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v3.25.1

FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
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Dec. 31, 2024
Notes and other explanatory information [abstract] |
SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING | The components of the accounts receivables aging at December 31, 2024 are as follows: SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING
|  | Current |  |  | 30 – 60 days |  |  | 60 – 90 days |  |  | Total |
Accounts receivable and other receivables |  | $ | 8,802 |  |  | $ | 549 |  |  | $ | 382 |  |  | $ | 9,733 |
The components of the accounts receivables aging at December 31, 2023 are as follows:
|  | Current |  |  | 30 – 60 days |  |  | 60 – 90 days |  |  | More than 90 days |  |  | Total |
Accounts receivable 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 at December 31, 2024: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS
|  | Carrying amount |  |  | 2025 |  |  | 2026 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Lease payable |  | $ | 753 |  |  | $ | 586 |  |  | $ | 167 |
Loans and borrowings |  |  | 33,458 |  |  |  | - |  |  |  | 33,458 |
Accounts payable and other payables |  |  | 15,090 |  |  |  | 15,090 |  |  |  | - |
Liabilities |  | $ | 49,301 |  |  | $ | 15,676 |  |  | $ | 33,625 |
SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING | At December 31, 2024, 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 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
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 |  | 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 |  | July 1, 2025 to September 30, 2025 |  |  | 21,900 |  |  | $63.25 - $83.65
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 |  |  | 16,200 |  |  | $65.50 - $86.25
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 |  |  | 10,800 |  |  | $62.75 - $82.00
Oil – WTI Costless Collars |  | October 1, 2025 to December 31, 2025 |  |  | 10,800 |  |  | $62.00 - $81.50
Oil – WTI Costless Collars |  | October 1, 2025 to December 31, 2025 |  |  | 11,400 |  |  | $61.75 - $80.70
Oil – WTI Costless Collars |  | January 1, 2025 to March 31, 2025 |  |  | 27,000 |  |  | $61.50 - $82.50
Oil – WTI Costless Collars |  | April 1, 2025 to June 30, 2025 |  |  | 54,000 |  |  | $60.50 - $80.30
Oil – WTI Costless Collars |  | July 1, 2025 to September 30, 2025 |  |  | 54,000 |  |  | $59.75 - $78.00
Oil – WTI Costless Collars |  | October 1, 2025 to December 31, 2025 |  |  | 39,000 |  |  | $59.00 - $77.30
Oil – WTI Costless Collars |  | January 1, 2026 to March 31, 2026 |  |  | 48,000 |  |  | $58.50 - $77.25
Subsequent to year-end, the Company entered into the following additional financial commodity contracts:
|  |  |  | Total Volume Hedged |  |  | Price
Commodity Contract |  | Period |  | (BBLS) |  |  | ($/BBL)
Oil – WTI Costless Collars |  | October 1, 2025 to December 31, 2025 |  |  | 31,200 |  |  | $58.75 - $78.00
Oil – WTI Costless Collars |  | April 1, 2026 to June 30, 2026 |  |  | 48,300 |  |  | $57.00 - $75.25
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
|  | December 31, |
|  | 2024 |  |  | 2023 |
Realized loss on financial commodity contracts |  | $ | (616 | ) |  |  | (1,379 | )
Unrealized gain on financial commodity contracts |  | $ | 336 |  |  |  | 1,813 |

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