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Exploratory Well Costs

12 Months Ended

Dec. 31, 2021

Exploratory well costs are initially capitalized as proved property in the consolidated balance sheets but charged to exploration expense if and when the well is determined not to have found commercial proved oil and gas reserves, it is impaired or it is sold. The changes in capitalized exploratory well costs are as follows:


	Year Ended December 31, 2021
	(in thousands)
Beginning capitalized exploratory project costs	$	—
Additions to exploratory well costs pending the determination of proved reserves	6,966



Ending capitalized exploratory well costs	$	6,966

As of December 31, 2021, the Company had no exploratory wells for which costs have been capitalized for a period greater than one year.