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FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
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