Annual report pursuant to Section 13 and 15(d)

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

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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.