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REVENUE
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Production Sharing Contracts
Exploration and production activities of our assets in Gabon, Egypt, Côte d'Ivoire, and Equatorial Guinea are generally governed by PSCs.
Our oil entitlement under the PSCs is generally the sum of cost oil, profit oil and excess cost oil, if applicable. Under the terms of the PSCs, the Company is typically the contractor partner (“Contractor”) and bears the risk and cost of exploration, development, and production activities. In return, if exploration is successful, the Contractor receives entitlement to variable physical volumes of hydrocarbons, representing recovery of the costs incurred (“Cost Oil”) and a stipulated share of production after cost recovery (“Profit Oil”).
The Contractor may be obligated to make royalty payments to the host government of each country using a variable percentage based on gross daily production levels. The remaining oil production, after deducting the gross royalty, if any, is split between Cost Oil and Profit Oil. Cost Oil is up to a maximum percentage and is allocated to recover approved operating and capital costs spent on specific projects. Excess Cost Oil, which is Cost Oil less the actual cost recovery, is further shared between the host government and the Contractor. Except as otherwise disclosed, all crude oil sales are priced at current market rates at the time of sale.
Our share of royalties are paid out of the government's share of production. Additionally, the income tax to which the Contractor is subject to (“Profit Oil Tax”), is deemed to have been paid to the host government as part of the payment of Profit Oil or is captured in the entitled share of Profit Oil production paid in-kind to the host government, and therefore no additional tax burden is due. Under this arrangement taxation is based on a set percentage of average daily production volume.
Gabon

The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues from customer contracts:(in thousands)
Sales under the COSPA or COSMA(1)
$65,984 $62,327 $97,434 $127,115 
Other items reported in revenue not associated with customer contracts:
Gabonese government share of Profit Oil taken in-kind1,980 — 30,394 — 
Carried interest recoupment65 — 65 1,174 
Royalties(9,462)(8,653)(17,139)(17,111)
Net revenues$58,567 $53,674 $110,754 $111,178 
(1) Crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements (“COSMA or COSMAs”).
With respect to the government’s share of Profit Oil, the Etame PSC provides that corporate income tax is satisfied through the payment of Profit Oil. In the unaudited condensed consolidated statements of operations and comprehensive income, the government’s share of revenues from Profit Oil is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. As of June 30, 2025 and December 31, 2024, the Company had $21.9 million and $37.5 million, of foreign income tax payable, respectively.
Egypt
The following table presents revenues in Egypt from contracts with customers:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues from customer contracts:(in thousands)
Gross sales$55,188 $65,314 $112,844 $128,506 
Royalties(21,752)(29,716)(45,339)(55,836)
Selling costs(179)(117)(328)(228)
Net revenues$33,257 $35,481 $67,177 $72,442 
Canada
The following table presents revenues in Canada from contracts with customers:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues from customer contracts:(in thousands)
Oil revenue$3,751 $9,547 $9,076 $13,700 
Gas revenue572 384 1,208 1,205 
NGL revenue1,259 1,896 3,019 3,850 
Other revenue39 26 87 47 
Royalties(666)(1,151)(2,022)(2,268)
Selling costs(240)(318)(473)(461)
Net revenues$4,715 $10,384 $10,895 $16,073 
Côte d'Ivoire
Revenues from contracts with customers are generated from sales in Côte d'Ivoire pursuant to crude oil sales and purchase agreements and revenues are recognized when a lifting is completed.
The following table presents revenues in Cote d'Ivoire from contracts with customers:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues from customer contracts:(in thousands)
Sales under the sales and purchase agreements$353 $17,240 $16,527 $17,240 
Other item reported in revenue not associated with customer contracts:
Cote d'Ivoire government share of Profit Oil taken in-kind— — 1,869 — 
Net revenues$353 $17,240 $18,396 $17,240 
Similar to Gabon, the government’s share of Profit Oil attributable to the Company’s equity interest is reported in revenues with a corresponding amount reflected in the current provision for income tax expense. In addition, under the terms of the Côte d'Ivoire PSC, the tax payments to the Ivorian Government are deemed satisfied by its share of the Profit Oil. Payments of the income tax expense are reported in the period that the government takes its Profit Oil in-kind, which is the period in which it lifts the crude oil. As of June 30, 2025 and December 31, 2024, the Company had $0.4 million and $1.7 million of foreign income tax payable, respectively.
Information about the Company’s most significant customers
For the three and six months ended June 30, 2025 and 2024, our revenue concentration by major customers are shown on the table below.
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Gabon100%100%100%100%
Egypt100%100%100%100%
Côte d'Ivoire100%100%100%100%
Canada
59%, 17% and 11%
45%, 24% and 20%
55%, 20% and 15%
35%, 30% and 24%