XML 114 R33.htm IDEA: XBRL DOCUMENT v3.25.1

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

X

- Definition

Tabular disclosure of cash, cash equivalents and restricted cash.

+ References

No definition available.

+ Details

Name:	egy_ScheduleOfCashCashEquivalentsAndRestrictedCashTableTextBlock
Namespace Prefix:	egy_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration