Related Party Transactions and Balances (Details Narrative) - USD ($) |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 10, 2022 |
Dec. 21, 2023 |
Nov. 29, 2023 |
Oct. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Statement [Line Items] | |||||||
Interest expense | $ 62,196 | $ 32,593 | $ 10,642 | ||||
Ownership interest | 6.80% | 6.80% | 6.80% | ||||
Short term loan (Note 10) | $ 895,637 | $ 678,155 | |||||
Amount of debt assumed by PXP from FEL | $ 200 | ||||||
General and administration | 182,241 | $ 159,202 | 182,578 | ||||
Forum Energy Limited | |||||||
Statement [Line Items] | |||||||
Ownership interest | 6.80% | 6.80% | |||||
Description of Loan from PXP Energy Corporation | the Company announced that it agreed to fund an additional cash call for pre-drilling costs received from FEL. The advance to FEL was via non-interest bearing loans. In order to be able to fund the cash call, the Company accepted a loan from PXP for the same amount (“PXP Loan”). The PXP loan bears interest of Libor plus 3.5% and both interest and principal is repayable on the earlier of a) August 31, 2025 or b) any equity issuance by FEC, or c) any sale of FEL shares by FEC, or d) any third party borrowing by FEC | ||||||
Key Management Personnel | |||||||
Statement [Line Items] | |||||||
Interest expense | 62,196 | $ 32,593 | 10,642 | ||||
Working capital | 155,286 | 356,500 | 80,000 | ||||
Ownership interest | 6.80% | ||||||
Short term loan (Note 10) | $ 678,155 | 895,637 | |||||
Advance from related parties | $ 626,820 | $ 136,000 | $ 68,000 | 627,020 | |||
Loan amount | 3,000,000 | ||||||
Conversion Price | $ 0.30 | ||||||
Debt settled amount | $ 9,217,939 | ||||||
Conversion of Stock, Amount Converted | $ 626,820 | ||||||
Accrued interest expense | 105,431 | 43,235 | |||||
General and administration | 48,000 | $ 48,000 | $ 48,000 | ||||
PXP Loan balance reduced amount | $ 200 |