Page 31 - Icon Energy 2014 Annual Report

DIRECTOR’S REPORT
PRINCIPAL ACTIVITIES
The principal activities of Icon Energy during the year included the exploration, appraisal and development of oil and gas
properties. There were no significant changes in the nature of these activities during the year.
The Directors of Icon Energy Limited (Icon Energy or Company) present their report together with the financial statements
of the Company and its controlled entities (“the Group” or “the Consolidated Entity”) for the financial year ended 30 June
2014. In order to comply with the provisions of the Corporations Act 2001, the Directors of Icon Energy report as follows:
Details of the qualifications and experience, other directorships of listed entities and special responsibilities of Directors are
set out in the Board of Directors’ section of this Annual Report.
Refer to table 10 of Remuneration Report for Directors’ interests in shares and performance rights .
REVIEW OF OPERATIONS AND RESULTS
A review of operations of the consolidated entity during the financial year and the results of those operations is included in
the Review of Operations section of this Annual Report.
SIGNIFICANT CHANGES INTHE STATE OF AFFAIRS
Cooper Basin Queensland
• The Halifax-1 vertical exploration well, which has been on extended comingled flow test from all stimulated formations,
was finally shut in at midday on 25 August 2013, after a flow period of 188 days. During the extended flow test the well
produced a cumulative total of 243 MMscf of gas and a Notice of Petroleum Discovery was lodged with the Department of
Natural Resources and Mines (DNRM).
• The Hervey-1 vertical exploration well reached a total of 4,269 metres on 11 July 2013 and encountered encouraging gas
shows through the Permian section.
• The Keppel-1 vertical exploration well located 25 kilometres north east of Halifax-1 was spudded on 3 June 2013. Keppel-1
was drilled to a depth of 3,898 metres before drilling was suspended due to elevated gas in the drilling mud and well
control methodology was used to secure and suspend the well.
DIRECTORS
The Directors of the Company who held office during or since the end of the year are set out below:
Position
Non-executive Chairman
Managing Director
Chief Financial Officer & Executive Director
Non-executive Director
Non-executive Director
Non-executive Director
Name
Stephen Michael Barry
Raymond Swinburn James
Dr Kevin Jih
Dr Keith Hilless AM
Howard Lu
Derek James Murtagh Murphy
First Appointed
Director since 05/01/1993
Director since 01/02/1993
Director since 30/11/2011
Director since 03/04/2009
Director since 07/01/2011
Director since 20/03/2009
ABN 61 058 454 569 ICON ENERGY LIMITED 2014 Annual Report 31