6 Icon Energy Annual Report 2025 Directors' Report for the year ended 30 June 2025 REVIEW OF OPERATIONS During the financial year, Icon Energy Limited did not undertake field operations, with efforts concentrated on securing the renewal of ATP 855, and progressing the application for PL-1144 over the entire area of ATP 855. Icon 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 notified the Company that ATP 855 and the associated Potential Commercial Areas (PCAs 172-179) had expired and could not be renewed. Icon Energy subsequently challenged this decision in the Supreme Court of Queensland, which ruled in the Company’s favour, finding the Department’s refusal invalid and directing it to accept the renewal application for assessment. As of 30 June 2025, the ATP 855 renewal application remains under formal assessment by the Department. In accordance with section 83 of the Petroleum and Gas (Production and Safety) Act 2004 (Qld), the authority is treated as valid while the renewal is under review. All associated authorisations and obligations under the ATP — including under Chapter 2, Part 1, Division 1 of the P&G Act — continue to apply during this period. On 30 August 2024, Icon Energy lodged an application for PL-1144 over the entirety of ATP 855, in response to amendments to the Regional Planning Interests Regulations. The application includes an Initial Development Plan (IDP) which conforms to the relevant sections of the RPI Regulations, the Petroleum and Gas (Production and Safety) Act 2004 and the Greenhouse Gas Storage Act 2009. The IDP outlines a staged work program targeting a conventional gas resource located in naturally fractured formations within the Keppel Gasfield. The resource was originally identified by the ATP 855 joint venture in 2014 and has since become the primary 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 PCAs 172-179. This unconventional gas resource will not be pursued as Icon is seeking to develop the conventional gas resources. The development plan outlined in the IDP proposes the drilling of four development wells in each year of the initial five-year term. A 3D seismic survey is planned over the entire area of the PL to identify and map all the faults and associated fracture halos present in the PL. The goal is to commence gas production within two years of grant of the PL, and to develop the resource in a commercially efficient and environmentally responsible manner. On 6 February 2025, the Department of Resources issued a Notice of Proposed Grant of PL-1144. The application is progressing through the standard approval process. Icon is continuing to liaise with the Department to support the completion of the process. Once the Lease Application is approved by the Department of Resources of the Queensland Government, the Company will proceed with the Development Plan. Details of the plan will be released when it is approved by the Department of Resources. Icon believes that, once the lease is granted, gas from the Keppel Gasfield within ATP 855 could play a meaningful role in supporting Australia’s transition toward its 2050 emissions targets, while also helping to address the forecast gas shortfall on the east coast. ICON ENERGY TENEMENTS Permit / Area Tenement Area Permit Interest Operator Prospect Type Cooper - Eromanga Basin, Nappamerri Trough ATP 855 / PL-1144* 1,671 km2 100% Icon Energy Conventional Gas * Pending grant of PL-1144
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