Related Party Transactions |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 16 – Related Party Transactions The Group had related party transactions with two shareholders identified as related parties, H&P and Mr. Bryan Sheffield (“Mr. Bryan Sheffield”). The transactions for the years ended June 30, 2026 and 2025 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, 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 6). During the year ended June 30, 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. Bryan Sheffield During the year ended June 30, 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. Bryan Sheffield serves as managing partner. Mr. Bryan 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 50/50 joint venture referred to as SPCF Sub Trust (Refer Note 4). During the years ended June 30, 2026 and 2025, DWE's share of expenditure for the Beetaloo Joint Venture for which contributions were due was $71.3 million and $55.1 million, respectively. As of June 30, 2026 and 2025, the Group had a joint interest billing receivable owing from DWE in the amount of $1.5 million and $7.1 million, respectively. 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 Australia to TB2. As of June 30, 2026, the Group has a payable, in accounts payable and accrued expenses, owing to DWE of $1.8 million, which represents the portion of Falcon Australia cash calls DWE has paid to date. During the year ended June 30, 2026 and 2025, DWI’s share of expenditure for SPCF was nominal and $3.6 million, respectively. During the year ended June 30, 2026, SPCF Sub Trust reimbursed DWI for the contributions made for the SPCF. All SPCF expenditures, incurred during the year ended June 30, 2026, with the exception of expenditures for the SPCF expansion, were funded through long-term debt under the Syndicated Facility. As of June 30, 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 (Refer Note 8). As of June 30, 2025, the Group had advances against joint interest billings owing to DWI in the amount of $0.5 million. 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. During the year ended June 30, 2025, the SPCF assets were transferred from TB1 to the SPCF Sub Trust (Refer Note 4). Subsequent to the transfer, cash calls were issued to DWI.
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