Variable Interest Entities (Tables)

9 Months Ended

Mar. 31, 2026

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 March 31, 2026 and June 30, 2025 (in thousands):


	March 31, 2026		June 30, 2025
ASSETS
Current assets
Cash and cash equivalents	$12,532		$3,729
Trade and other receivables:
Joint interest billing	185		8,191
Intercompany receivable	—		1,934
ATO receivable	2,042		722
Other receivable	11		113
Prepaid expenses and other current assets	3,922		—
Total current assets	18,692		14,690
Natural gas properties, successful efforts method:
Unproved properties	405,258		285,631
Operating lease right-of-use-assets	1,972		—
Finance lease right-of-use assets	15,081		16,544
Prepaid expenses and other non-current assets	2,226		2,026
Total non-current assets	424,537		304,201
TOTAL ASSETS	$443,229		$318,891

LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$27,177		$12,507
Current portion of operating lease obligations	2,033		—
Current portion of finance lease obligations	13,773		15,307
Total current liabilities	42,983		27,814
Operating lease obligations	—		—
Finance lease obligations	9,054		9,523
Asset retirement obligations	5,906		5,127
Loan from Group	223,479		163,016
Total non-current liabilities	238,439		177,666
TOTAL LIABILITIES	$281,422		$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 March 31, 2026 and June 30, 2025 (in thousands):


	March 31, 2026		June 30, 2025
ASSETS
Current assets
Cash and cash equivalents	$1,247		$1,935
Restricted cash	13,766	0	—
Trade and other receivables:
ATO receivable	447		123
Other receivable	48		—
Loan to Tamboran	—		1,124
Total current assets	15,508		3,182
Natural gas properties, successful efforts method:
Assets under construction - natural gas equipment	61,200		24,441
Prepaid expenses and other non-current assets	3,025		—
Total non-current assets	64,225		24,441
TOTAL ASSETS	$79,733		$27,623

LIABILITIES
Current liabilities
Accounts payable and accrued expenses	$11,330		$4,364
Advance against joint interest billings	—		450
Intercompany payable	2,524		1,338
Total current liabilities	13,854		6,152
Asset retirement obligations	107		95
Long-term debt, net	44,575		—
Other non-current liabilities	743		—
Total non-current liabilities	45,425		95
TOTAL LIABILITIES	$59,279		$6,247