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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Activity of Continuing Operations

Segment activity of continuing operations for the three and nine months ended September 30, 2024 and 2023 as well as long-lived assets and segment assets at September 30, 2024 and December 31, 2023 are as follows:

			Three Months Ended September 30, 2024
(in thousands)			Gabon						Egypt						Canada						Equatorial Guinea						Cote d'Ivoire						Corporate and Other						Total
Revenues:
Crude oil, natural gas and natural gas liquids sales			$	47,608					$	34,544					$	8,387					$	—					$	49,795					$	—					$	140,334
Operating costs and expenses:
Production expense			13,932						12,477						3,015						195						12,701						4						42,324
Exploration expense			—						—						—						—						—						—						—
Depreciation, depletion and amortization			12,796						8,729						6,106						—						19,184						216						47,031
General and administrative expense			241						(79)						(4)						62						1,061						5,648						6,929
Credit losses and other			—						—						—						69						—						—						69
Total operating costs and expenses			26,969						21,127						9,117						326						32,946						5,868						96,353
Other operating income (expense), net			—						—						102						—						—						—						102
Operating income (loss)			20,639						13,417						(628)						(326)						16,849						(5,868)						44,083
Other income (expense):
Derivative instruments gain(loss), net			—						—						—						—						(169)						379						210
Interest (expense) income, net			(964)						(360)						—						—						2,029						(1,293)						(588)
Bargain purchase gain			—						—						—						—						—						—						—
Other (expense) income, net			(72)						(101)						669						(4)						(37)						(597)						(141)
Total other expense, net			(1,036)						(461)						670						(4)						1,823						(1,511)						(519)
Income (loss) before income taxes			19,603						12,956						42						(330)						18,672						(7,379)						43,564
Income tax (benefit) expense			12,932						3,613						—						—						8,454						7,575						32,574
Net income (loss)			$	6,671					$	9,343					$	42					$	(330)					$	10,218					$	(14,953)					$	10,990
Consolidated capital expenditures			$	8,859					$	1,698					$	3,014					$	38					$	11,158					$	1,839					$	26,606

			Nine Months Ended September 30, 2024
(in thousands)			Gabon						Egypt						Canada						Equatorial Guinea						Cote d'Ivoire						Corporate and Other						Total
Revenues:
Crude oil, natural gas and natural gas liquids sales			$	158,786					$	106,986					$	24,460					$	—					$	67,035					$	—					$	357,267
Operating costs and expenses:
Production expense			49,131						38,652						8,753						712						29,606						5						126,859
Exploration expense			—						48						—						—						—						—						48
Depreciation, depletion and amortization			39,591						25,481						15,297						—						25,233						385						105,987
General and administrative expense			1,194						297						(119)						233						1,185						18,440						21,230
Credit losses and other			20						4,812						—						390						—						—						5,222
Total operating costs and expenses			89,936						69,290						23,931						1,335						56,024						18,830						259,346
Other operating income (expense), net			(34)						—						102						—						—						—						68
Operating income (loss)			68,816						37,696						631						(1,335)						11,011						(18,830)						97,989
Other income (expense):
Derivative instruments gain, net			—						—						—						—						(169)						(211)						(380)
Interest (expense) income, net			(3,439)						(1,120)						38						—						489						1,392						(2,640)
Bargain purchase gain			—						—						—						—						—						19,898						19,898
Other income (expense), net			(303)						(101)						674						(2)						(338)						(3,856)						(3,925)
Total other expense, net			(3,742)						(1,221)						713						(2)						(18)						17,223						12,953
Income (loss) before income taxes			65,074						36,475						1,344						(1,337)						10,993						(1,608)						110,942
Income tax expense (benefit)			38,956						19,395						—						—						5,404						360						64,115
Net income (loss)			$	26,118					$	17,080					$	1,344					$	(1,337)					$	5,589					$	(1,967)					$	46,827
Consolidated capital expenditures			$	20,248					$	7,894					$	22,728					$	38					$	18,310					$	3,840					$	73,058

			Three Months Ended September 30, 2023
(in thousands)			Gabon						Egypt						Canada						Equatorial Guinea												Corporate and Other						Total
Revenues:
Crude oil, natural gas and natural gas liquids sales			$	57,275					$	50,307					$	8,687					$	—											$	—					$	116,269
Operating costs and expenses:
Production expense			20,731						16,040						2,627						259												299						39,956
FPSO demobilization and other costs			—						—						—						—												—						—
Exploration expense			—						1,194						—						—												—						1,194
Depreciation, depletion and amortization			14,583						12,967						4,948						—												40						32,538
General and administrative expense			348						54						—						94												5,720						6,216
Credit losses and other			684						—						—						138												—						822
Total operating costs and expenses			36,346						30,255						7,575						491												6,059						80,726
Other operating income, net			5						—						—						—												—						5
Operating income (loss)			20,934						20,052						1,112						(491)												(6,059)						35,548
Other income (expense):
Derivative instruments loss, net			—						—						—						—												(2,320)						(2,320)
Interest income (expense), net			(1,371)						(270)						—						—												215						(1,426)
Other income (expense), net			111						—						—						(3)												75						183
Total other expense, net			(1,260)						(270)						—						(3)												(2,030)						(3,563)
Income (loss) before income taxes			19,674						19,782						1,112						(494)												(8,089)						31,985
Income tax expense			13,173						888						—						—												11,783						25,844
Net income (loss)			$	6,501					$	18,894					$	1,112					$	(494)											$	(19,872)					$	6,141
Consolidated capital expenditures			$	10,109					$	11,987					$	3,870					$	—											$	—					$	25,966

			Nine Months Ended September 30, 2023
(in thousands)			Gabon						Egypt						Canada						Equatorial Guinea												Corporate and Other						Total
Revenues:
Crude oil, natural gas and natural gas liquids sales			$	171,936					$	106,399					$	27,577					$	—											$	—					$	305,912
Operating costs and expenses:
Production expense			59,077						38,239						8,136						1,007												301						106,760
FPSO demobilization and other costs			5,647						—						—						—												—						5,647
Exploration expense			51						1,208						—						—												—						1,259
Depreciation, depletion and amortization			43,885						37,519						13,406						—												148						94,958
General and administrative expense			1,284						435						—						310												14,806						16,835
Credit losses and other			2,137						—						—						300												—						2,437
Total operating costs and expenses			112,081						77,401						21,542						1,617												15,255						227,896
Other operating income (loss), net			(57)						(241)						—						—												—						(298)
Operating income (loss)			59,798						28,757						6,035						(1,617)												(15,255)						77,718
Other income (expense):
Derivative instruments loss, net			—						—						—						—												(2,268)						(2,268)
Interest income (expense), net			(4,254)						(1,581)						(4)						—												464						(5,375)
Bargain purchase gain			—						—						—						—												(1,412)						(1,412)
Other income (expense), net			9						—						1						(4)												(103)						(97)
Total other expense, net			(4,245)						(1,581)						(3)						(4)												(3,319)						(9,152)
Income (loss) before income taxes			55,553						27,176						6,032						(1,621)												(18,574)						68,566
Income tax expense			36,002						10,141						—						—												6,060						52,203
Net income (loss)			$	19,551					$	17,035					$	6,032					$	(1,621)											$	(24,634)					$	16,363
Consolidated capital expenditures			$	15,173					$	32,084					$	16,008					$	—											$	36					$	63,301

Schedule of Long-lived Assets and Segment Assets

(in thousands)						Gabon						Egypt						Canada						Equatorial Guinea						Cote d'Ivoire						Corporate and Other						Total
Long-lived assets:
As of September 30, 2024						$	158,256					$	153,636					$	110,474					$	10,038					$	94,387					$	4,798					$	531,589
As of December 31, 2023						$	171,787					$	171,224					$	105,189					$	10,000					$	—					$	1,586					$	459,786

(in thousands)						Gabon						Egypt						Canada						Equatorial Guinea						Cote d'Ivoire						Corporate and Other						Total
Total assets:
As of September 30, 2024						$	205,649					$	319,955					$	116,455					$	14,689					$	157,357					$	123,798					$	937,903
As of December 31, 2023						$	309,394					$	263,015					$	114,215					$	11,327					$	—					$	125,265					$	823,216

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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

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