Related Party Transactions

3 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 12 – Related Party Transactions

The Group transacts with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield. The

transactions during the three months ended September 30, 2024 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

$15,000,000 equity investment from H&P (and as a consequence, a member of the H&P Executive Leadership Team was

appointed as a director of the Group). The strategic alliance resulted in H&P supporting the Group’s development plans in 

NT Australia 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 to Note

4). During the three months ended September 30, 2024, the Group incurred cost of $3,951,666, relating to a combination of

site mobilization, standby, drilling, labor and rig move costs, which remains unpaid as of September 30, 2024 in addition to

one open payable of $745,502 from June 2024.

Mr. Sheffield

During the three months ended September 30, 2024, the Group transacted with DWE, an entity controlled by

Mr. Sheffield who has been a shareholder in the Company since November 2021.

The Group and DWE maintain a 50/50 joint venture, TB1 (see Note 2 - Variable Interest Entities).

During the three months ended September 30, 2024, DWE's share of expenditure for which contributions were due

was $5,902,678 to fund their share of costs for the Beetaloo Joint Venture. As of September 30, 2024, the Group had

unpaid cash calls owing from DWE in the amount of $3,306,021.