ASX / MEDIA RELEASE‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

24 November 2015

ASX Company Announcements Office

Re: 2015 AGM Address and Presentation

Attached are copies of the Chairman's Address and Managing Director's Presentation to be delivered at the Icon Energy Limited Annual General Meeting being held at 11.00am (Queensland time) on Wednesday 25th November 2015 at the Arts Centre Gold Coast, 135 Bundall Road Surfers Paradise.

Dr Kevin Jih

Executive Director / CFO / Company Secretary For more information contact Icon Energy;

Corporate

Mr Raymond James Managing Director

Phone +61 7 5554 7111

E-mail [email protected]

ICON ENERGY ANNUAL GENERAL MEETING CHAIRMAN'S ADDRESS

Before we move to the formal business of the meeting I would like to present my report on the activities of the Company over the past financial year and offer some comments on the way forward in 2016.

The past year has been a very frustrating year for Icon's Directors, management, staff and shareholders and we are extremely unhappy with Icon's share price. The current selling price quotations on the ASX attract very small volumes and fail to reflect the underlying value of Icon's assets.

Icon finished the 2015 year with no borrowings and a healthy cash balance. As at 19 November 2015, Icon's cash balance stood at $19.6 million, which exceeded the market capital of $18.6 million.

This cash and the real estate value of our office premises plus the value that could be attributed to our share of the 2C gas resource of 550 BCF and other exploration interests far exceeds the current price of the shares. This is a financial position not enjoyed by many small oil and gas explorers.

During the 2015 year, Icon enjoyed success in the Stage 1 research and development programme in ATP 855. In Stage 1, The ATP 855 Joint Venture drilled a total of six wells, with five wells stimulated and tested for up to six months. All six wells were gas discoveries.

You will recall that in June 2014, DeGolyer and MacNaughton provided Beach and Icon with a report on the Gross Unconventional Prospective Natural Gas Resources over the entire area of ATP 855, with a most likely (P50) Prospective Gas Resource of 28.49 TCF.

In March 2015, DeGolyer and MacNaughton provided Beach and Icon with an update on the Contingent Resources in ATP 855, with a 2C Contingent Resource estimate of 1.57 TCF1. The 2C Contingent Resources were estimated over an area of between 6,500 and 13,000 acres around each of the five wells tested, depending on the particular formation, out of a total area of the ATP 855 permit of 414,000 acres.

Those successes however have been overwhelmed by the collapse of the oil price in early 2015, which in turn has led to a rapid decline of the share prices of energy companies, including Icon's. It also led to decisions by many oil and gas companies to slash their capital

1 The following notes and statements are relevant to these Contingent and Prospective Resource estimates: Icon's equity share of the abovementioned resources is 35.1%;

The resource estimates were evaluated in accordance with the Petroleum Resources Management System (PRMS); Probabilistic estimates have been made for each target formation and these have been statistically aggregated;

Icon confirms that it is not aware of any new information or data that materially affects the information included in the announcements released on 19 June 2014 and 27 March 2015 and that all the material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed.

expenditure and hence make significant reductions in exploration and research activities. Two such companies were our Joint Venturers in ATP 855, namely Chevron and Beach Energy. The collapse of the oil price led to the decision by Chevron to withdraw from ATP 855 as part of its world-wide reduction of Capex on exploration activities after a decline in Chevron's world-wide earnings.

Icon is looking forward to commencement of the Stage 2 program in ATP 855 which could raise the 2C Contingent Resource to the category of 2P Reserves. This would require demonstration of commercial flow rates, an infrastructure development plan and a market contract for the gas. On 26 June 2015, Icon extended the Gas Sales Agreement with Shantou Sino Energy Co Ltd until 30 June 2018. This time frame is now our best estimate for reaching the 2 TCF reserve estimate needed to satisfy Icon's primary contract condition. Stage 2 of the research and development program, subject to Joint Venture approval, will be aimed at progressing towards confirming gas commerciality.

At the end of the 2015 financial year, Icon was in a strong cash position to go forward with Stage 2. Beach Energy has advised that prior to commencing a Stage 2 work programme, a new farmin partner is required to replace Chevron. Icon retains its 35.1% working interest in the ATP 855 Joint Venture.

With the experience and the research development knowledge acquired by Icon in the Cooper Basin, Icon has taken the opportunity to tender for two more prime acreage tenements under the Queensland Call for Tenders which closed on 8th October 2015.

Icon carried out a review of the available permits in the Cooper-Eromanga Basin and finally concentrated on several blocks north of the Jackson Oil Field on the eastern flank of the Cooper Basin. Following a careful evaluation of the available data, Icon prepared a tender for two blocks, both of which are just north of Jackson.

The tenders were finalised and submitted and the results will likely not be known until January 2016.

Elsewhere in the Cooper Basin, Icon has finally revived a suspended permit area in ATP

594. The permit is located on the highly prospective eastern flank of the Cooper Basin which has been lightly explored in past years. This eastern flank of the Basin contains the Jackson Oilfield, which is the largest oil discovery in Queensland. The significant Kenmore and Bodalla South oilfields lie just to the east of ATP 594. Oil production from the area is a light diesel like crude which is refined in the Eromanga township and diesel distributed from there by IOR Energy Pty Ltd. A diesel market exists in the area with the refinery capacity only 55% utilised. The Department of Natural Resources and Mines has renewed the ATP 594 permit for an initial period of four years but with opportunity to apply for renewals of up to a total of twelve years.

3D seismic acquisition is planned in Stage 1 exploration for ATP 594. This is anticipated in March- April of 2016, depending on availability of equipment, monsoon weather conditions and permitting.

On 26 February 2015, Icon announced an On-Market share buy-back over the next 12 months of up to 10% of Icon ordinary shares on issue. The buy-back provides Icon with an opportunity to strengthen the Company's capital position at a cyclical low point in the resources market and also demonstrates the Board's strong belief in the underlying value of the Company's assets.

At the end of October, we have spent $977,900 to buy-back 16,393,022 shares, which was 2.62% of Icon ordinary shares on issue. Those shares were then cancelled.

Icon remains fully compliant with the laws and regulations in all Petroleum exploration operations in Queensland, Victoria and South Australia.

Icon would like to thank the Icon staff specialists who were active participants in the ATP 855 research programme and their expert contribution is acknowledged. The Directors wish to thank our management team and all staff for the work done by them during the past year.

As to the future, Icon has the financial resources and the determination of its management and staff to continue to prove up the resources in its tenements, in order to add value for our shareholders. We have faith in our vision for the future and look forward to success. We are striving to reward your loyalty.