SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

The Company’s operations are based in Gabon, Egypt, Cote d'Ivoire, Canada and Equatorial Guinea. Each of the reportable operating segments are organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”) evaluates segment performance based on the operation of each geographic segment separately primarily based on Operating income (loss) and allocates financial and capital resources for each segment predominantly in the annual budget and forecasting process. The CODM also considers budget-to-actual variances on a quarterly basis for the performance measure when making decisions about allocating capital and personnel to the segments.

The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not allocated to the reportable operating segments and are shown in the tables to reconcile the business segments to consolidated totals. No transactions occurred between operating segments. “Other operating income (expense)” below are those items that are included in Net income (loss) but are not regularly provided to the CODM, or are reported to the CODM but are not considered to be significant segment expenses.

Due to the quantity of active oil and natural gas purchasers in the markets where it produces hydrocarbons, the Company does not foresee any difficulty with selling its hydrocarbon production at fair market prices.

Segment activity of continuing operations for the years ended December 31, 2025, 2024 and 2023 and long-lived assets and segment assets at December 31, 2025 and 2024 are as follows:

	Year Ended December 31, 2025
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Cote d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	181,738	$	139,963	$	19,174	$	—	$	18,397	$	—	$	359,272
Operating costs and expenses:
Production expense	84,677		53,539		8,458		1,561		9,941		1		158,177
Exploration expense	3,799		2,409		—		—		2,706		—		8,914
Depreciation, depletion and amortization	48,739		36,649		13,485		—		10,134		971		109,978
Impairment loss on assets held for sale	—		—		67,224		—		—		—		67,224
General and administrative expense	1,684		545		136		282		2,138		28,304		33,089
Credit (recovery) losses and other	(792)		(228)		—		1,126		—		—		106
Total operating costs and expenses	138,107		92,914		89,303		2,969		24,919		29,276		377,488
Other operating income (expense), net	18		—		—		—		(2,409)		—		(2,391)
Operating income (loss)	43,649		47,049		(70,129)		(2,969)		(8,931)		(29,276)		(20,607)
Other income (expense):
Derivative instruments loss, net	—		—		—		—		—		2,876		2,876
Interest expense, net	(3,443)		(862)		—		—		(3,117)		(821)		(8,243)
Bargain purchase gain	—		—		—		—		—		—		—
Other income (expense), net	(1,096)		155		444		(5)		325		(418)		(595)
Total other income (expense), net	(4,539)		(707)		444		(5)		(2,792)		1,637		(5,962)
Income (loss) before income taxes	39,110		46,342		(69,685)		(2,974)		(11,723)		(27,639)		(26,569)
Income tax (benefit) expense	17,959		21,358		—		—		(22,631)		(1,864)		14,822
Net income (loss)	$	21,151	$	24,984	$	(69,685)	$	(2,974)	$	10,908	$	(25,775)	$	(41,391)
Consolidated capital expenditures	$	61,739	$	28,768	$	1,588	$	607	$	143,186	$	526	$	236,414

	Year Ended December 31, 2024
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	205,954	$	145,966	$	31,986	$	—	$	95,082	$	—	$	478,988
Operating costs and expenses:
Production expense	62,234		50,770		11,301		1,173		38,017		5		163,500
Exploration expense	—		48		—		—		—		—		48
Depreciation, depletion and amortization	50,679		33,458		19,309		—		38,771		817		143,034
General and administrative expense	1,679		70		(206)		305		1,701		26,135		29,684
Credit (recovery) losses and other	812		4,813		—		679		—		—		6,304
Total operating costs and expenses	115,404		89,159		30,404		2,157		78,489		26,957		342,570
Other operating income (expense), net	(24)		—		102		—		—		—		78
Operating income (loss)	90,526		56,807		1,684		(2,157)		16,593		(26,957)		136,496
Other income (expense):
Derivative instruments gain (loss), net	—		—		—		—		(533)		(212)		(745)
Interest (expense) income, net	(4,694)		(1,489)		(46)		—		313		2,184		(3,732)
Bargain Purchase Gain	—		—		—		—		—		13,532		13,532
Other income (expense), net	(1,635)		(204)		225		(7)		(1)		(4,132)		(5,754)
Total other income (expense), net	(6,329)		(1,693)		179		(7)		(221)		11,372		3,301
Income (loss) before income taxes	84,197		55,114		1,863		(2,164)		16,372		(15,585)		139,797
Income tax (benefit) expense	48,026		30,648		—		—		4,229		(1,596)		81,307
Net income (loss)	$	36,171	$	24,466	$	1,863	$	(2,164)	$	12,143	$	(13,989)	$	58,490
Consolidated capital expenditures	$	22,579	$	11,364	$	25,828	$	641	$	44,435	$	4,592	$	109,439

	Year Ended December 31, 2023
(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Corporate and Other		Total
Revenues:
Crude oil, natural gas and natural gas liquids sales	$	260,346	$	161,049	$	33,671	$	—	$	—	$	455,066
Operating costs and expenses:
Production expense	87,131		54,779		9,463		1,481		303		153,157
FPSO demobilization and other costs	7,484		—		—		—		—		7,484
Exploration expense	51		1,914		—		—		—		1,965
Depreciation, depletion and amortization	62,622		35,095		17,398		—		187		115,302
General and administrative expense	1,769		974		—		416		20,681		23,840
Credit (recovery) losses and other	(10,596)		5,182		—		508		—		(4,906)
Total operating costs and expenses	148,461		97,944		26,861		2,405		21,171		296,842
Other operating income (expense), net	(55)		(241)		729		—		—		433
Operating income (loss)	111,830		62,864		7,539		(2,405)		(21,171)		158,657
Other income (expense):
Derivative instruments loss, net	—		—		—		—		232		232
Interest income, net	(5,563)		(2,110)		(4)		—		1,225		(6,452)
Bargain purchase gain measurement period adjustment	—		—		—		—		(1,412)		(1,412)
Other income (expense), net	(820)		—		2		(6)		(70)		(894)
Total other income (expense), net	(6,383)		(2,110)		(2)		(6)		(25)		(8,526)
Income (loss) before income taxes	105,447		60,754		7,537		(2,411)		(21,196)		150,131
Income tax (benefit) expense	50,692		32,859		—		—		6,226		89,777
Net income (loss)	$	54,755	$	27,895	$	7,537	$	(2,411)	$	(27,422)	$	60,354
Consolidated capital expenditures	$	17,011	$	37,866	$	16,809	$	—	$	950	$	72,636

(in thousands)	Gabon		Egypt		Canada(a)		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Long-lived assets:
As of December 31, 2025	$	177,030	$	138,839	$	—	$	11,248	$	254,307	$	4,671	$	586,095
As of December 31, 2024	$	153,576	$	149,129	$	104,891	$	10,641	$	114,756	$	5,110	$	538,103

(a) At December 31, 2025, the Company classified $31.8 million of net Crude oil, natural gas and NGLs properties as “Noncurrent Assets held for sale” on the Consolidated Balance Sheet.

(in thousands)	Gabon		Egypt		Canada		Equatorial Guinea		Côte d'Ivoire		Corporate and Other		Total
Total assets:
As of December 31, 2025	$	315,787	$	182,023	$	35,982	$	13,631	$	283,768	$	82,184	$	913,375
As of December 31, 2024	$	300,568	$	269,905	$	113,310	$	12,331	$	187,264	$	71,572	$	954,950