Icon Energy : Chairman's Address to Shareholders

For personal use only

ASX / MEDIA RELEASE

15 December 2021

ASX Company Announcements Office

Re: 2021 AGM - Chairman's Address and Director's Presentation

Attached are copies of the Chairman's Address and Director's Presentation to be delivered at the Icon Energy Limited Annual General Meeting being held virtually at 11.00am (Queensland time) on Wednesday 15 December 2021.

To participate online you will need to visit https://web.lumiagm.com/315814079on your smartphone, tablet or computer.

Yours sincerely

Natalia Fraser

CFO / Company Secretary

For more information contact Icon Energy:

Corporate

Mr Raymond James

Director

Phone [phone]

E-mail: [e-mail]

Icon Energy Limited ABN 61 058 454 569

PO Box 513, Varsity Lakes QLD 4227 Australia

1. 0407 200 200 www.iconenergy.com

For personal use only

2021 ANNUAL GENERAL MEETING of ICON ENERGY LIMITED CHAIRMAN'S ADDRESS

I would first like to acknowledge the Traditional owners, Gadigal People, from where I speak to you today, and the Yugambeh People, where other Directors are located now, and pay my respect to their elders past and present, and all Aboriginal and Torres Strait Islander Peoples here today.

I would also like to acknowledge the Boonthamurra and Wongkamurra Peoples on whose land we are conducting our operations in the Cooper Basin. I also acknowledge their ancestors both past and present.

Before we move to the formal business of the meeting, I would like to present a summary of the activities of the Company over the past financial year.

Over the 2020-2021 financial year, Icon has continued to conserve its cash while continuing to secure funding to develop its tenements. The continuing effects of Covid have led to ongoing delays in that process, particularly the inability to conduct face-to- face meetings and inspections due to lockouts and travel restrictions. The prices for oil and gas have varied over the financial year.

At 30 June 2021 Icon had a cash balance of $1.5 million and working interests in in tenements in Queensland, Victoria and in South Australia details of which are set out in the Tenement Locations section of the 2021 annual report.

Icon's main focus remains on obtaining funding for its projects, with the immediate priority being ATP 855. Icon continues to pursue potential venturers to farmout its 100 percent working interest in ATP855.

Icon plans to produce methane gas and hydrogen from the discoveries made in ATP 855 while achieving zero carbon. Up to 28 Trillion Feet (TCF) of Gas has been classified by Degolyer and McNaughton as the most likely gas resource in the tenement with 1.57 TCF classified as 2C Contingent based on the gas flows from the wells on tests.

In the meantime, Icon continues to conserve its cash. All field operations are currently on a care and maintenance basis. The Non-ExecutiveDirectors moved to reduce their

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2021 ANNUAL GENERAL MEETING of ICON ENERGY LIMITED CHAIRMAN'S ADDRESS

director's fees by 20% effective 1 January 2018. No staff bonuses were paid during the year.

Howard Lu retired as a director effective 30 November 2020 after 9 years of service to the company. Howard had determined that his business interests outside Australia and travelling restrictions due to Covid meant that he would not be able to provide appropriate tie to the affairs of Icon Energy as a Board member.

We are grateful for Howard's contributions and insights over the nine years of his service and we wish him well for his future.

Acknowledgements

Our people who have left due to redundancy or retirement will be missed and we thank them for their years of service to Icon. I would like to thank Icon's team for their dedicated efforts over the past year.

I am hopeful of success in raising funds and that Icon's planned new activity will be reflected in a better price for Icon's quoted securities soon. Your Directors, management and staff continue to believe in and work towards a successful and bright future for the company.

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	(75 kms across ATP 855)
		ICON ENERGY LIMITED
	ANNUAL MEETING TECHNICAL PRESENTATION
		15th December 2021
		The Great Stoney Desert in Southwest Queensland near Halifax No. 1
use
personalFor		1

Most of ATP 855 is dry and barren with frequent rocky outcrops like this scene near Halifax No. 1. It is part of the Stoney desert. The hills in the far distance (75 kms away) are the eastern end of the tenement. The whole tenement area is underlain by sediments bearing high pressure gas at a depth of 4,000 metres deep.

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For personal use only

ICON'S TENEMENTS IN AUSTRALIA

Permit / Area	Tenement	Permit Interest	Operator	Prospect Type
Area
Cooper ‐ Eromanga Basin
ATP 594	1,230 km2	100%	Icon Energy	Oil
Gas
Cooper ‐ Eromanga Basin, Nappamerri Trough
				Shale Gas,
ATP 855	1,679 km2	100%	Icon Energy	Basin Centred
				Gas
PRLs 33 ‐ 49*	857 km2	33.33%	Beach Energy	Oil
Gippsland Basin
PEP 170	804 km2	100%	Icon Energy	Oil
Gas
PEP 172**	1,312 km2	100%	Icon Energy	Gas
PEP 173**	1,220 km2	100%	Icon Energy	Gas
* Formerly PEL 218 (Post Permian		** Permit to be
Section)			granted

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This map shows the pipeline infrastructure in eastern Australia and the position of ATP

1. Icon is now focussed on this area. Icon is in the process of handing back ATP 594, PEP 170, 172 and 173 in Victoria and the PLs in SA. We have a major discovery in ATP

1. and must devote our expenditure and efforts in developing this gas resource in this tenement.

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