Related Party Transactions

6 Months Ended

Dec. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 12 – Related Party Transactions

The Group transacts with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield (“Mr.

Sheffield”). The transactions during the six months ended December 31, 2024 are as follows.

H&P

During the year ended June 30, 2023, the Group entered into a strategic alliance with H&P and secured a

$15,000,000 equity investment from H&P (and as a consequence, a member of the H&P Executive Leadership Team was

appointed as a director of the Group). The strategic alliance resulted in H&P supporting the Group’s development plans in

the Beetaloo Basin through their equity investment in the Company while at the same time executing on H&P’s strategy to

gain more international exposure through the use of drilling rigs in Australia.

On July 1, 2023, the lease commenced with H&P for the use of the FlexRig® for a 25-month period (Refer Note 4).

During the three months and six months ended December 31, 2024, the Group incurred cost of $4,147,721 and $8,099,387

relating to a combination of site mobilization, standby, drilling, labor and rig move costs, $4,065,814 of which remains

invoiced and unpaid as of December 31, 2024.

Mr. Sheffield

During the three months ended and the six months ended December 31, 2024, the Group transacted with DWE,

which is wholly owned by Formentera Australia Fund, LP, which is managed by Formentera Partners, LP, a private equity

firm of which Mr. Sheffield serves as managing partner. Given the equity investments made by Mr. Sheffield in prior

periods, an individual employed by Formentera Partners, LP, was appointed director of the group in September 2023.

Mr. Sheffield has been a shareholder in the Company since November 2021.

The Group and DWE jointly own a 50/50 joint venture referred to as TB1 (Refer Note 2).

During the three months ended December 31, 2024, DWE's share of expenditure for the Beetaloo Joint Venture and

SPCF for which contributions were due was $18,782,971. During the six months ended December 31, 2024, DWE's share

of expenditure for the Beetaloo Joint Venture and SPCF for which contributions were due was $24,951,794. As of

December 31, 2024, the Group had unpaid cash calls owing from DWE in the amount of $3,285,517.

During the six months ended December 31, 2024, the Company issued 312,500 shares of Common Stock in

satisfaction of the Group's obligation towards the Checkerboard fee (Refer Note 2 and Note 7).