| LEASE LIABILITIES AND OTHER |
| 8. | LEASE LIABILITIES AND OTHER |
The Company’s lease liabilities primarily
relate to a drilling contract, vehicles, and office space:
| ($ thousands) | |
December 31,
2025 | | |
December 31,
2024 | |
| Balance, beginning of year | |
$ | 9,310 | | |
$ | 13,724 | |
| Additions | |
| 3,359 | | |
| 907 | |
| Modifications and terminations | |
| (2,913 | ) | |
| - | |
| Interest expense | |
| 648 | | |
| 1,613 | |
| Payments | |
| (4,299 | ) | |
| (6,934 | ) |
| Balance, end of year | |
$ | 6,105 | | |
$ | 9,310 | |
| Current portion | |
$ | 3,276 | | |
$ | 7,014 | |
| Non-current portion | |
$ | 2,829 | | |
$ | 2,296 | |
The Company’s minimum lease payments are
as follows:
| ($ thousands) | |
December 31,
2025 | | |
December 31,
2024 | |
| Within 1 year | |
$ | 3,457 | | |
$ | 7,669 | |
| Within 2 to 5 years | |
| 1,999 | | |
| 1,901 | |
| Later than 5 years | |
| 788 | | |
| 825 | |
| Minimum lease payments | |
| 6,244 | | |
| 10,395 | |
| Amounts representing finance charges | |
| (139 | ) | |
| (1,085 | ) |
| Present value of net minimum lease payments | |
$ | 6,105 | | |
$ | 9,310 | |
|