Icon Energy Annual Report 2024 7 REVIEW OF OPERATIONS Icon Energy Limited submitted an application to the Queensland Department of Resources (the Department) for the renewal of ATP 855 which expired on 31 October 2022. On 1 November 2022 the Department of Resources informed Icon that ATP 855 and the PCAs had expired and could not be renewed. Icon filed an appeal to the Supreme Court of Queensland seeking to set aside that decision as being incorrect. The Supreme court in Queensland ruled in favour in Icon’s appeal. Icon Energy’s application to renew ATP 855 is under assessment by the Department of Resources (DOR). DOR confirmed that even though the previous term for ATP 855 has ended, the authority remains valid while the renewal application for ATP 855 is under assessment. This is in accordance with section 83 of the Petroleum and Gas (Petroleum and Safety) Act 2004 (P&G Act). All relevant authorisations and obligations under the ATP, including the authorization to carry out activities under Chapter 2, Part 1, Division 1 of the P&G Act, remain in place during this period. The ASX has advised Icon that until the assessment of ATP 855 is approved, the company will remain in suspension. The ASX has advised that the company can remain in suspension until January 2026 as long as it continues to adhere to all reporting requirements under the listing rules. On 30 August 2024, Icon Energy Ltd, the holder of ATP 855, 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. This Initial Development Plan (IDP) has been constructed to conform to the relevant sections of the RPI Regulations and the Petroleum and Gas (Production and Safety) Act 2004 (Petroleum Act). This IDP also conforms to the relevant provisions of the Greenhouse Gas Storage Act 2009 (GHG Act) A new significant conventional gas resource has been found within extensive natural fractures proximal to faults. The discovery was recognized by the ATP 855 joint venture in 2014 and following further appraisal work, has become the focus of Icon’s recent gas activities and is now the principal objective of the Later Work Program (LWP) submitted for grant of a PL over ATP 855. Previous exploration activities in ATP 855 have successfully discovered a very large unconventional tight, shale and basin centered gas resource which resulted in the grant of 8 Potential Commercial Areas (PCA 172-179). This unconventional gas resource will not be pursued as Icon has no further need for fracking. The proposed development plan consists of the drilling of two wells in the first permit year followed by four wells for each of the remaining four permit years of the IDP period. 3D seismic is planned over the entire area of the PL to ensure that all the faults and associated fracture halos present in the PL can be identified and mapped. The plan has the dual objectives of; firstly, ensuring that initial production commences within two years of grant of the PL, and, secondly, developing the resource in a systematic manner that maximises economic return whilst minimising the impact of the operations on the environment and other land users. This plan is appropriate to ensure compliance with the PRI regulations and ensure minimal disturbance. Icon is now waiting until the Petroleum Lease Application is approved by the Department of Resources of the Queensland Government for the Development Plan to proceed. Details of the plan will be released when it is approved. Icon believes that if our lease is granted, the gas from the Keppel Gasfield in ATP 855 would support the transition to the Australian 2050 emissions standards while contributing to the anticipated gas shortfall on the east coast of Australia. ICON ENERGY TENEMENTS Permit / Area Tenement Area Permit Interest Operator Prospect Type Cooper - Eromanga Basin, Nappamerri Trough ATP 855 1,679 km2 100% Icon Energy Conventional Gas
RkJQdWJsaXNoZXIy MjE2NDg3