INVESTMENT IN OIL AND GAS PROPERTIES (Tables)

6 Months Ended

12 Months Ended

Dec. 31, 2016

Jun. 30, 2016

Investments in oil and gas properties

Schedule of allocation of revenue after recovery cost of operations

Daily production (b/d)	Guinea Share			Contractor Share
From 0 to 2,000		25	%		75	%
From 2,001 to 5,000		30	%		70	%
From 5,001 to 100,000		41	%		59	%
Over 100,001		60	%		40	%

Schedule of total capitalized costs of oil and gas properties

The following table provides detail of total capitalized costs for the Concession which remain unproved and unevaluated and are excluded from amortization as of December 31, 2016 and June 30, 2016 (in thousands):

	December 31, 2016		June 30, 2016
Oil and Gas Properties:
Unproved properties not subject to amortization	$	4,142	$	—

        Aggregate capitalized costs relating to our crude oil and natural gas producing activities, including asset retirement costs and related accumulated depreciation, depletion & amortization are shown below (in thousands):

	United States		Republic of Guinea		Total
June 30, 2016
Unproved properties	$	—	$	—	$	—
Proved properties		—		—		—
		—		—		—
Less accumulated DD&A		—		—		—
Net capitalized costs	$	—	$	—	$	—
June 30, 2015
Unproved properties	$	—	$	14,311	$	14,311
Proved properties		—		—		—
		—		14,311		14,311
Less accumulated DD&A		—		—		—
Net capitalized costs	$	—	$	14,311	$	14,311

Guinea concession

Investments in oil and gas properties

Schedule of total capitalized costs of oil and gas properties

        The following table provides detail of total capitalized costs for our Guinea Concession as of June 30, 2016 and 2015 (in thousands):

	June 30, 2016		June 30, 2015
Oil and Gas Properties:
Unproved oil and gas Properties	$	—	$	14,311
Other Equipment Costs		—		—
Unproved properties not subject to amortization	$	—	$	14,311