Related Party Transactions |
9 Months Ended |
|---|---|
Mar. 31, 2026 | |
| 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 nine months ended March 31, 2026 with these related parties are as follows. H&P During the year ended June 30, 2024, 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 an initial 25-month period (Refer Note 4). During the nine months ended March 31, 2026, 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 nine months ended March 31, 2026, 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 nine months ended March 31, 2026, DWE’s share of expenditure for the Beetaloo Joint Venture for which contributions were due was $18.3 million and $49.2 million, respectively. As of March 31, 2026, the Group had a joint interest billing receivable owing from DWE in the amount of $0.2 million. Subsequent to the announcement of the Falcon Acquisition, DWE and the Group entered into an arrangement to cover and pay (in agreed upon proportions for different areas of interest) for the cash calls due from Falcon to TB2. The Group will be required to refund the amount paid by DWE for Falcon cash calls if the Group’s plan to acquire Falcon is cancelled. As of March 31, 2026, the Group has a payable, in accounts payable and accrued expenses, owing to DWE of $1.2 million, which represents the portion of Falcon cash calls DWE has paid to date. During the three months and nine months ended March 31, 2026, DWI’s share of expenditure for SPCF was less than $0.1 million, which related to the SPCF expansion project, as SPCF Sub Trust reimbursed DWI for the contributions made for the SPCF during three months ended September 30, 2025. All SPCF expenditures, incurred during the three months and nine months ended March 31, 2026, with the exception of expenditures for the SPCF expansion, were funded through long- term debt under the Syndicated Facility. As of March 31, 2026, 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
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