The Group held the following unproved natural gas properties as of June 30, 2025 and 2024 amounting to $342,313,782 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 years ended June 30, 2025 and 2024, respectively. These assets will be reclassified to proven gas properties upon commencement of production and then subsequently depleted.

In October 2024, the Group lodged an amended income tax return for the year ended June 30, 2024 claiming eligible Research and Development expenditure for EP 136, which resulted in a cash refund of $6,168,698 in December 2024.


	Natural gas properties
	EP 161		EP 136		EP 76, 98 & 117		Total
Balance as of July 1, 2023	$	23,718,277	$	50,799,090	$	88,868,604	$	163,385,971
Reclassification of environment security bond to other assets	—		(563,112)		—		(563,112)
Capital expenditure	—		616,440		51,303,075		51,919,515
Restoration assets	—		—		72,433		72,433


Interest on finance lease liability and related depreciation of ROU assets capitalized	—		—		14,539,059		14,539,059
Effect of changes in foreign exchange rates	25,944		182,908		556,730		765,582
Balance as of June 30, 2024	23,744,221		51,035,326		155,339,901		230,119,448
Capital expenditure	1,180,592		314,586		101,440,779		102,935,957
Restoration assets	—		—		523,732		523,732

Interest on finance lease liability and related depreciation of ROU assets capitalized	—		—		12,633,143		12,633,143
Research and development tax credit	—		(6,168,698)		—		(6,168,698)

Effect of changes in foreign exchange rates	166,402		301,637		1,802,161		2,270,200
Balance as of June 30, 2025	$	25,091,215	$	45,482,851	$	271,739,716	$	342,313,782

In April 2024, the Group executed 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 two compressors and dehydration unit that would convert future raw gas to meet sales gas quality, subject to the terms of definitive development agreements. During the year ended June 30, 2025, the Group completed detailed design of the SPCF and received approval of the Environmental Management Plan (“EMP”), and the essential plant components were completed and are in process of being mobilized to site. The Group held total assets under construction related to the SPCF as of June 30, 2025 and 2024 of $24,441,262 and $7,542,064, respectively.

The 40 TJ/d (39 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.


	June 30,
	2025		2024
Leasehold improvements - at cost	$	535,276	$	567,296
Sand Mining Permits	292,918		—
Total property, plant and equipment	828,194		567,296
Less: Accumulated depreciation	(520,455)		(465,052)
Total plant and equipment - net	$	307,739	$	102,244

In October, 2024, the Group completed the disposal of rig 403 at a price of $8,500,000, on which the Group paid a sales commission of 6%. During the year ended June 30, 2025, 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 (determined based on the sales price above).