Related Party Transactions

3 Months Ended

Sep. 30, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Note 13 – 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 three months ended September 30, 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 $15.0

million equity investment from H&P (and as a consequence, John Bell, a member of the H&P Executive Leadership Team

(the “H&P appointee”) 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 ended September 30, 2025, the Group incurred cost of $3.0 million relating to a combination of

drilling, labor and rig move costs, $1.2 million of which remained invoiced and unpaid as of September 30, 2025. During

the three months ended September 30, 2025 John Bell resigned from his position as a director of the Group.

Mr. Sheffield

During the three months ended September 30, 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. 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 September 30, 2025, DWE's share of expenditure for the Beetaloo Joint Venture for

which contributions were due was $14.8 million. As of September 30, 2025, the Group had a joint interest billing

receivable owing from DWE in the amount of $1.4 million.

During the three months ended September 30, 2025, DWI's share of expenditure for SPCF for which contributions

were due was $8.5 million. As of September 30, 2025, the Group had advances against joint interest billings owing to DWI

in the amount of $1.9 million.