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Segment Information | 9 Months Ended
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Sep. 30, 2021
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 that are not allocated to the reportable operating segments. Segment activity of continuing operations for the three and nine months ended September 30, 2021 and 2020 as well as long-lived assets and segment assets at September 30, 2021 and December 31, 2020 are as follows:
|  | Three Months Ended September 30, 2021
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 55,899 |  | $ | — |  | $ | — |  | $ | 55,899
Depreciation, depletion and amortization |  |  | 6,953 |  |  | — |  |  | 17 |  |  | 6,970
Operating income (loss) |  |  | 22,834 |  |  | (271) |  |  | (2,533) |  |  | 20,030
Derivative instruments loss, net |  |  | — |  |  | — |  |  | (5,147) |  |  | (5,147)
Income tax expense (benefit) |  |  | 436 |  |  | — |  |  | (17,619) |  |  | (17,183)
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 6,696 |  |  | — |  |  | — |  |  | 6,696
|  | Nine Months Ended September 30, 2021
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 142,696 |  | $ | — |  | $ | — |  | $ | 142,696
Depreciation, depletion and amortization |  |  | 16,860 |  |  | — |  |  | 68 |  |  | 16,928
Bad debt expense and other |  |  | 814 |  |  | — |  |  | — |  |  | 814
Other operating expense, net |  |  | (440) |  |  | — |  |  | — |  |  | (440)
Operating income (loss) |  |  | 64,933 |  |  | (505) |  |  | (11,181) |  |  | 53,247
Derivative instruments loss, net |  |  | — |  |  | — |  |  | (21,070) |  |  | (21,070)
Other, net |  |  | 7,207 |  |  | (2) |  |  | (3,117) |  |  | 4,088
Income tax expense (benefit) |  |  | 8,396 |  |  | 1 |  |  | (19,669) |  |  | (11,272)
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 10,993 |  |  | — |  |  | — |  |  | 10,993
|  | Three Months Ended September 30, 2020
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 18,256 |  | $ | — |  | $ | — |  | $ | 18,256
Depreciation, depletion and amortization |  |  | 1,946 |  |  | — |  |  | 266 |  |  | 2,212
Bad debt expense and other |  |  | 151 |  |  | — |  |  | — |  |  | 151
Operating income (loss) |  |  | 6,957 |  |  | (95) |  |  | (2,184) |  |  | 4,678
Income tax expense (benefit) |  |  | (2,464) |  |  | 1 |  |  | (296) |  |  | (2,759)
Additions to crude oil and natural gas properties and equipment – accrual |  |  | (306) |  |  | — |  |  | (9) |  |  | (315)
|  | Nine Months Ended September 30, 2020
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Revenues-crude oil and natural gas sales |  | $ | 54,619 |  | $ | — |  | $ | — |  | $ | 54,619
Depreciation, depletion and amortization |  |  | 7,790 |  |  | — |  |  | 326 |  |  | 8,116
Impairment of proved crude oil and natural gas properties |  |  | 30,625 |  |  | — |  |  | — |  |  | 30,625
Bad debt expense and other |  |  | 1,140 |  |  | — |  |  | — |  |  | 1,140
Other operating expense, net |  |  | (883) |  |  | — |  |  | — |  |  | (883)
Operating loss |  |  | (17,622) |  |  | (289) |  |  | (5,060) |  |  | (22,971)
Derivative instruments gain, net |  |  | — |  |  | — |  |  | 6,583 |  |  | 6,583
Income tax expense |  |  | 19,302 |  |  | 1 |  |  | 9,167 |  |  | 28,470
Additions to crude oil and natural gas properties and equipment – accrual |  |  | 10,305 |  |  | — |  |  | (9) |  |  | 10,296
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Long-lived assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2021 |  | $ | 63,966 |  | $ | 10,000 |  | $ | 136 |  | $ | 74,102
As of December 31, 2020 |  | $ | 26,832 |  | $ | 10,000 |  | $ | 204 |  | $ | 37,036
(in thousands) |  | Gabon |  | Equatorial Guinea |  | Corporate and Other |  | Total
Total assets from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2021 |  | $ | 149,188 |  | $ | 10,430 |  | $ | 46,642 |  | $ | 206,260
As of December 31, 2020 |  | $ | 101,399 |  | $ | 10,267 |  | $ | 29,566 |  | $ | 141,232
Information about the Company’s most significant customers The Company currently 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 February 2019 to January 2020, crude oil sales were to Mercuria Energy Trading SA (“Mercuria”). The Company signed a new contract with ExxonMobil Sales and Supply LLC (“Exxon”) that covers sales from February 2020 through January 2022 with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. During the three and nine months ended September 30, 2021, revenues from sales of crude oil to Exxon were 100% of the Company’s total revenues from customers.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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