v3.25.2
Leases
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases
Note 5 – Leases
The Group’s operating lease activities consist of leases for office premises.

Commencing May 24, 2025, the Group entered into a new lease agreement with Mackwell 33 Queen Pty Ltd ACN for their office premises in Brisbane, Australia. The term of the lease is five years.

Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea Petroleum”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract originally granted Tamboran the right to use the drilling rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, days are added to the fixed minimum term. As of June 30, 2025, the end date of the drilling contract for the current rig was extended through mid-April 2027. The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 12.76% p.a., which was recognized in finance lease liabilities in the consolidated balance sheet.
The following table presents the classification and location of the Group’s leases on the consolidated balance sheets:
June 30,
20252024
Right-of-use assets:
Operating lease right-of-use assets
$1,549,332 $962,052 
Finance lease right-of-use asset
16,543,737 20,697,452 
18,093,069 21,659,504 
Lease liabilities:
Current portion of operating lease obligations
391,157 397,999 
Non-current portion of operating lease obligations
1,175,149 587,250 
Current portion of finance lease obligation
15,306,802 12,767,400 
Non-current portion of finance lease obligation
9,523,433 14,141,713 
$26,396,541 $27,894,362 
The following table presents the components of the lease costs as of June 30, 2025 and 2024:
For the years
ended June 30,
20252024
Operating leases:
Operating lease cost charged to profit and loss
$521,640 $497,734 
Finance lease:
Interest on lease liability3,019,718 3,132,380 
Depreciation on right-of-use asset9,613,425 11,406,679 
Total finance lease cost12,633,143 14,539,059 
Less: Lease cost capitalized to unproved properties(12,633,143)(14,539,059)
Finance lease cost charged to profit and loss$— $— 
The following table presents the cash flow information related to lease payments for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$521,640 $497,734 
Financing cash flows for finance leases
7,765,972 5,470,379 
$8,287,612 $5,968,113 
The following table presents supplemental information for the Group’s non-cancellable leases for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Operating leases:
Weighted-average remaining lease term 3.82.7
Weighted-average incremental borrowing rate10.49 %% 10.46 %
Finance lease:
Weighted-average remaining lease term1.82.1
Weighted-average incremental borrowing rate12.76 %% 13.45 %
As of June 30, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows:
As of June 30, 2025Operating leasesFinance leases
Fiscal year ending June 30, 2026$536,865 $16,109,152 
Fiscal year ending June 30, 2027555,859 11,297,000 
Fiscal year ending June 30, 2028338,850 — 
Thereafter
474,665 — 
Total lease payments
1,906,239 27,406,152 
Less: Imputed interest
(339,933)(2,575,917)
Present value of lease liabilities1
$1,566,306 $24,830,235 
1 Includes both current and long-term portion of the lease liabilities.

As a Lessor
On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in Manly, Australia (the “Manly Lease”). The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. The Manly Lease, and sublease expired on March 10, 2025 with no renewal. Sublease income for the year ended June 30, 2025 and 2024, was $234,860 and $230,038, respectively, and is included within “Other income (expenses), net” on the Group’s consolidated statements of operations and comprehensive loss. There have been no indications of impairment related to the underlying right-of-use asset.
Leases
Note 5 – Leases
The Group’s operating lease activities consist of leases for office premises.

Commencing May 24, 2025, the Group entered into a new lease agreement with Mackwell 33 Queen Pty Ltd ACN for their office premises in Brisbane, Australia. The term of the lease is five years.

Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea Petroleum”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract originally granted Tamboran the right to use the drilling rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, days are added to the fixed minimum term. As of June 30, 2025, the end date of the drilling contract for the current rig was extended through mid-April 2027. The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 12.76% p.a., which was recognized in finance lease liabilities in the consolidated balance sheet.
The following table presents the classification and location of the Group’s leases on the consolidated balance sheets:
June 30,
20252024
Right-of-use assets:
Operating lease right-of-use assets
$1,549,332 $962,052 
Finance lease right-of-use asset
16,543,737 20,697,452 
18,093,069 21,659,504 
Lease liabilities:
Current portion of operating lease obligations
391,157 397,999 
Non-current portion of operating lease obligations
1,175,149 587,250 
Current portion of finance lease obligation
15,306,802 12,767,400 
Non-current portion of finance lease obligation
9,523,433 14,141,713 
$26,396,541 $27,894,362 
The following table presents the components of the lease costs as of June 30, 2025 and 2024:
For the years
ended June 30,
20252024
Operating leases:
Operating lease cost charged to profit and loss
$521,640 $497,734 
Finance lease:
Interest on lease liability3,019,718 3,132,380 
Depreciation on right-of-use asset9,613,425 11,406,679 
Total finance lease cost12,633,143 14,539,059 
Less: Lease cost capitalized to unproved properties(12,633,143)(14,539,059)
Finance lease cost charged to profit and loss$— $— 
The following table presents the cash flow information related to lease payments for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$521,640 $497,734 
Financing cash flows for finance leases
7,765,972 5,470,379 
$8,287,612 $5,968,113 
The following table presents supplemental information for the Group’s non-cancellable leases for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Operating leases:
Weighted-average remaining lease term 3.82.7
Weighted-average incremental borrowing rate10.49 %% 10.46 %
Finance lease:
Weighted-average remaining lease term1.82.1
Weighted-average incremental borrowing rate12.76 %% 13.45 %
As of June 30, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows:
As of June 30, 2025Operating leasesFinance leases
Fiscal year ending June 30, 2026$536,865 $16,109,152 
Fiscal year ending June 30, 2027555,859 11,297,000 
Fiscal year ending June 30, 2028338,850 — 
Thereafter
474,665 — 
Total lease payments
1,906,239 27,406,152 
Less: Imputed interest
(339,933)(2,575,917)
Present value of lease liabilities1
$1,566,306 $24,830,235 
1 Includes both current and long-term portion of the lease liabilities.

As a Lessor
On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in Manly, Australia (the “Manly Lease”). The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. The Manly Lease, and sublease expired on March 10, 2025 with no renewal. Sublease income for the year ended June 30, 2025 and 2024, was $234,860 and $230,038, respectively, and is included within “Other income (expenses), net” on the Group’s consolidated statements of operations and comprehensive loss. There have been no indications of impairment related to the underlying right-of-use asset.
Leases
Note 5 – Leases
The Group’s operating lease activities consist of leases for office premises.

Commencing May 24, 2025, the Group entered into a new lease agreement with Mackwell 33 Queen Pty Ltd ACN for their office premises in Brisbane, Australia. The term of the lease is five years.

Commencing July 1, 2024, the Group entered into a new lease agreement with Drecom Pty Ltd ATF English Family Trust for their office premises in Darwin, Australia. The term of the lease is three years, with an option to further renew the lease for two years.

Commencing October 1, 2023, the Group entered into a new lease agreement with Lendlease IMT (OITST ST) Pty Ltd for their office premises in Barangaroo, Australia. The term of the lease is four years, with no option to renew.

On September 9, 2022, Sweetpea Petroleum Pty Ltd (“Sweetpea Petroleum”), a wholly owned subsidiary of Tamboran, entered into a drilling contract with Helmerich & Payne International Holdings LLC (“H&P”) for H&P to assist the Group in carrying out its onshore drilling operations in Australia. The drilling contract originally granted Tamboran the right to use the drilling rig from H&P over the non-cancellable contract term of 25 months starting from July 1, 2023. Under the terms of the agreement, the Group has the right to place the drilling rig on a temporary suspension rate between wells for a period up to 270 days (the “Gap Period”). For each day of the original Gap Period consumed, and subsequent suspension periods negotiated, days are added to the fixed minimum term. As of June 30, 2025, the end date of the drilling contract for the current rig was extended through mid-April 2027. The drilling contract is recognized as a finance lease under ASC 842 (“H&P Rig Lease”).

The present value of the minimum future obligations was calculated based on an interest rate of 12.76% p.a., which was recognized in finance lease liabilities in the consolidated balance sheet.
The following table presents the classification and location of the Group’s leases on the consolidated balance sheets:
June 30,
20252024
Right-of-use assets:
Operating lease right-of-use assets
$1,549,332 $962,052 
Finance lease right-of-use asset
16,543,737 20,697,452 
18,093,069 21,659,504 
Lease liabilities:
Current portion of operating lease obligations
391,157 397,999 
Non-current portion of operating lease obligations
1,175,149 587,250 
Current portion of finance lease obligation
15,306,802 12,767,400 
Non-current portion of finance lease obligation
9,523,433 14,141,713 
$26,396,541 $27,894,362 
The following table presents the components of the lease costs as of June 30, 2025 and 2024:
For the years
ended June 30,
20252024
Operating leases:
Operating lease cost charged to profit and loss
$521,640 $497,734 
Finance lease:
Interest on lease liability3,019,718 3,132,380 
Depreciation on right-of-use asset9,613,425 11,406,679 
Total finance lease cost12,633,143 14,539,059 
Less: Lease cost capitalized to unproved properties(12,633,143)(14,539,059)
Finance lease cost charged to profit and loss$— $— 
The following table presents the cash flow information related to lease payments for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$521,640 $497,734 
Financing cash flows for finance leases
7,765,972 5,470,379 
$8,287,612 $5,968,113 
The following table presents supplemental information for the Group’s non-cancellable leases for the years ended June 30, 2025 and 2024:
For the years ended
June 30,
20252024
Operating leases:
Weighted-average remaining lease term 3.82.7
Weighted-average incremental borrowing rate10.49 %% 10.46 %
Finance lease:
Weighted-average remaining lease term1.82.1
Weighted-average incremental borrowing rate12.76 %% 13.45 %
As of June 30, 2025, the Group’s undiscounted minimum cash payment obligations for its lease liabilities are as follows:
As of June 30, 2025Operating leasesFinance leases
Fiscal year ending June 30, 2026$536,865 $16,109,152 
Fiscal year ending June 30, 2027555,859 11,297,000 
Fiscal year ending June 30, 2028338,850 — 
Thereafter
474,665 — 
Total lease payments
1,906,239 27,406,152 
Less: Imputed interest
(339,933)(2,575,917)
Present value of lease liabilities1
$1,566,306 $24,830,235 
1 Includes both current and long-term portion of the lease liabilities.

As a Lessor
On October 15, 2023, the Group entered into an agreement with a third party to sublease its former office premises in Manly, Australia (the “Manly Lease”). The commencement date of the sublease was October 1, 2023, with a lease term of 17 months. The Manly Lease, and sublease expired on March 10, 2025 with no renewal. Sublease income for the year ended June 30, 2025 and 2024, was $234,860 and $230,038, respectively, and is included within “Other income (expenses), net” on the Group’s consolidated statements of operations and comprehensive loss. There have been no indications of impairment related to the underlying right-of-use asset.