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Segment Information | 6 Months Ended
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Jun. 30, 2019
Segment Information [Abstract] |
Segment Information | 4. SEGMENT INFORMATION The Company’s operations are based in Gabon and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s two reportable operating segments is organized and managed based upon geographic location. T he Company’s Chief Executive Officer, who is the chief operating decision maker, and management review and evaluate the operation of each geographic segment separately primarily based on operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs which are not allocated to the reportable operating segments. Segment activity of continuing operations for the three and six months ended June 30, 2019 and 2018 as well as long-lived assets and segment assets at June 30, 2019 and December 31, 2018 are as follows:
|  | Three Months Ended June 30, 2019
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-oil and natural gas sales |  | $ | 25,230 |  | $ | — |  | $ | — |  | $ | 25,230
Depreciation, depletion and amortization |  |  | 1,835 |  |  | — |  |  | 74 |  |  | 1,909
Other operating income (expense), net |  |  | (4,399) |  |  | — |  |  | — |  |  | (4,399)
Operating income (loss) |  |  | 8,963 |  |  | (130) |  |  | (2,463) |  |  | 6,370
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | 1,911 |  |  | 1,911
Other, net |  |  | (46) |  |  | 1 |  |  | (100) |  |  | (145)
Interest income |  |  | 2 |  |  | — |  |  | 199 |  |  | 201
Income tax expense |  |  | 7,869 |  |  | 2 |  |  | 1,337 |  |  | 9,208
Additions to oil and natural gas properties and equipment - accrual |  |  | 1,593 |  |  | — |  |  | 29 |  |  | 1,622
|  | Six Months Ended June 30, 2019
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-oil and natural gas sales |  | $ | 44,995 |  | $ | — |  | $ | — |  | $ | 44,995
Depreciation, depletion and amortization |  |  | 3,314 |  |  | — |  |  | 148 |  |  | 3,462
Other operating income (expense), net |  |  | (4,436) |  |  | — |  |  | — |  |  | (4,436)
Operating income (loss) |  |  | 18,493 |  |  | (316) |  |  | (6,261) |  |  | 11,916
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | (1) |  |  | (1)
Other, net |  |  | (218) |  |  | (1) |  |  | (164) |  |  | (383)
Interest income |  |  | 3 |  |  | — |  |  | 385 |  |  | 388
Income tax expense |  |  | 10,360 |  |  | 12 |  |  | 1,589 |  |  | 11,961
Additions to oil and natural gas properties and equipment - accrual |  |  | 2,274 |  |  | (187) |  |  | 220 |  |  | 2,307
|  | Three Months Ended June 30, 2018
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-oil and natural gas sales |  | $ | 24,425 |  | $ | — |  | $ | 1 |  | $ | 24,426
Depreciation, depletion and amortization |  |  | 971 |  |  | — |  |  | 64 |  |  | 1,035
Other operating income (expense), net |  |  | 314 |  |  | — |  |  | — |  |  | 314
Operating income (loss) |  |  | 10,147 |  |  | (85) |  |  | (4,339) |  |  | 5,723
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | (1,010) |  |  | (1,010)
Other, net |  |  | (199) |  |  | (6) |  |  | (9) |  |  | (214)
Interest expense, net |  |  | (43) |  |  | — |  |  | 13 |  |  | (30)
Income tax expense |  |  | 3,582 |  |  | — |  |  | — |  |  | 3,582
Additions to oil and natural gas properties and equipment - accrual |  |  | 527 |  |  | — |  |  | 15 |  |  | 542
|  | Six Months Ended June 30, 2018
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-oil and natural gas sales |  | $ | 52,068 |  | $ | — |  | $ | 3 |  | $ | 52,071
Depreciation, depletion and amortization |  |  | 2,030 |  |  | — |  |  | 129 |  |  | 2,159
Other operating income (expense), net |  |  | 338 |  |  | — |  |  | — |  |  | 338
Operating income (loss) |  |  | 25,844 |  |  | (115) |  |  | (6,968) |  |  | 18,761
Derivatives instruments loss, net |  |  | — |  |  | — |  |  | (1,010) |  |  | (1,010)
Other, net |  |  | (130) |  |  | (3) |  |  | (12) |  |  | (145)
Interest expense, net |  |  | (397) |  |  | — |  |  | 13 |  |  | (384)
Income tax expense |  |  | 7,624 |  |  | — |  |  | — |  |  | 7,624
Additions to oil and natural gas properties and equipment - accrual |  |  | 955 |  |  | — |  |  | 14 |  |  | 969
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2019 |  | $ | 41,455 |  | $ | 10,000 |  | $ | 414 |  | $ | 51,869
As of December 31, 2018 |  | $ | 42,195 |  | $ | 10,187 |  | $ | 342 |  |  | 52,724
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of June 30, 2019 |  | $ | 137,660 |  | $ | 10,083 |  | $ | 54,324 |  | $ | 202,067
As of December 31, 2018 |  | $ | 103,401 |  | $ | 10,320 |  | $ | 49,301 |  |  | 163,022
Information about the Company’s most significant customers The Company sells crude oil production from Gabon under term contracts with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. From August 2015 through January 2019, the Company sold its crude oil to Glencore Energy UK Ltd. (“Glencore”). T he Company signed a new contract with Mercuria Energy Trading SA (“Mercuria”) which covers sales from February 2019 through January 2020 with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. Sales of oil to Glencore and Mercuria were approximately 100% of total revenues for the period during the terms of their contracts.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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