to surrender of Environmental Authority notice pursuant of section 258 of the Environmental Protection Act 1994. A surrender application from the Company was received by the Department of Environment and Science on 1 August 2023. The application however was invalid as it did not satisfy the legislative requirements under section 262 (Requirements for surrender application) and 264 (Requirements for final rehabilitation report) of the EP Act. A non-statutory notice of “invalid application” was issued to the Company on 11 August 2023. The uncertainties relate to the timing and the amount of costs in the final rehabilitation report. It is not practicable to estimate the financial effect as a valid surrender application has not yet been lodged. Non-current non-interest bearing borrowing is initially recognised at their fair value and subsequently - at amortised cost.
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