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Note 6 - Revenue | 3 Months Ended
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Mar. 31, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] | 6. REVENUE Gabon The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs"). The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Revenues from customer contracts: |  | (in thousands) |
Sales under the COSPA or COSMA |  | $ | 64,788 |  |  | $ | 42,601 |
Other items reported in revenue not associated with customer contracts: |  |  |  |  |  |  |  |
Carried interest recoupment |  |  | 1,174 |  |  |  | — |
Royalties |  |  | (8,458 | ) |  |  | (5,864 | )
Net revenues |  | $ | 57,504 |  |  | $ | 36,737 |
With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, i.e. the period in which it lifts the crude oil. As of March 31, 2024, the Company has a $37.5 million foreign income tax payable related to Gabon. The Company had an $18.9 million foreign income tax payable as of December 31, 2023. Egypt The following table presents revenues in Egypt from contracts with customers:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Revenues from customer contracts: |  | (in thousands) |
Gross sales |  | $ | 63,192 |  |  | $ | 54,621 |
Royalties |  |  | (26,120 | ) |  |  | (19,340 | )
Selling costs |  |  | (111 | ) |  |  | (497 | )
Net revenues |  | $ | 36,961 |  |  | $ | 34,784 |
Canada The following table presents revenues in Canada from contracts with customers:
|  | Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Revenues from customer contracts: |  | (in thousands) |
Oil revenue |  | $ | 4,153 |  |  | $ | 6,654 |
Gas revenue |  |  | 820 |  |  |  | 958 |
NGL revenue |  |  | 1,976 |  |  |  | 2,463 |
Royalties |  |  | (1,117 | ) |  |  | (1,193 | )
Selling costs |  |  | (143 | ) |  |  | — |
Net revenues |  | $ | 5,689 |  |  | $ | 8,882 |
Information about the Company’s most significant customers For the three months ended March 31, 2024 the Company had one customer that comprised 100% of its sales for Gabon. In Egypt, one customer made up 100% of revenue. In Canada, three separate customers made up approximately 40%, 30% and 19% of revenue, respectively.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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