Note 9 - Crude Oil, Natural Gas and NGLs Properties and Equipment, Net

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Oil and Gas Properties [Text Block]

9. CRUDE OIL, NATURAL GAS AND NGLs PROBERTIES AND EQUIPMENT, NET

The Company’s crude oil, natural gas and NGLs properties and equipment, net is comprised of the following:

	As of December 31, 2023			As of December 31, 2022
Crude oil, natural gas and NGLs properties and equipment, net	(in thousands)
Wells, platforms and other production facilities	$	1,468,542		$	1,406,888
Work-in-progress		4,183			—
Undeveloped acreage		52,109			56,251
Capitalized equipment spare parts and other		47,794			38,796
		1,572,628			1,501,935
Accumulated depreciation, depletion, amortization and impairment		(1,112,842	)		(1,006,663	)
Crude oil, natural gas and NGLs properties and equipment, net	$	459,786		$	495,272

There were no triggering events in the years ended December 31, 2023 and 2022 that would cause the Company to believe the value of crude oil, natural gas and NGLs properties and equipment, net should be impaired. Factors considered included higher forward price curves for the fourth quarter of 2023 and capital expenditures in the period related to its future reserves in Gabon, Egypt and Canada. 

Unproved property costs

See the table below for the list of unproved property costs at December 31, 2023 and December 31, 2022, respectively:

	As of December 31, 2023		As of December 31, 2022
Unproved Property Costs	(in thousands)
Etame Marin Block	$	13,735	$	13,735
Equatorial Guinea		10,000		10,000
Egypt		11,444		15,850
Canada		16,930		16,666
Unproved Property Costs	$	52,109	$	56,251

Capitalized equipment spare parts

Capitalized equipment is reviewed regularly for obsolescence. During the years ended December 31, 2023, 2022 and 2021, adjustments for inventory obsolescence were not material.

Exploration expense

During 2023, two appraisal wells, both in Egypt, were abandoned and also expensed to Exploration Expense. The impact resulted in $2.0 million of expense during the year ended December 31, 2023.