PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 — PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment is comprised of fixed assets and natural gas properties, as shown below (in thousands):

	December 31,
	2019			2018
Land	$	13,808		$	13,276
Proved properties	142,494			101,459
Unproved properties	—			10,204
Wells in progress	57			4,660
Corporate and other	5,285			2,905
Total property, plant and equipment, at cost	161,644			132,504
Right of use asset — finance leases (Note 17)	13,437			—
Accumulated depreciation and depletion	(22,041		)	(1,924		)
Total property, plant and equipment, net	$	153,040		$	130,580

Depreciation and depletion expenses for the years ended December 31, 2019, 2018 and 2017 were approximately $20.4 million, $1.5 million and $0.5 million, respectively.

Land

We own land in Louisiana for the purpose of constructing the Driftwood Project.

Proved Properties

We own producing and non-producing acreage in northern Louisiana.

Unproved Properties

On September 10, 2019 (the “Sale Closing Date”), we sold our wholly-owned subsidiary, Magellan Petroleum (UK) Investments Holdings Limited (“Magellan Petroleum UK”), to a third party for approximately $14.8 million. The assets and liabilities of Magellan Petroleum UK consisted predominantly of non-operated interests in the Weald Basin, United Kingdom. As of December 31, 2019, we have received consideration of $6.2 million in cash and the equivalent of $7.4 million in the purchaser’s publicly traded equity securities (“Tradable Equity Securities”), which are measured at fair value and represent a Level 1 instrument in the fair value hierarchy. We are due to receive the remaining $1.2 million on or before March 31, 2020. The sale of Magellan Petroleum UK generated an overall gain of approximately $4.2 million, all of which has been recognized in the current period as Other income, net in our Consolidated Statements of Operations.