Variable Interest Entities (Tables)

6 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Carrying Amounts of Assets and Liabilities

The following table summarizes the carrying amounts of TB1’s assets and liabilities included in the Group’s

condensed consolidated balance sheet as of December 31, 2025 and June 30, 2025 (in thousands):


	December 31, 2025		June 30, 2025
ASSETS
Current assets
Cash and cash equivalents	$9,885		$3,729
Trade and other receivables:
Joint interest billing	1,272		8,191
Intercompany receivable	—		1,934
ATO receivable	1,213		722
Other receivable	778		113
Prepaid expenses and other current assets	—		—
Total current assets	13,147		14,690
Natural gas properties, successful efforts method:
Unproved properties	357,998		285,631
Operating lease right-of-use-assets	2,752		—
Finance lease right-of-use assets	17,212		16,544
Prepaid expenses and other non-current assets	2,170		2,026
Total non-current assets	380,132		304,201
TOTAL ASSETS	$393,279		$318,891

LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$22,584		$12,507
Current portion of operating lease obligations	2,399		—
Current portion of finance lease obligations	11,713		15,307
Total current liabilities	36,696		27,814
Operating lease obligations	306		—
Finance lease obligations	11,711		9,523
Asset retirement obligations	5,589		5,127
Loan from Group	196,762		163,016
Total non-current liabilities	214,368		177,666
TOTAL LIABILITIES	$251,064		$205,480

The following table summarizes the carrying amounts of SPCF Sub Trust’s assets and liabilities included in the

Group’s condensed consolidated balance sheet as of December 31, 2025 and June 30, 2025 (in thousands):


	December 31, 2025		June 30, 2025
ASSETS
Current assets
Cash and cash equivalents	$1,113		$1,935
Restricted cash	15,020	0	—
Trade and other receivables:
ATO receivable	223		123
Other receivable	48		—
Loan to Tamboran	—		1,124
Total current assets	16,404		3,182
Natural gas properties, successful efforts method:
Assets under construction - natural gas equipment	47,794		24,441
Prepaid expenses and other non-current assets	3,278		—
Total non-current assets	51,072		24,441
TOTAL ASSETS	$67,476		$27,623

LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$11,818		$4,364
Advance against joint interest billings	—		450
Intercompany payable	2,355		1,338
Total current liabilities	14,173		6,152
Asset retirement obligations	102		95
Long-term debt, net	32,592		—
Other non-current liabilities	724		—
Total non-current liabilities	33,418		95
TOTAL LIABILITIES	$47,591		$6,247