Property, Plant and Equipment & Natural Gas Properties

3 Months Ended

Sep. 30, 2024

Note 3 – Property, Plant and Equipment & Natural Gas Properties

Natural Gas Properties

The Group held unproved natural gas properties as of September 30, 2024 and June 30, 2024, amounting to

$259,656,933 and $230,119,448, 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, 2024, and 2023. These assets will be reclassified to proven gas properties upon commencement of

production and then subsequently depleted.

During the three months ended September 30, 2024 and September 30, 2023, the Group recognized no impairment

related to unproved natural gas properties.


	Natural gas properties
	EP 161	EP136	EP 76, 98 and 117	Total
Balance at July 1, 2024	$23,744,221	$51,035,326	$155,339,901	$230,119,448
Capital expenditure	15,687	234,594	14,659,978	14,910,259
Restoration assets	—	—	326,433	326,433
Interest on finance lease liability and related depreciation of ROU assets capitalized	—	—	3,328,639	3,328,639
Effect of changes in foreign exchange rates	1,051,310	2,268,552	7,652,292	10,972,154
Balance at September 30, 2024	$24,811,218	$53,538,472	$181,307,243	$259,656,933

Property, Plant and Equipment

The Group held property, plant and equipment, including leasehold improvements, as of September 30, 2024 and

June 30, 2024, amounting to $74,792 and $102,244, respectively.

Assets Under Construction

In April, 2024 the Group began to execute agreements for long lead items required for the Sturt Plateau Compression

Facility (“SPCF”) in the Beetaloo Basin. These items included essential plant components comprising of a compressor and

dehydration unit that would convert future raw gas to meet sales gas quality, subject to the terms of definitive development

agreements. During the three months ended September 30, 2024, the Group commenced detailed design of the SPCF. The

Group held total assets under construction related to the SPCF as of September 30, 2024 and June 30, 2024 of $10,411,399

and $7,542,064 respectively.

The 40 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 and executing further agreements.

Loss on Assets Classified as Held for Sale

During the three months ended September 30, 2024, the Group had rig 403 classified as held for sale. In September,

2024, the Group entered into an exclusivity agreement with a third party for the sale of rig 403 for $8,500,000 (excluding a

sales commission of 6%). On September 30, 2024, the Group received a non-refundable advance payment of $400,000 for

a 30-day exclusivity period. As this exclusivity agreement indicated a firm offer, the Group recognized a loss on assets held

for sale of $376,000 to reduce the asset to the lower of its carrying amount and the fair value less costs to sell.

Subsequent to September 30, 2024, the Group completed the sale of rig 403. Refer to Note 13 for additional details.