Annual report pursuant to Section 13 and 15(d)

Note 4 - Acquisition and Dispositions - Unaudited Proforma Results (Details)

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Note 4 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Diluted net income per share: (in dollars per share) $ 1.2 $ 0.5
Cumulative Effect, Period of Adoption, Adjustment [Member]    
Diluted net income per share: (in dollars per share) [1] 0.01 (0.01)
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]    
Diluted net income per share: (in dollars per share) 1.21 0.49
Etame Marine Block [Member]    
Crude oil, natural gas and natural gas liquids sales (in dollars per share) [2] $ 547,670 $ 367,210
Operating income $ 267,582 [3] $ 104,924 [4]
Net income $ 130,425 [5] $ 54,534 [6],[7]
Basic net income per share: (in dollars per share) $ 1.21 $ 0.51
Basic weighted average shares outstanding (in shares) 108,206 107,537
Diluted weighted average shares outstanding (in shares) 108,642 108,062
Etame Marine Block [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
Crude oil, natural gas and natural gas liquids sales (in dollars per share) $ 0 $ 0
Operating income $ 0 $ 0
Net income [1] $ 1,412 $ (1,412)
Basic net income per share: (in dollars per share) [1] $ 0.01 $ (0.02)
Basic weighted average shares outstanding (in shares) 108,206 107,537
Diluted weighted average shares outstanding (in shares) 108,642 108,062
Etame Marine Block [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]    
Crude oil, natural gas and natural gas liquids sales (in dollars per share) [2] $ 547,670 $ 367,210
Operating income [4] $ 267,582 $ 104,924
Net income $ 131,837 [5] $ 53,122 [6],[7]
Basic net income per share: (in dollars per share) $ 1.22 $ 0.49
Basic weighted average shares outstanding (in shares) 108,206 107,537
Diluted weighted average shares outstanding (in shares) 108,642 108,062
[1] The Measurement Period Adjustment is due to an original deferred tax liability being estimated at closing. Additional information about the deferred tax liability was identified in the first part of 2023 creating the need for the $1.4 million adjustment.
[2] The unaudited pro forma net revenues associated with Crude oil, natural gas and natural gas liquids sales have been adjusted for shipping and handling costs based on the Company’s historical policy and revenue recognition is based on the Company’s working interest, less royalties, the entitlement method.
[3] The unaudited pro forma operating income for the year ended December 31, 2022 removes the $23.7 million impairment reversal recorded by TransGlobe in 2022, excludes $10.2 million of severance costs associated with the Arrangement, excludes$6.5 million of TransGlobe transaction costs associated with the Arrangement, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the Arrangement based on the purchase price allocation.
[4] The unaudited pro forma operating income for the year ended December 31, 2021 removes the $31.5 million impairment reversal recorded by TransGlobe in 2021, adjusts costs associated with overlifts to reduce revenue, includes $10.2 million of severance costs associated with the Arrangement, reclassifies depreciation expense, for certain leases identified as operating leases, to production expense and adjusts depreciation, depletion and amortization expense related to the depletable assets and asset retirement obligations acquired in the Arrangement based on the purchase price allocation (the impairment reversal was allowable under IFRS by TransGlobe in 2021).
[5] The unaudited pro forma net income for the year ended December 31, 2022 excludes $14.6 million of transaction costs incurred by VAALCO associated with the Arrangement, excludes the bargain purchase gain of $10.8 million and reclassifies interest expense, for certain leases identified as operating leases, as production expense.
[6] The unaudited pro forma net income for the year ended December 31, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.
[7] The unaudited pro forma net income for the year ended December 31, 2021 includes $21.1 million of transaction costs incurred by VAALCO and TransGlobe associated with the Arrangement, includes the bargain purchase gain of $10.8 million and reclassifies interest expense, for certain leases identified as operating leases, as production expense.