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FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes and other explanatory information [abstract] |
SCHEDULE OF COMPONENTS OF TRADE RECEIVABLES AGING | The components of the trade receivables aging at December 31, 2023 are as follows: SCHEDULE OF COMPONENTS OF TRADE RECEIVABLES AGING
|  | Current |  |  | 30 – 60 days |  |  | 60 – 90 days |  |  | More than 90 days |  |  | Total |
Trade and other receivables |  | $ | 4,879 |  |  | $ | 333 |  |  | $ | 19 |  |  | $ | 261 |  |  | $ | 5,492 |
SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS | The following are the contractual maturities of financial liabilities, including estimated interest payments at December 31, 2023: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS
|  | Carrying amount |  |  | 2024 |  |  | 2025 |  |  | Thereafter |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of commodity contracts |  | $ | 128 |  |  | $ | 128 |  |  | $ | - |  |  | $ | - |
Lease payable |  |  | 1,230 |  |  |  | 1,068 |  |  |  | 162 |  |  |  | - |
Loans and borrowings |  |  | 29,612 |  |  |  | - |  |  |  | - |  |  |  | 29,612 |
Trade and other payables |  |  | 17,648 |  |  |  | 17,648 |  |  |  | - |  |  |  | - |
Liabilities |  | $ | 48,618 |  |  | $ | 18,844 |  |  | $ | 162 |  |  | $ | 29,612 |
SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING | At December 31, 2023, the following financial commodity contracts were outstanding and recorded at estimated fair value: SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING
|  |  |  | Total Volume Hedged |  |  | Price |
Commodity |  | Period |  | (BBLS) |  |  | ($/BBL) |
Oil – WTI Put |  | January 1, 2024 to March 31, 2024 |  |  | 25,500 |  |  | $ | 60.00 |
Oil – WTI Swap |  | January 1, 2024 to May 31, 2024 |  |  | 40,000 |  |  | $ | 62.77 |
Oil – WTI Costless Collars |  | January 1, 2024 to June 30, 2024 |  |  | 6,000 |  |  | $ | 65.00 - $79.50 |
Oil – WTI Costless Collars |  | January 1, 2024 to June 30, 2024 |  |  | 24,000 |  |  | $ | 65.00 - $86.00 |
Oil – WTI Costless Collars |  | January 1, 2024 to December 31, 2024 |  |  | 60,000 |  |  | $ | 65.00 - $89.50 |
Oil – WTI Put |  | April 1, 2024 to June 30, 2024 |  |  | 1,650 |  |  | $ | 60.00 |
Oil – WTI Costless Collars |  | April 1, 2024 to June 30, 2024 |  |  | 1,950 |  |  | $ | 65.00 - $94.55 |
Oil – WTI Costless Collars |  | June 1, 2024 to June 30, 2024 |  |  | 8,000 |  |  | $ | 60.00 - $78.15 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 21,000 |  |  | $ | 60.00 - $86.65 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 18,000 |  |  | $ | 60.00 - $78.00 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 3,600 |  |  | $ | 65.00 - $90.65 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 39,000 |  |  | $ | 60.00 - $82.50 |
Oil – WTI Costless Collars |  | January 1, 2025 to March 31, 2025 |  |  | 36,000 |  |  | $ | 60.00 - $77.00 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 20,400 |  |  | $ | 60.00 - $75.40 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 1,350 |  |  | $ | 65.00 - $82.54 |
Oil – WTI Costless Collars |  | July 1, 2025 to September 30, 2025 |  |  | 21,000 |  |  | $ | 65.00 - $82.00 |
Oil – WTI Costless Collars |  | July 1, 2025 to September 30, 2025 |  |  | 750 |  |  | $ | 65.00 - $80.50 |
Subsequent to year-end, the Company entered into the following additional financial commodity contracts:
|  |  |  | Total Volume Hedged |  |  | Price |
Commodity Contract |  | Period |  | (BBLS) |  |  | ($/BBL) |
Oil – WTI Costless Collars |  | April 1, 2024 to June 30, 2024 |  |  | 15,000 |  |  | $ | 65.45 - $86.00 |
Oil – WTI Swap |  | May 1, 2024 to June 30, 2024 |  |  | 9,600 |  |  | $ | 85.67 |
Oil – WTI Costless Collars |  | May 1, 2024 to June 30, 2024 |  |  | 15,600 |  |  | $ | 71.50 - $96.25 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 15,000 |  |  | $ | 63.80 - $84.50 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 13,800 |  |  | $ | 67.75 - $89.85 |
Oil – WTI Costless Collars |  | July 1, 2024 to September 30, 2024 |  |  | 24,000 |  |  | $ | 69.50 - $93.25 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 15,000 |  |  | $ | 62.35 - $82.70 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 13,800 |  |  | $ | 65.75 - $87.10 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 1,200 |  |  | $ | 61.00 - $81.46 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 2,400 |  |  | $ | 60.00 - $78.23 |
Oil – WTI Costless Collars |  | October 1, 2024 to December 31, 2024 |  |  | 24,000 |  |  | $ | 67.50 - $89.50 |
Oil – WTI Costless Collars |  | January 1, 2025 to March 31, 2025 |  |  | 15,000 |  |  | $ | 64.25 - $84.60 |
Oil – WTI Costless Collars |  | January 1, 2025 to March 31, 2025 |  |  | 14,400 |  |  | $ | 66.25 - $87.75 |
Oil – WTI Costless Collars |  | January 1, 2025 to March 31, 2025 |  |  | 16,200 |  |  | $ | 65.50 - $86.25 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 3,000 |  |  | $ | 59.50 - $79.00 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 5,700 |  |  | $ | 60.80 - $74.07 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 13,200 |  |  | $ | 64.50 - $85.70 |
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 10,800 |  |  | $ | 64.00 - $84.00 |
Oil – WTI Costless Collars |  | July 1, 2025 to September 30, 2025 |  |  | 21,900 |  |  | $ | 63.25 - $83.65 |
Oil – WTI Costless Collars |  | July 1, 2025 to September 30, 2025 |  |  | 10,800 |  |  | $ | 62.75 - $82.00 |
SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS | The realized and unrealized gains/losses from the financial commodity contracts are as follows: SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS
|  | 2023 |  |  | 2022 |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Realized loss on financial commodity contracts |  | $ | (1,379 | ) |  |  | (4,050 | )
Unrealized gain on financial commodity contracts |  | $ | 1,813 |  |  |  | 461 |

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