Page 6 - Icon Energy 2014 Annual Report

CHAIRMAN’S AND MANAGING DIRECTOR’S REVIEW
6 ICON ENERGY LIMITED 2014 Annual Report ABN 61 058 454 569
Icon Energy Limited and its controlled entities
ABN 61 058 454 569
DIRECTORS’ REPORT (continued)
Options Held by Key Management Personnel
There were no options outstanding at 30 June 2012 or as at 30 June 2011.
Questions Raised on the 2011 Remuneration Report at the 2011 AGM
The Board considers that no further action is required in response to the question raised at the meeting.
Signed in accordance with a resolution of the Board of Directors of Icon Energy Limited.
S Barry R S James
Chairman Managing Director
28 August 2012
At the 2011 Annual General Meeting (AGM) only one question was raised in relation to the Company's
Report. A shareholder enquired why the total amount of remuneration paid to KMPs for the year ending
significantly higher than the amount shown for the 2010 financial period. The Chairman responded at th
figures quoted for 2010 were for a period of 6 months, due to the change in the financial year end, while
2011 were for a full financial year. The Chairman noted at the time that in real terms the total remunerat
for 2011 was significantly less than that paid for 2010.
As the Company received a 'no' vote of 25% or more on the resolution to adopt the 2011 Remuneration
AGM it is required to include in its 2012 Remuneration Report an explanation of the action that the Boar
in response to comments or questions raised at that meeting.
28 August 2012
Icon Energy Limited and its controlled entities
ABN 61 058 454 569
DIRECTORS’ REPORT (continued)
Options Held by Key Management Personnel
There were no options outstanding at 30 June 2012 or as at 30 June 2011.
Questions Raised on the 2011 Remuneration Report at the 2011 AGM
The Board considers that no further action is required in response to the question r
Signed in accordance with a resolution of the Board of Directors of Icon Energy Limi
S Barry R S James
Chairman Managing Director
28 August 2012
At the 2011 Annual General Meeting (AGM) only one question was raised in relatio
Report. A shareholder enquired why the total amount of remuneration paid to KMPs
significantly higher than the amount shown for the 2010 financial period. The Chair
figures quoted for 2010 were for a period of 6 months, due to the change in the fina
2011 were for a full financial year. The Chairman noted at the time that in real terms
for 2011 was significantly less than that paid for 2010.
As the Company received a 'no' vote of 25% or more on the resolution to adopt the
AGM it is required to include in its 2012 Remuneration Report an explanation of the
in response to comments or questions raised at that meeting.
28 August 2012
S M Barry
Chairman
R S James
Managing Director
Research and Development
The Company continued an extensive research and
development program to further develop technologies and
processes to extract the natural resources within ATP 855.
ATP 594
Subsequent to the end of the financial year Icon acquired an
additional 50% interest in ATP 594, a tenement located in
the Cooper/Eromanga Basin that is prospective for low risk
conventional oil and gas.
Icon plans to conduct a seismic and drilling program t he
completion of the RTN negotiations with the NativeTitle
applicants.
Surat Basin
On 3 July 2013, the Company announced that Icon Energy
had regained the 100% equity interest in ATP 626 following
the transfer of Goondi Energy’s interest.
Following a strategic review of ATP 626 and in accordance
with the Queensland Government’s mandatory
relinquishment policy, Icon relinquished 20 sub-blocks
or two–thirds of ATP 626 in the southern portion of the
tenement in June 2014. After an extensive two stage
program and comprehensive independent research, it was
determined that the coal seam gas play in ATP 626 was
sub-commercial. Icon is currently evaluating a new seismic
and drilling program for conventional oil and gas in the
retained portion of the ATP 626 area.
Gippsland
In 2012 the Victorian Government declared a moratorium
on fracture stimulation of unconventional gas wells in
Victoria. As at the end of the reporting period the Victorian
Government had not lifted the moratorium. Icon has
deferred its work program in Victoria until the suspension
has been lifted.
The Company looks forward to working closely with our
Victorian stakeholders in the future development of these
tenements to meet Victoria’s gas supply needs.
GOVERNANCE
The Board is responsible for the overall governance of
the Company and works closely with management to
ensure the right policies, practices and controls are in
place to maintain a high standard of governance, safeguard
the interests of shareholders and provide a platform for
future growth. During the year these policies, procedures
and systems were reviewed and revised to respond to
changes in regulatory requirements and governance
sta dards and practices. The Company continued to
adopt and comply with Corporate Governance Principles
and Recommendations released by the ASX Corporate
Governance Council during the reporting period.
HEALTH AND SAFETY INTHEWORKPLACE
We are pleas d to report that during the year the Company
maintained its excellent record for safe and environmentally
r ible operation with no reportable incidents
or accidents occurring during the year. Directors and
management are focused on ensuring that the Company’
perso nel operate safely nd with respect and integrity at
all times.
Icon has made sig ificant progress over the past financial
y ar n it would not have been possible without the str g
contribution from Directors and staff and the support of our
shareholders. We thank you all for your loyalty and support
during 2013/14 and look forward to establishing a significant
gas resource through our research and development
operations.
Key target reservoirs have been identified in those wells
for fracture stimulation and flow tests. These tests which
commenced in September 2014 are initially aimed at
gathering information on the gas contribution from the
various formations and will not immediately test the whole
well potential.