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REVENUE (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Sales under the COSPA or COSMA(1) | $ | 65,984 |  |  | $ | 62,327 |  |  | $ | 97,434 |  |  | $ | 127,115 |
Other items reported in revenue not associated with customer contracts: |  |  |  |  |  |  |
Gabonese government share of Profit Oil taken in-kind | 1,980 |  |  | — |  |  | 30,394 |  |  | — |
Carried interest recoupment | 65 |  |  | — |  |  | 65 |  |  | 1,174 |
Royalties | (9,462) |  |  | (8,653) |  |  | (17,139) |  |  | (17,111) |
Net revenues | $ | 58,567 |  |  | $ | 53,674 |  |  | $ | 110,754 |  |  | $ | 111,178 |
(1) Crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements (“COSMA or COSMAs”). The following table presents revenues in Egypt from contracts with customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Gross sales | $ | 55,188 |  |  | $ | 65,314 |  |  | $ | 112,844 |  |  | $ | 128,506 |
Royalties | (21,752) |  |  | (29,716) |  |  | (45,339) |  |  | (55,836) |
Selling costs | (179) |  |  | (117) |  |  | (328) |  |  | (228) |
Net revenues | $ | 33,257 |  |  | $ | 35,481 |  |  | $ | 67,177 |  |  | $ | 72,442 |
The following table presents revenues in Canada from contracts with customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Oil revenue | $ | 3,751 |  |  | $ | 9,547 |  |  | $ | 9,076 |  |  | $ | 13,700 |
Gas revenue | 572 |  |  | 384 |  |  | 1,208 |  |  | 1,205 |
NGL revenue | 1,259 |  |  | 1,896 |  |  | 3,019 |  |  | 3,850 |
Other revenue | 39 |  |  | 26 |  |  | 87 |  |  | 47 |
Royalties | (666) |  |  | (1,151) |  |  | (2,022) |  |  | (2,268) |
Selling costs | (240) |  |  | (318) |  |  | (473) |  |  | (461) |
Net revenues | $ | 4,715 |  |  | $ | 10,384 |  |  | $ | 10,895 |  |  | $ | 16,073 |
The following table presents revenues in Cote d'Ivoire from contracts with customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Sales under the sales and purchase agreements | $ | 353 |  |  | $ | 17,240 |  |  | $ | 16,527 |  |  | $ | 17,240 |
Other item reported in revenue not associated with customer contracts: |  |  |  |  |  |  |
Cote d'Ivoire government share of Profit Oil taken in-kind | — |  |  | — |  |  | 1,869 |  |  | — |
Net revenues | $ | 353 |  |  | $ | 17,240 |  |  | $ | 18,396 |  |  | $ | 17,240 |
For the three and six months ended June 30, 2025 and 2024, our revenue concentration by major customers are shown on the table below.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gabon | 100% |  | 100% |  | 100% |  | 100%
Egypt | 100% |  | 100% |  | 100% |  | 100%
Côte d'Ivoire | 100% |  | 100% |  | 100% |  | 100%
Canada | 59%, 17% and 11% |  | 45%, 24% and 20% |  | 55%, 20% and 15% |  | 35%, 30% and 24%

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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