The following table summarizes the changes in the Company’s asset retirement obligations:

Accretion is recorded in the line item “Depreciation, depletion and amortization” on the consolidated statements of operations.

The Company is required under the Etame PSC for the Etame Marin block in Gabon to conduct abandonment studies to update the amounts being funded for the eventual abandonment of the offshore wells, platforms and facilities on the Etame Marin block. The current abandonment study was completed in November 2018. In 2018, the Company recorded a downward revision of $6.5 million to the ARO liability as a result of a change in the expected timing of the abandonment costs when the period of exploitation under the Etame PSC was extended to at least September 16, 2028 as discussed further in Note 9. The most recently completed abandonment study was in November 2018. In 2019, the Company recorded $0.6 million in additions associated with the Etame 9H and Etame 11H development wells. In December 2019, the Company recorded $0.4 million downward revision associated with the Mutamba Iroru block onshore Gabon. As discussed further in Note 2, on February 28, 2019, the Gabonese branch of the international commercial bank holding the abandonment funds in a U.S. dollar denominated account advised that the bank regulator required

transfer of the funds to the Central Bank for CEMAC for conversion to local currency with a credit back to the Gabonese branch in local currency.