Subsequent Events

3 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 13 – Subsequent Events

Rig 403 sale

In October 2024, the Group completed the disposal of the rig 403 at a price of $8,500,000 (of which the Group had

received $400,000 in advance during the three months ended September 30, 2024). The Group paid sales commission of

6% on the sales proceeds in November 2024.

Research and Development ("R&D") tax claim

In October 2024, the Group lodged an amended income tax return for the year ended June 30, 2023 claiming eligible

R&D expenditure, which is expected to result in a cash refund of $6,839,963. The amount has not been recorded as a

receivable as it is not virtually certain.

SPCF

In October 2024, the Group entered into a Unit Holders and Shareholders Deed with DWE for the establishment of a

trust to be owned 50/ 50 by the Group and DWE to own the SPCF.

Also in October 2024, the Group signed a contract with Enscope Pty Ltd ("Enscope"), an Australian engineering

consultancy to order long lead items costing $1,976,519, required for the SPCF.

The Group has evaluated its subsequent events occurring after September 30, 2024, through November 12, 2024,

which represents the date these condensed consolidated financial statements were available to be issued. No further

subsequent events have been identified that would require disclosure in these condensed consolidated financial statements.