The Group held unproved natural gas properties as of September 30, 2025 and June 30, 2025 amounting to $378.8

million and $342.3 million, 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 three months ended

September 30, 2025, and 2024. These assets will be reclassified to proven gas properties upon commencement of

During the three months ended September 30, 2025 and September 30, 2024, the Group recognized no impairment


	Natural gas properties
(in thousands)	EP 161	EP 136	EP 76, 98 and 117	Total
Balance at July 1, 2025	$25,091	$45,483	$271,740	$342,314
Capital expenditure	274	33	31,264	31,571
Restoration assets	—	—	60	60
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	2,988	2,988
Disposal	—	(444)	—	(444)
Effect of changes in foreign exchange rates	137	379	1,797	2,313
Balance at September 30, 2025	$25,502	$45,451	$307,849	$378,802

On September 30, 2025, the Beetaloo Joint Venture made a FID for the Shenandoah South Pilot Project in EP 98 and

The Group held property, plant and equipment, including leasehold improvements, as of September 30, 2025 and

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. As of September 30,

2025, the essential plant components were completed and have been delivered to site and construction of the facility has

commenced. The Group held total assets under construction related to the SPCF as of September 30, 2025 and June 30,

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.

On September 30, 2025, it was announced that, subject to the completion of the transaction, the Group would enter

into an Arrangement Agreement in exchange for 6,537,503 shares of the Company's common stock and $22.7 million in

cash, with Falcon Oil & Gas Australia Limited (“Falcon Australia”) to acquire (the “Falcon Acquisition”):

•100% ownership interest in TXM Oil and Gas Exploration Kft, Falcon Oil & Gas Ireland Limited, Falcon Oil & Gas

Ireland Limited, Falcon Oil & Gas Holdings Ireland Limited and Falcon Exploration and Production South Africa

Upon completion of the Falcon Acquisition, the Group will also enter into consulting agreements with certain

directors and officers of Falcon, pursuant to which the Group will issue to those directors and officers an aggregate of up to

The closing of the Falcon Acquisition is subject to approval by the Company’s shareholders and the satisfaction of