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REVENUE
 3 Months Ended
Mar. 31, 2026
Revenues [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 is paid out of the government's share of production. Additionally, the income tax to which the Contractor is subject (“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
March 31,
20262025
Revenues from customer contracts:(in thousands)
Sales under the COSPA or COSMA(1)
$— $31,450 
Gabonese government share of Profit Oil taken in-kind24,537 28,414 
Royalties and other(3,136)(7,677)
Net revenues$21,401 $52,187 
(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 March 31, 2026 and
December 31, 2025, the Company’s Gabon segment had $1.7 million and $18.8 million, of foreign income tax payable, respectively.
Egypt
The following table presents revenues in Egypt from contracts with customers:
Three Months Ended
March 31,
20262025
Revenues from customer contracts:(in thousands)
Gross sales$66,410 $57,656 
Royalties(27,310)(23,587)
Selling costs(184)(149)
Net revenues$38,916 $33,920 
As of March 31, 2026 and December 31, 2025, the Company’s Egypt segment had $0.4 million and $0.3 million, of foreign income tax payable, respectively.
Canada
The following table presents revenues in Canada from contracts with customers:
Three Months Ended
March 31,
20262025
Revenues from customer contracts:(in thousands)
Oil revenue$1,744 $5,325 
Gas revenue368 636 
NGL revenue723 1,759 
Other revenue27 49 
Royalties(437)(1,357)
Selling costs(143)(232)
Net revenues$2,282 $6,180 
During the three months ended March 31, 2026, our Canada segment includes revenues recognized from January 1, 2026 through the close date of the Canada Assets Divestment.
Côte d’Ivoire
Revenues from contracts with customers are generated from sales in Côte d’Ivoire pursuant to crude oil sales and purchase agreements and revenues are recognized when a lifting is completed.
The following table presents revenues in Côte d’Ivoire from contracts with customers:
Three Months Ended
March 31,
20262025
Revenues from customer contracts:(in thousands)
Sales under the sales and purchase agreements$— $16,173 
Côte d’Ivoire government share of Profit Oil taken in-kind— 1,869 
Net revenues$— $18,042 
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 both March 31, 2026 and December 31, 2025, the Company had $0.3 million of foreign income tax payable.
Information about the Company’s most significant customers
For the three months ended March 31, 2026 and 2025, our revenue concentration by major customers is shown on the table below.
Three Months Ended
March 31,
20262025
Gabon100%100%
Egypt100%100%
Côte d'Ivoire—%100%
Canada
47%, 16% and 14%
52%, 23% and 18%