68
ICON ENERGY LIMITED
2015 Annual Report ABN 61 058 454 569
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
68
FOR THE YEAR ENDED 30 JUNE 2015
30 June 2015 30 June 2014
$
$
Profit/(loss) after income tax
(5,863,547)
(1,017,551)
Add/(less) non-cash items:
Depreciation and amortisation
308,409
305,232
Loss/(Gain) on sale of property,plant and equipment assets
(10,075)
33,753
Impairment of property, plant and equipment assets
-
92,097
Movement in foreign currency reserve
3,337
(238)
Movement in share based payments reserve
110,671
706,240
Adjustment for changes in assets
and liabilities
Performance guarantee bonds*
(1,075)
19,135
Trade and other receivables
5,083,520 (5,185,957)
Trade and other payables**
(1,173,723)
293,702
Employee provisions
(43,835)
175,469
Lease provisions
-
-
Restoration provision
(70,411)
(203,863)
Net cash used in operating activities
(1,656,727)
(4,781,981)
* Other non-current assets amount is exclusive of deferred exploration expenditure movement.
Work Programme Commitments
30 June 2015 30 June 2014
$
$
•
not later than 1 year
4,332,998 3,494,774
•
later than one year but not later than five years
37,822,488 35,830,485
42,155,486 39,325,259
NOTE 17 - JOINT ARRANGEMENTS AND MINING TENEMENTS HELD
Basin
Interest %
Interest %
30 June 2015 30 June 2014
33.33% 33.33%
100.00% 50.00%
60.00% 60.00%
100.00% 100.00%
35.10% 35.10%
33.33% 33.33%
100.00% 100.00%
Gippsland
100.00% 100.00%
Gippsland
100.00% 100.00%
Cooper Eromanga
ATP 794P Regleigh & Springfield
The entity's share of the above commitments that relate to its interests in joint operations are $12,600,259 (30 June 2014:
$9,358,079).
Surat
PRLs33-49**
If any of the above expenditures are not met then the Department of Mines and Energy (QLD) / the Department of Primary
Industries (VIC) will require the permit to be forfeited without liability.
CONSOLIDATED ENTITY
Cooper Eromanga
Oil and Gas
The following is a list of active mining tenements held by Icon Energy and its subsidiaries.
ATP 594P*
ATP 549P West
Cooper Eromanga
Exploration expenditure commitments
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
** Trade and other payables amount is exclusive of the movement in payables attributable to deferred exploration
expenditure, which has been incorporated into Cash Flows from Investment Activities.
NOTE 15 - CASH FLOW INFORMATION
NOTE 16 - CAPITAL AND LEASING COMMITMENTS
Reconciliation of net cash used in operating
activities to Profit/(loss) after income tax:
The total commitments for work programmes for ATP549, ATP594P, ATP794P, ATP855P and
PEP170 are as follows:
PEP 173 ***
ATP 626P
PEP 170
Cooper Eromanga
PEP 172 ***
Gippsland
Cooper Eromanga
ATP 855P
CONSOLIDATED ENTITY
