Property, Plant and Equipment & Natural Gas Properties

9 Months Ended

Mar. 31, 2025

Note 3 – Property, Plant and Equipment & Natural Gas Properties

Natural Gas Properties

The Group held unproved natural gas properties as of March 31, 2025 and June 30, 2024, amounting to

$303,320,471 and $230,119,448, respectively. These amounts reflect the Group’s exploration and evaluation projects,

which are pending the determination of proven and probable reserves and were not being depleted for the nine months

ended March 31, 2025, and 2024. These assets will be reclassified to proven gas properties upon commencement of

production and then subsequently depleted.

In October 2024, the Group lodged an amended income tax return for the year ended June 30, 2024 claiming eligible

R&D expenditure for EP 136, which resulted in a cash refund of $6,168,698 in December 2024.

During the nine months ended March 31, 2025 and March 31, 2024, the Group recognized no impairment related to

unproved natural gas properties.


	Natural gas properties
	EP 161	EP 136	EP 76, 98 and 117	Total
Balance at July 1, 2024	$23,744,221	$51,035,326	$155,339,901	$230,119,448
Capital expenditure	809,982	127,507	84,403,641	85,341,130
Restoration assets	—	—	476,728	476,728
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	9,566,119	9,566,119
Reclassified to assets under construction - natural gas equipment	—	—	(83,819)	(83,819)
Research and development tax credit	—	(6,168,698)	—	(6,168,698)
Effect of changes in foreign exchange rates	(1,489,425)	(3,069,352)	(11,371,660)	(15,930,437)
Balance at March 31, 2025	$23,064,778	$41,924,783	$238,330,910	$303,320,471

Property, Plant and Equipment

The Group held property, plant and equipment, including leasehold improvements, as of March 31, 2025 and

June 30, 2024, amounting to $236,000 and $102,244, respectively.

Assets Under Construction

In April 2024, the Group began to execute agreements for long lead items required for the SPCF in the Beetaloo

Basin. These items included essential plant components comprising of two compressors and a dehydration unit that would

convert future raw gas to sales gas quality, subject to the terms of definitive development agreements. During the nine

months ended March 31, 2025, the Group completed detailed design of the SPCF and received approval of the

Environmental Management Plan (EMP). The Group held total assets under construction related to the SPCF as of

March 31, 2025 and June 30, 2024 of $17,567,615 and $7,542,064, respectively.

The 40 TJ/d (39 MMcf/d) SPCF is expected to be connected to the Amadeus Gas Pipeline (“AGP”) via the

construction of the 35-kilometer Sturt Plateau Pipeline (“SPP”) subject to achieving project milestones.

Assets Classified as Held for Sale

In October 2024, the Group completed the disposal of rig 403 at a price of $8,500,000, on which the Group paid a

sales commission of 6%. During the nine months ended March 31, 2025, the Group recognized a loss on assets held for

sale of $376,000 to reduce the asset to the lower of its carrying amount and the fair value less costs to sell (determined

based on the sales price above). No gain or loss was recognized on the sale of the rig during the three months ended

March 31, 2025 as it had already been reduced to the fair value less costs to sell in the prior quarters.

No other assets remain held for sale as of March 31, 2025.