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Note 9 - Crude Oil, Natural Gas and NGLs Properties and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Oil and Gas Properties [Text Block] | 9. CRUDE OIL, NATURAL GAS AND NGLs PROBERTIES AND EQUIPMENT, NET The Company’s crude oil, natural gas and NGLs properties and equipment, net is comprised of the following:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
Crude oil, natural gas and NGLs properties and equipment, net |  | (in thousands) |
Wells, platforms and other production facilities |  | $ | 1,468,542 |  |  | $ | 1,406,888 |
Work-in-progress |  |  | 4,183 |  |  |  | — |
Undeveloped acreage |  |  | 52,109 |  |  |  | 56,251 |
Capitalized equipment spare parts and other |  |  | 47,794 |  |  |  | 38,796 |
|  |  | 1,572,628 |  |  |  | 1,501,935 |
Accumulated depreciation, depletion, amortization and impairment |  |  | (1,112,842 | ) |  |  | (1,006,663 | )
Crude oil, natural gas and NGLs properties and equipment, net |  | $ | 459,786 |  |  | $ | 495,272 |
There were no triggering events in the years ended December 31, 2023 and 2022 that would cause the Company to believe the value of crude oil, natural gas and NGLs properties and equipment, net should be impaired. Factors considered included higher forward price curves for the fourth quarter of 2023 and capital expenditures in the period related to its future reserves in Gabon, Egypt and Canada. Unproved property costs See the table below for the list of unproved property costs at December 31, 2023 and December 31, 2022, respectively:
|  | As of December 31, 2023 |  |  | As of December 31, 2022 |
Unproved Property Costs |  | (in thousands) |
Etame Marin Block |  | $ | 13,735 |  |  | $ | 13,735 |
Equatorial Guinea |  |  | 10,000 |  |  |  | 10,000 |
Egypt |  |  | 11,444 |  |  |  | 15,850 |
Canada |  |  | 16,930 |  |  |  | 16,666 |
Unproved Property Costs |  | $ | 52,109 |  |  | $ | 56,251 |
Capitalized equipment spare parts Capitalized equipment is reviewed regularly for obsolescence. During the years ended December 31, 2023, 2022 and 2021, adjustments for inventory obsolescence were not material. Exploration expense During 2023, two appraisal wells, both in Egypt, were abandoned and also expensed to Exploration Expense. The impact resulted in $2.0 million of expense during the year ended December 31, 2023.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 932 -SubTopic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//932-360/tableOfContent + Details
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