v3.26.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash $ 5,569,600 $ 5,459,309
Accounts receivables 988,641 343,041
Prepayment and other current assets 1,515,662 1,693,897
Total current assets 8,073,903 7,496,247
Non-current assets    
Restricted cash – non-current 1,920,000 1,920,000
Property and equipment, net 39,570 42,363
Oil and gas property - subject to amortization, net 8,668,601 9,035,337
Oil and gas property - not subject to amortization 1,224,667 1,224,667
Right of use assets, net 509,203 833,985
Deferred charges 810,395 839,191
Other non-current assets 1,435,700 1,363,586
Total non-current assets 14,608,136 15,259,129
Total assets 22,682,039 22,755,376
Current liabilities    
Accounts payables 584,395 596,218
Amount due to a related party 1,335 1,383
Short-term operating lease liabilities 397,963 554,905
Accrued expenses 162,922 228,624
Taxes payable 145,383 60,986
Other current liabilities 36,338 18,248
Warrant liabilities 141,386
Total current liabilities 1,469,722 1,460,364
Non-current liabilities    
Asset retirement obligations 686,435 724,572
Warrant liabilities 363,932
Long-term operating lease liabilities 111,240 279,080
Provision for post-employment benefits 290,283 268,908
Total non-current liabilities 1,087,958 1,636,492
Total liabilities 2,557,680 3,096,856
Commitments and contingencies (Note 12)
Shareholders’ equity    
Preferred shares (par value $0.00266667; 3,750,000 shares authorized, nil shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)
Ordinary shares (par value $0.00266667; 37,500,000 shares authorized, 15,386,840 and 14,987,474 shares issued and outstanding as of June 30, 2026 and December 31, 2025) 41,031 39,966
Additional paid-in capital 72,884,888 70,538,866
Accumulated deficit (52,909,664) (51,026,783)
Accumulated other comprehensive income 108,104 106,471
Total shareholders’ equity 20,124,359 19,658,520
Total liabilities and shareholders’ equity $ 22,682,039 $ 22,755,376