lti

Just reviewing the Long term Incentives from Icon's renumeration schedule:

Icon has set their total reward mix with reference
to the aspirational category of ASX listed entities with a market capitalisation of $300 million+. (Based on the amount of shares we now have, this is a target price of $0.6837 per share if my calculations are correct). Part of the renumeration is based upon reaching this level.

The following four Board approved strategic objectives to be achieved by 31 December 2009 are (obviously well under way):

1.add one exploration block to existing portfolio exploration blocks or commence an exploration
program on an existing tenement other than ATP 626;

2. obtain a farm-in partner with the capital and capabilities or raise capital and equity to establish 3P
reserves in a tenement to enable the future development of full-scale gas or oil production;

3. maintain operating control of exploration tenements until reserves are proven; and

4.successful completion of the 24 well drilling program in ATP 626.