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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Accounting Policies [Abstract] |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows.
| As of December 31,
| 2024 |  | 2023
| (in thousands)
Cash and cash equivalents | $ | 82,650 |  |  | $ | 121,001 |
Restricted cash - current | 143 |  |  | 114 |
Restricted cash - non-current | 8,665 |  |  | 1,795 |
Abandonment funding | 6,268 |  |  | 6,268 |
Total cash, cash equivalents and restricted cash | $ | 97,726 |  |  | $ | 129,178 |
Schedule of Change in the Aggregate Credit Loss and Other Allowances | The following table provides an analysis of the change in the aggregate credit loss and other allowances:
| Year Ended December 31,
| 2024 |  | 2023
| (in thousands)
Allowance for credit losses and other |  |  |
Balance at beginning of period | $ | (6,029) |  |  | $ | (8,704) |
Credit losses and other | (6,304) |  |  | (7,543) |
Credit recoveries and other | (1,421) |  |  | 12,449 |
Reversal of allowance resulting from the settlement of the related receivable | 11,200 |  |  | — |
Cumulative effect of adjustment upon adoption of ASU 2016-13 on January 1, 2023 | — |  |  | (3,120) |
Foreign currency gain | — |  |  | 889 |
Balance at end of period | $ | (2,554) |  |  | $ | (6,029) |
Schedule of Prepayments and Other | Included in “Prepayments and other” line item of the Company’s December 31, 2024 and 2023 consolidated balance sheet are the following assets:
| 2024 |  | 2023
| (in thousands)
Egypt advances to contractors | $ | 3,665 |  |  | $ | 2,656 |
Gabon prepaid royalties | 3,089 |  |  | 1,246 |
Deposits | 2,933 |  |  | 726 |
Employee loans and advances | 1,430 |  |  | 1,305 |
Prepaid insurance | 650 |  |  | 474 |
Derivative receivables | 119 |  |  | 403 |
Prepaid fixed asset progress payments | 9 |  |  | 2,314 |
Other prepayments | 3,078 |  |  | 3,310 |
Total prepayments and other | $ | 14,973 |  |  | $ | 12,434 |
Schedule of Fair Value of Financial Instruments |
|  |  | As of December 31, 2024
| Balance Sheet Line |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  |  | (in thousands)
Assets |  |  |  |  |  |  |  |  |
Derivative asset | Prepayments and other |  | $ | — |  |  | $ | 119 |  |  | $ | — |  |  | $ | 119 |
Derivative asset L-T | Other long term assets |  | — |  |  | 1,209 |  |  | — |  |  | 1,209 |
|  |  | $ | — |  |  | $ | 1,328 |  |  | $ | — |  |  | $ | 1,328 |
Liabilities |  |  |  |  |  |  |  |  |
SARs liability | Accrued liabilities and other |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative liability | Accrued liabilities and other |  | — |  |  | 17 |  |  | — |  |  | 17 |
|  |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |
|  |  | As of December 31, 2023
| Balance Sheet Line |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
|  |  | (in thousands)
Assets |  |  |  |  |  |  |  |  |
Derivative asset | Prepayments and other |  | $ | — |  |  | $ | 403 |  |  | $ | — |  |  | $ | 403 |
|  |  | $ | — |  |  | $ | 403 |  |  | $ | — |  |  | $ | 403 |
Liabilities |  |  |  |  |  |  |  |  |
SARs liability | Accrued liabilities and other |  | $ | — |  |  | $ | 163 |  |  | $ | — |  |  | $ | 163 |
|  |  | $ | — |  |  | $ | 163 |  |  | $ | — |  |  | $ | 163 |

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- Definition Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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