ABN 61 058 454 569
ICON ENERGY LIMITED
2015 Annual Report
69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
69
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 17 - JOINT ARRANGEMENTS AND MINING TENEMENTS HELD (Continued)
30 June 2015 30 June 2014
NOTE
$
$
5
-
1,197,920
-
1,197,920
8
39,575,300 30,801,476
39,575,300 30,801,476
39,575,300 31,999,396
30 June 2015 30 June 2014
CURRENT LIABILITIES
NOTE
$
$
Joint arrangements liabilities
9
565,410
46,151
Total joint arrangements liabilities
565,410
46,151
NON CURRENT LIABILITIES
1,196,835 1,196,835
Total joint arrangements liabilities
1,196,835 1,196,835
1,762,245 1,242,986
30 June 2015 30 June 2014
EXPENSES
$
$
Exploration and evaluation related expenses
155,142
225,302
Share of total expenses related to joint arrangements*
155,142
225,302
Country of
Date of
Parent entity:
Incorporation Incorporation 30 June 2015 30 June 2014
Icon Energy Limited
Australia
Subsidiaries of Icon Energy Limited:
Jakabar Pty Ltd
Australia 18 Dec 1992
100
100
Icon Drilling Pty Ltd
Australia 18 Nov 1994
100
100
Icon Gas Productions Pty Ltd
Australia 16 Dec 2008
100
100
Icon Oil US (LLC)
USA
5 Jan 1993
100
100
During the year ended 30 June 2014, the consolidated entity deregistered four subsidiaries: Icon Domestic LNG Pty Ltd, Icon
Geothermal Pty Ltd, Icon LNG (China) Pty Ltd and Icon Cooper Pty Ltd.
Expenses do not include impairment of exploration and evaluation joint arrangement assets (30 June 2014: $92,097).
Restoration provision
Share of total liabilities in joint arrangements
* In September 2014, the Department of Natural Resources and Mines transferred the outstanding 50% interest from former
joint owner Triple J Resources to Icon Energy following the de-registration of Triple J Resources.
** Formerly PEL 218 (Post Permian Section).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Total current assets
Interests in joint operations are accounted for by including the group’s portion of assets, liabilities, revenue and expenses.
Information relating to joint ventures that are material to the consolidated entity are set out below:
CURRENT ASSETS
% Owned
CONSOLIDATED ENTITY
NON CURRENT ASSETS
Total non current assets
Share of total assets in joint arrangements
Exploration and evaluation expenditure at cost
CONSOLIDATED ENTITY
*** Permit to be granted
CONSOLIDATED ENTITY
Prepayments for deferred exploration and evaluation
NOTE 18 - CONTROLLED ENTITIES
