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FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

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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