Related Party Transactions |
6 Months Ended |
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Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 13 – Related Party Transactions The Group transacts with H&P and Mr. Bryan Sheffield (“Mr. Sheffield”) identified as related parties. The transactions during the six months ended December 31, 2025 with these related parties 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 $15.0 million equity investment from H&P (and as a consequence, Mr. John Bell, 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, a lease commenced with H&P for the use of the FlexRig® for a 25-month period (Refer Note 4). During the six months ended December 31, 2025, Mr. Bell resigned from his position as a director of the Group. Consequently, H&P is no longer a related party of the Group. Mr. Sheffield During the three months and six months ended December 31, 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. The Group and DWE jointly own a 50/50 joint venture referred to as TB1 and the Group and DWI jointly own a During the three months and six months ended December 31, 2025, DWE's share of expenditure for the Beetaloo Joint Venture for which contributions were due was $16.1 million and $30.9 million, respectively. As of December 31, 2025, the Group had a joint interest billing receivable owing from DWE in the amount of less than $0.1 million. During the three months and six months ended December 31, 2025, DWI's share of expenditure for SPCF was nil as SPCF Sub Trust reimbursed DWI for the contributions made during three months ended September 30, 2025. All SPCF expenditure incurred during the three months ended December 31, 2025 were funded through long-term debt under the Syndicated Facility. As of December 31, 2025, there were no joint interest billings owing to DWI or receivable from DWI as the expenditure is expected to be funded by Syndicated Facility through the end of construction (Refer Note 6).
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