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REVENUE (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Sales under the COSPA or COSMA(1) | $ | 24,287 |  |  | $ | 54,933 |  |  | $ | 121,722 |  |  | $ | 182,048 |
Gabonese government share of Profit Oil taken in-kind | — |  |  | — |  |  | 30,394 |  |  | — |
Carried interest recoupment | 495 |  |  | 652 |  |  | 561 |  |  | 1,826 |
Royalties | (3,511) |  |  | (7,977) |  |  | (20,651) |  |  | (25,088) |
Net revenues | $ | 21,271 |  |  | $ | 47,608 |  |  | $ | 132,026 |  |  | $ | 158,786 |
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Gross sales | $ | 58,271 |  |  | $ | 63,432 |  |  | $ | 171,115 |  |  | $ | 191,938 |
Royalties | (22,392) |  |  | (28,714) |  |  | (67,731) |  |  | (84,550) |
Selling costs | (183) |  |  | (174) |  |  | (511) |  |  | (402) |
Net revenues | $ | 35,696 |  |  | $ | 34,544 |  |  | $ | 102,873 |  |  | $ | 106,986 |
The following table presents revenues in Canada from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Oil revenue | $ | 3,278 |  |  | $ | 8,039 |  |  | $ | 12,354 |  |  | $ | 21,739 |
Gas revenue | 196 |  |  | 224 |  |  | 1,404 |  |  | 1,429 |
NGL revenue | 1,386 |  |  | 1,984 |  |  | 4,405 |  |  | 5,835 |
Other revenue | 32 |  |  | 24 |  |  | 119 |  |  | 70 |
Royalties | (666) |  |  | (1,533) |  |  | (2,688) |  |  | (3,801) |
Selling costs | (186) |  |  | (351) |  |  | (659) |  |  | (812) |
Net revenues | $ | 4,040 |  |  | $ | 8,387 |  |  | $ | 14,935 |  |  | $ | 24,460 |
The following table presents revenues in Cote d'Ivoire from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues from customer contracts: | (in thousands)
Sales under the sales and purchase agreements | $ | — |  |  | $ | 49,795 |  |  | $ | 16,527 |  |  | $ | 67,035 |
Cote d'Ivoire government share of Profit Oil taken in-kind | — |  |  | — |  |  | 1,869 |  |  | — |
Net revenues | $ | — |  |  | $ | 49,795 |  |  | $ | 18,396 |  |  | $ | 67,035 |
For the three and nine months ended September 30, 2025 and 2024, our revenue concentration by major customers are shown on the table below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Gabon | 100% |  | 100% |  | 100% |  | 100%
Egypt | 100% |  | 100% |  | 100% |  | 100%
Côte d'Ivoire | —% |  | 100% |  | 100% |  | 100%
Canada | 49%, 18% and 18% |  | 59%, 22% and 16% |  | 53%, 20% and 15% |  | 44%, 30% and 21%

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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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