From time to time, the Group may be subject to various claims, title matters and legal proceedings arising in the

ordinary course of business, including environmental contamination claims, personal injury and property damage claims,

claims related to joint interest billings and other matters under natural gas operating agreements and other contractual

disputes. The Group maintains general liability and other insurance to cover some of these potential liabilities. All known

liabilities are fully accrued based on the Group’s best estimate of the potential settlement amount. While the outcome and

impact on the Group cannot be predicted with certainty, the Group believes that its ultimate liability with respect to any

such matters will not have a significant impact or material adverse effect on its financial positions, results of operations or

cash flows. Results of operations and cash flows, however, could be significantly impacted in the reporting periods in


	September 30, 2024	June 30, 2024
Committed at the reporting date but not recognized as liabilities, payable:
Sweetpea	$24,332,061	$23,283,360
EP 161	2,768,940	2,649,600
Beetaloo Joint Venture	65,463,797	62,642,340
Midstream	1,902,385	1,971,843

Sweetpea’s committed spend as of September 30, 2024, was $24,332,061 which was related to two licenses, EP 136

with total commitments of $14,709,994 and EP 143 with total commitments of $9,622,067.

A renewal application for EP 136 was submitted to the Department of Mining and Energy (“DME”) (formerly the

Department of Industry, Tourism and Trade) in September 2023, and approved in July 2024, granting a five-year extension

for the period July 24, 2025 to July 23, 2030 with a minimum work program commitment of $14,709,994.

A variation application for EP 143 was submitted to DME in August 2024, and approved in October 2024. The total

minimum work program commitments remain the same at $9,622,067 with activity and associated spend being transferred

For the McArthur working interest, we are obligated to contribute our share of expenses to uphold our stake in EP

161. Our commitment through March 2026 is expected to be $2,768,940 based on the minimum work requirements. There

are no minimum commitment requirements after March 2026.

The terms of the Beetaloo Joint Venture necessitate specific minimum work obligations through May 2028. These

commitments include an expected spend of $65,463,797 related to drilling and multi-stage hydraulic fracturing of five

wells, 2D seismic survey, and subsurface studies, with expenditure across EP 76 of $22,264,007, EP 98 of $20,935,782 and

EP 117 of $22,264,008. An application was submitted to DME on September 26, 2024 to vary the year 2 and 3 work

Procurement of the long lead items for the SPCF compressor package and dehydration package were placed in June

2024 with progress payments of $1,902,385 required prior to the end of 2025.

The Group’s operations are subject to risks normally associated with the drilling, completion and production of oil

and gas, including blowouts, fires, and environmental risks such as oil spills or gas leaks that could expose the Group to

In the Group’s acquisition of existing or previously drilled well bores, the Group may not be aware of prior

environmental safeguards, if any, that were taken at the time such wells were drilled or during such time the wells were

operated. The Group maintains comprehensive insurance coverage that it believes is adequate to mitigate the risk of any

adverse financial effects associated with these risks.

However, should it be determined that a liability exists with respect to any environmental cleanup or restoration, the

liability to cure such a violation could still fall upon the Group. No claim has been made, nor is the Group aware of any

liability which the Group may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or

regulations relating thereto except for the matter discussed above.

The Group is a party to legal proceedings encountered in the ordinary course of its business. While the ultimate

outcome and impact to the Group cannot be predicted with certainty, in the opinion of management, it is remote that these

legal proceedings will have a material adverse impact on the Group’s condensed consolidated financial condition, results of