Related Party Transactions

9 Months Ended

Mar. 31, 2025

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 nine months ended March 31, 2025 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 nine months ended March 31, 2025, the Group incurred cost of $2,125,323 and $10,224,710

relating to a combination of site mobilization, standby, drilling, labor and rig move costs, $1,466,155 of which remained

invoiced and unpaid as of March 31, 2025.

Mr. Sheffield

During the three months ended and the nine months ended March 31, 2025, the Group transacted with DWE and

DWI, which are 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.

Subsequent to March 31, 2025, this individual advised the Group's Board of Directors of their resignation effective April

15, 2025. 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 and the Group and DWI jointly own a

50/50 joint venture referred to as SPCF Sub Trust (Refer Note 2).

During the three months ended March 31, 2025, DWE's share of expenditure for the Beetaloo Joint Venture for

which contributions were due was $19,786,665. During the nine months ended March 31, 2025, DWE's share of

expenditure for the Beetaloo Joint Venture for which contributions were due was $44,778,280. As of March 31, 2025, the

Group had unpaid cash calls owing from DWE in the amount of $5,843,608.

During the three months ended March 31, 2025, the SPCF assets were transferred from TB1 to the SPCF Sub Trust

(Refer Note 2). Subsequent to the transfer, cash calls were issued to DWI.

During the three months and nine months ended March 31, 2025, DWI's share of expenditure for SPCF for which

contributions were due was $1,474,968. As of March 31, 2025, the Group had unpaid cash calls owing from DWI in the

amount of $921,332.

During the nine months ended March 31, 2025, 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).