Variable Interest Entities (Tables)

3 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts of Assets and Liabilities

The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of September 30, 2026 and June 30, 2026 (in thousands):

	September 30, 2026	June 30, 2026
ASSETS
Current assets
Cash and cash equivalents	$12,792	$10,885
Trade and other receivables:
Joint interest billing	6,704	890
ATO receivable	1,752	2,956
Other receivable	—	38
Prepaid expenses and other current assets	7,246	5,056
Total current assets	28,494	19,825
Natural gas properties, successful efforts method:
Unproved properties	527,394	464,060
Property, plant and equipment, net	258	—
Operating lease right-of-use-assets	615	1,283
Finance lease right-of-use assets	12,245	14,345
Prepaid expenses and other non-current assets	4,604	4,604
Total non-current assets	545,116	484,292
TOTAL ASSETS	$573,610	$504,117
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$35,811	$44,788
Current portion of operating lease obligations	761	1,451
Current portion of finance lease obligations	17,059	14,410
Total current liabilities	53,631	60,649
Finance lease obligations	5,502	8,354
Asset retirement obligations	6,486	6,181
Loan from Group	291,130	247,762
Total non-current liabilities	303,118	262,297
TOTAL LIABILITIES	$356,749	$322,946

The following table summarizes the carrying amounts of SPCF Sub Trust’s assets and liabilities included in the

Group’s condensed consolidated balance sheet as of September 30, 2026 and June 30, 2026 (in thousands):

	September 30, 2026	June 30, 2026
ASSETS
Current assets
Cash and cash equivalents	$6,028	$3,872
Restricted cash	9,614	11,960
Trade and other receivables:
ATO receivable	1,674	396
Other receivable	37	45
Total current assets	17,353	16,273
Natural gas properties, successful efforts method:
Assets under construction - natural gas equipment	89,081	72,287
Prepaid expenses and other non-current assets	2,256	2,608
Total non-current assets	91,337	74,895
TOTAL ASSETS	$108,690	$91,168
LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$10,144	$7,380
Intercompany payable	2,840	3,102
Current portion of long-term debt	5,074	—
Total current liabilities	18,058	10,482
Asset retirement obligations	213	204
Long-term debt, net	67,461	59,043
Other non-current liabilities	755	746
Total non-current liabilities	68,429	59,993
TOTAL LIABILITIES	$86,487	$70,475