Related Party Transactions |
12 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 13 – Related Party Transactions The Group had related party transactions with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield (“Mr. Sheffield”). The transactions for the years ended June 30, 2025 and 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, John Bell Sr., a member of the H&P Executive Leadership Team (the “H&P appointee”) was appointed as a director of the Group). The strategic alliance resulted in H&P supporting the Group’s development plans in the Beetaloo Basin 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 Group entered into a lease with H&P for the use of the FlexRig® for a period of 25 months period (Refer Note 5). During the year ended June 30, 2025, the Group incurred cost of $13,895,871 relating to a combination of site mobilization, standby, drilling, labor and rig move costs, $1,691,653 of which remained invoiced and unpaid as of June 30, 2025. Bryan Sheffield (“Mr. Sheffield”) During the year ended June 30, 2025, the Group transacted with DWE and DWI, which are wholly owned by Formentera Australia Fund, LP, which is managed by Formentera Partners, LP, a private equity firm of which Mr. Sheffield serves as managing partner. Mr. Sheffield has been a shareholder in the Company since November 2021. Given the equity investments made by Mr. Sheffield in prior periods, an individual employed by Formentera Partners, LP, was appointed director of the Group in September 2023. Effective April 15, 2025, this individual resigned from the Group. The Group and DWE jointly own a 50/50 joint venture referred to as TB1 and the Group and DWI jointly own a 50/50 joint venture referred to as SPCF Sub Trust (Refer Note 3). During the year ended June 30, 2025, DWE's share of expenditure for the Beetaloo Joint Venture for which contributions were due was $55,138,543. As of June 30, 2025, the Group had a joint interest billing receivable owing from DWE in the amount of $7,051,172. During the year ended June 30, 2025, the Company issued 312,500 shares of common stock to DWE in satisfaction of the Group's obligation towards the Checkerboard fee (Refer Note 3 and Note 8). During the year ended June 30, 2025, the SPCF assets were transferred from TB1 to the SPCF Sub Trust (Refer Note 3). Subsequent to the transfer, cash calls were issued to DWI. During the year ended June 30, 2025, DWI's share of expenditure for SPCF for which contributions were due was $3,631,456. As of June 30, 2025, the Group had advances against joint interest billings owing to DWI in the amount of $450,239.
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