Date: 3/26/2025
Form: 40-F - Registration statement [Section 12] or Annual Report [Section 13(a), 15(d)]
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- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition Address Line 1 such as Attn, Building Name, Street Name No definition available.
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- Definition Address Line 2 such as Street or Suite number No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. No definition available.
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- Definition Two-character EDGAR code representing the state or country of incorporation. No definition available.
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- Definition Name of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Asset retirement obligation non current. No definition available.
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- Definition Deposits and prepaid expenses. No definition available.
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- Definition Fair value of commodity contracts current assets. No definition available.
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- Definition Fair value of commodity contracts current liabilities. No definition available.
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- Definition Fair value of commodity contracts noncurrent assets. No definition available.
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- Definition The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of current lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The current portion of non-current borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The nominal value of capital issued. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of a present obligation of the entity to transfer an economic resource as a result of past events. Economic resource is a right that has the potential to produce economic benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of non-current lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition A component of equity representing the entity's cumulative undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of assets that represent a lessee's right to use an underlying asset for the lease term that do not meet the definition of investment property. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Revenue | ||
| Oil and natural gas revenues, net of royalties (Note 7) | $ 58,524 | $ 50,597 |
| Other income | 127 | 2 |
| Total revenue | 58,651 | 50,599 |
| Expenses | ||
| Production and operating expenses | 8,233 | 5,895 |
| Depletion, depreciation and amortization (Notes 9,10) | 15,892 | 15,009 |
| General and administrative expenses | 5,636 | 4,243 |
| Stock based compensation (Note 15) | 1,075 | 790 |
| Total expenses | 30,836 | 25,937 |
| Finance income | ||
| Unrealized gain on risk management contracts (Note 6) | 336 | 1,813 |
| Interest income | 2 | |
| Total finance income | 338 | 1,813 |
| Finance expense | ||
| Interest on loans and borrowings | 3,382 | 2,263 |
| Realized loss on risk management contracts (Note 6) | 616 | 1,379 |
| Accretion | 90 | 80 |
| Interest on lease liability | 82 | 103 |
| Foreign exchange loss | 4 | 11 |
| Total finance expense | 4,174 | 3,836 |
| Net income before income taxes | 23,979 | 22,639 |
| Income tax expense (Note 11) | (5,864) | (3,359) |
| Net income and comprehensive income | $ 18,115 | $ 19,280 |
| Basic net income per share (Note 13) | $ 0.51 | $ 0.54 |
| Diluted net income per share (Note 13) | $ 0.50 | $ 0.53 |
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- Definition Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. No definition available.
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- Definition Finance Costs [Abstract] No definition available.
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- Definition Finance Income [Abstract] No definition available.
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- Definition Oil and natural gas revenues, net of royalties. No definition available.
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- Definition Production and operating expenses. No definition available.
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- Definition Realized loss on risk management contracts. No definition available.
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- Definition Unrealized gain on risk management contracts. No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of costs associated with financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income associated with interest and other financing activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The gross loss arising from exchange differences recognised in profit or loss, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: Foreign exchange gain (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expense relating to general and administrative activities of the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of interest expense on borrowings. [Refer: Interest expense; Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of interest expense on lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of all operating expenses. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of operating income that the entity does not separately disclose in the same statement or note. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of income arising from interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Issued capital [member] |
Treasury shares [member] |
Contributed surplus [member] |
Retained earnings [member] |
Total equity [member] |
|---|---|---|---|---|---|
| Balance at Dec. 31, 2022 | $ 296,221 | $ 23,254 | $ (169,277) | $ 150,198 | |
| Balance, shares at Dec. 31, 2022 | 35,615,921 | ||||
| IfrsStatementLineItems [Line Items] | |||||
| Stock based compensation | 930 | 930 | |||
| Stock options exercised | $ 11 | (5) | 6 | ||
| Stock options exercised, shares | 9,666 | ||||
| Net income | 19,280 | 19,280 | |||
| Balance at Dec. 31, 2023 | $ 296,232 | 24,179 | (149,997) | 170,414 | |
| Balance, shares at Dec. 31, 2023 | 35,625,587 | ||||
| IfrsStatementLineItems [Line Items] | |||||
| Stock based compensation | 1,237 | 1,237 | |||
| Stock options exercised | $ 87 | (41) | 46 | ||
| Stock options exercised, shares | 80,000 | ||||
| Net income | 18,115 | 18,115 | |||
| RSUs vested | $ 144 | (144) | |||
| RSUs vested, shares | 35,378 | ||||
| Treasury share purchases | $ (1,154) | (1,154) | |||
| Treasury share purchases, shares | (280,656) | ||||
| Retirement of treasury shares | $ (1,154) | $ 1,154 | |||
| Retirement of treasury shares, shares | (280,656) | 280,656 | |||
| Stock based compensation reserve for income taxes | 149 | 149 | |||
| Balance at Dec. 31, 2024 | $ 295,309 | $ 25,380 | $ (131,882) | $ 188,807 | |
| Balance, shares at Dec. 31, 2024 | 35,460,309 |
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- Definition Retirement of treasury shares No definition available.
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- Definition Retirement of treasury shares, shares No definition available.
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- Definition Increase decrease through Rsus vested shares. No definition available.
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- Definition Increase decrease through stock based compensation reserve for income taxes. No definition available.
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- Definition Increase decrease through treasury share transactions shares. No definition available.
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- Definition Number of share options (or share units) exercised during the current period. No definition available.
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- Definition Value of stock issued as a result of the exercise of stock options. No definition available.
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- Definition The amount of residual interest in the assets of the entity after deducting all its liabilities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from share-based payment transactions. [Refer: Equity] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in equity resulting from treasury share transactions. [Refer: Equity; Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Consolidated Statement of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash flows from operating activities | ||
| Net income | $ 18,115 | $ 19,280 |
| Adjustments for: | ||
| Depletion, depreciation and amortization expense | 15,892 | 15,009 |
| Accretion expense | 172 | 183 |
| Interest expense | 3,382 | 2,263 |
| Income tax expense | 5,864 | 3,359 |
| Unrealized gain on risk management contracts | (336) | (1,813) |
| Stock based compensation (Note 15) | 1,075 | 790 |
| Unrealized foreign exchange loss (gain) | 10 | (3) |
| Amortization of loan acquisition costs | 195 | 128 |
| Gain on sale of assets | (8) | |
| Cash paid for interest | (2,990) | (1,742) |
| Cash paid for income taxes | (530) | |
| Changes in non-cash working capital (Note 8) | (1,952) | 1,193 |
| Net cash from operating activities | 38,889 | 38,647 |
| Cash flows from investing activities | ||
| Additions to property, plant and equipment (Note 9) | (31,251) | (53,173) |
| Proceeds from sale of assets, net | 8 | |
| Change in non-cash working capital (Note 8) | (4,965) | 3,299 |
| Net cash used in investing activities | (36,208) | (49,874) |
| Cash flows from financing activities | ||
| Proceeds from loans and borrowings | 16,433 | 16,885 |
| Repayment of loans and borrowings | (13,000) | (5,200) |
| Purchases of treasury stock | (1,154) | |
| Principal paid on lease payments | (1,203) | (800) |
| Interest paid on lease payments | (82) | (103) |
| Proceeds from stock option exercises | 46 | 6 |
| Net cash from financing activities | 1,040 | 10,788 |
| Foreign exchange effect on cash and cash equivalents | (5) | |
| Change in cash and cash equivalents | 3,716 | (439) |
| Cash and cash equivalents, beginning of year | 598 | 1,037 |
| Cash and cash equivalents, end of year | $ 4,314 | $ 598 |
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- Definition Accretion expenses. No definition available.
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- Definition Interest expense. No definition available.
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- Definition Amortization of loan acquisition costs. No definition available.
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- Definition Cash paid for income taxes. No definition available.
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- Definition Cash paid for interest. No definition available.
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- Definition Change in non-cash working capital. No definition available.
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- Definition Interest paid on lease payments. No definition available.
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- Definition Purchases of treasury stock. No definition available.
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- Definition Unrealized foreign exchange loss (gain). No definition available.
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- Definition Unrealized gain on risk management contracts. No definition available.
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- Definition Adjustments for depreciation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Adjustments for income tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Adjustments for losses (gains) on disposal of non-current assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Non-current assets; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Adjustments for share-based payments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity, from continuing and discontinued operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents, from continuing and discontinued operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities, from continuing and discontinued operations. [Refer: Revenue] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) in cash and cash equivalents after the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Adjustments for non-cash items to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from borrowings obtained. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cash inflow from the exercise of options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The cash inflow from sales of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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NATURE OF OPERATIONS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Notes and other explanatory information [abstract] | |
| NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS
Kolibri Global Energy Inc. (the “Company” or “KEI”), was incorporated under the Business Corporations Act (British Columbia) on May 6, 2008. KEI is a North American energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The head office of the Company is located at Suite 220, 925 Broadbeck Drive, Thousand Oaks, CA USA 91320. The Company’s shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
These consolidated financial statements were authorized for issuance by the Board of Directors on March 25, 2025.
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| X | ||||||||||
- Definition The disclosure of expenses by nature. [Refer: Expenses, by nature] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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BASIS OF PREPARATION |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Notes and other explanatory information [abstract] | |
| BASIS OF PREPARATION | 2. BASIS OF PREPARATION
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively “IFRS Accounting Standards”).
New Standards and Interpretations adopted
Amendment to IFRS 16 – Leases on sale and leaseback. This amendment specifies how an entity accounts for a sale and leaseback after the date of the transaction. The Company adopted this standard on January 1, 2024 and it did not have a significant impact to the Company.
Amendment to IAS 1 – Non-current liabilities with covenants and Classification of Liabilities as Current or Non-current. These amendments specify requirements regarding classification of current and noncurrent liabilities and how an entity must comply within twelve months after the reporting period affecting the classification of a liability. The Company adopted these standards on January 1, 2024 and they did not have a significant impact to the Company.
Amendment to IAS 7 and IFRS 7 – Supplier finance. This amendment requires disclosures of supplier finance arrangements and their impact to a company’s liquidity risk. The Company adopted this standard on January 1, 2024 and it did not have a significant impact to the Company.
New Standards and Interpretations not yet adopted
The following future IFRS standards have not yet been adopted by the Company:
Amendments to IAS 21 – Lack of Exchangeability. These amendments specify accounting for transactions in foreign currency that are not exchangeable into another currency at their measurement date. These amendments are effective for annual periods beginning on or after January 1, 2025 and are not expected to have a significant impact on the Company.
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). These amendments specify accounting and disclosure requirements for certain contracts. These amendments are effective for annual periods beginning on or after January 1, 2026 and are not expected to have a significant impact on the Company.
IFRS 18 – Presentation and Disclosure in Financial Statements. This statement specifies requirements for the presentation and disclosure of information in financial statements. The statement is effective for annual periods beginning on or after January 1, 2027 and the Company is currently assessing the impact of this statement.
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for certain items which are measured at fair value.
The methods used to measure fair values are discussed in Note 5.
Operating segments
The Company sells crude oil, natural gas and natural gas liquids that are extracted from its Tishomingo field in Oklahoma under its wholly-owned subsidiary, Kolibri Energy US Inc. The Company has chosen its reportable segment by geographical area with the United States being its only reportable segment.
Functional and presentation currency
These consolidated financial statements are presented in US dollars, which is the Company’s functional and reporting currency.
Reclassifications
In preparing the financial statements for the year ended December 31, 2024, the Company identified certain reclassifications necessary to conform prior-year amounts to the current year’s presentation. These reclassifications had no impact on previously reported net income, total assets, total liabilities, equity, or cash flows.
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| X | ||||||||||
- Definition The disclosure of the basis used for the preparation of the financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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MANAGEMENT ESTIMATES AND JUDGEMENTS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Notes and other explanatory information [abstract] | |
| MANAGEMENT ESTIMATES AND JUDGEMENTS | 3. MANAGEMENT ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires management to make estimates and use judgment regarding the reported amounts of assets and liabilities, the disclosures of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the year. By their nature, estimates are subject to measurement uncertainty and changes in such estimates in future years could require a material change in the financial statements. Accordingly, actual results may differ from the estimated amounts.
Significant estimates and judgments made by management in the preparation of these consolidated financial statements are as follows:
Judgments
Cash generating units
Development and production assets are assessed for recoverability at a cash generating unit (“CGU”) level. The determination of CGUs is subject to management judgments relating to geographical proximity.
Impairment indicators
Significant judgment is required to assess indicators of impairment or impairment reversal which would require an impairment test. Management considers internal and external sources of information including forecasted oil and gas commodity prices, forecasted production volumes and estimates of recoverable proved and probable oil and gas reserves to estimate future cash flows. Judgment is required to assess these factors when determining whether an asset has been impaired or needs to be reversed.
Income taxes
Tax interpretations, regulations and legislation in the various jurisdictions in which the Company operates are subject to change. As such income taxes are subject to measurement uncertainty. Deferred income tax assets are assessed by management at the end of the reporting period to determine the likelihood that they will be recovered from future taxable earnings. This requires making assumptions regarding future profitability which impacts the amounts recognized for deferred tax assets.
Significant Estimates
Reserves
The Company uses estimated proved and probable oil and gas reserves to deplete development and production assets included in property, plant and equipment (“PP&E”), to assess for indicators of impairment or impairment reversal on the Company’s cash generating unit (“CGU”) and if any such indicators exist, to perform an impairment test to estimate the recoverable amount of the CGU. Estimates of economically recoverable proved and probable oil and gas reserves are based upon a number of significant assumptions, such as forecasted production, oil and gas commodity prices, operating costs, royalty costs, and future development costs. Changes in forecasted oil and gas commodity price assumptions, production costs or recovery rates may change the economic status of reserves and may ultimately result in a revision of oil and gas reserves. The discount rate used to calculate the net present value of cash flows may be influenced by changes in the general economic environment which could result in significant changes to the estimated recoverable value.
Independent third-party reserve evaluators are engaged at least annually to estimate proved and probable oil and gas reserves and the related cash flows from the Company’s interest in oil and gas properties.
Assumptions that are valid at the time of reserve estimation may change significantly when additional information becomes available.
Units of production depletion
The Company applies the Units of Production method to record depletion expense for its oil and gas production assets. Under this method, depreciation expense is calculated based on the ratio of actual production during the period to the estimated total proved developed reserves for the field. The calculation of depletion relies on estimates of proved developed reserves, which are subject to geological, engineering, and economic assessments. These estimates may change due to technical studies, changes in oil prices, or regulatory factors. Changes in reserve estimates also impacts the depletion expense per unit, which could impact the carrying value of the Company’s oil and gas properties.
Asset retirement obligations
The provision for site restoration and abandonment is based on current legal requirements, technology, price levels and expected plans and are based on significant assumptions such as inflation rate, discount rate and costs to abandon and reclaim. Actual costs and cash outflows can differ from estimates because of changes in laws or regulations, market conditions and changes in technology.
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| X | ||||||||||
- Definition The disclosure of judgements that management has made in the process of applying the entity's accounting policies that have the most significant effect on amounts recognised in the financial statements along with information about the assumptions that the entity makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. [Refer: Carrying amount [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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MATERIAL ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||
| Notes and other explanatory information [abstract] | ||||||||||||||||||||||||||||||||||||||||||
| MATERIAL ACCOUNTING POLICIES | 4. MATERIAL ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements, and have been applied consistently by the Company and its subsidiaries.
Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
The Company has the following wholly owned subsidiaries: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES
Jointly owned operations and assets
Many of the Company’s oil and natural gas activities involve jointly owned assets. The consolidated financial statements include the Company’s share of these jointly owned assets and a proportionate share of the relevant revenue and related costs.
Transactions eliminated on consolidation
Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.
Foreign currency
Transactions in foreign currencies are translated to United States dollars at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars at the period end exchange rate. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on translation are recognized in finance income or expense in the statement of operations.
Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise accounts receivable and other receivables, cash and cash equivalents, loans and borrowings and accounts payable and other payables and lease liabilities. Non-derivative financial instruments are recognized when the Company becomes a party to the contractual provisions of the instruments. The Company classifies its non-derivative financial instruments into one of the following categories, depending on the purpose for which the instrument was acquired: amortized cost, fair value through other comprehensive income or fair value through profit or loss. Instruments at amortized cost are initially recognized at fair value plus transaction cost that are directly attributable to their acquisition or issue, the other categories are initially measured at fair value Subsequent to initial recognition, non-derivative financial instruments are measured as described below.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, term deposits with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management, whereby management has the ability and intent to net bank overdrafts against cash, are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. The Company has designated cash and cash equivalents at amortized cost. There were no cash equivalents at December 31, 2024 and 2023.
Financial assets at fair value through profit or loss
The Company has the option to record financial instruments at fair value and recognize the change in fair value subsequent to initial recognition into the statement of operations. This option must be designated at the time that the financial asset is initially recognized by the Company. The Company only makes this designation if it has a documented risk management and investment strategy that it uses to make purchase and sale decisions regarding the financial assets. If the Company chooses this option, attributable transaction costs related to the financial instruments are recognized in the statement of operations when incurred.
Other
Other non-derivative financial instruments, such as accounts receivable and other receivables, loans and borrowings, accounts payable and other payables and lease liabilities, are measured at amortized cost using the effective interest method, less any impairment losses.
Derivative financial instruments
The Company has entered into certain financial derivative contracts in order to reduce its exposure to market risks from fluctuations in commodity prices. These instruments are not used for trading or speculative purposes. The Company has not designated its financial derivative contracts as accounting hedges, and thus has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, all financial derivative contracts are classified at fair value through profit or loss and are recorded on the statement of financial position at fair value. Transaction costs are recognized in profit or loss when incurred.
Share capital
Common shares
Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects.
Treasury shares
Treasury shares are recognized at their acquisition cost and presented as a deduction from equity. All treasury shares are cancelled after they are repurchased.
Property, plant and equipment
Recognition and measurement
Development and production assets
Items of property, plant and equipment, which include development and production assets, are measured at cost less accumulated depletion and depreciation and accumulated impairment write-offs. Costs that are capitalized include drilling and completion costs, facilities and flowlines and lease and well equipment. Development and production assets are grouped into CGUs for impairment testing, net of reversals. The Company has grouped its development and production assets into a single CGU. When significant parts of an item of property, plant and equipment, which included development and production assets, have different useful lives, they are accounted for as separate items (major components).
Gains and losses on disposal of an item of property, plant and equipment, including development and production assets, are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized net in the statement of operations.
Subsequent costs
Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of property, plant and equipment are recognized as development and production assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized development and production assets generally represent costs incurred in developing proved and probable oil and gas reserves and bringing in or enhancing production from such proved and probable oil and gas reserves, and are accumulated on a field or geotechnical area basis. The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.
Depletion and depreciation
The Company depletes its net carrying value of development and production assets using the unit-of-production method by reference to the ratio of production in the period to the related proved and probable oil and gas reserves, taking into account estimated forecasted future development costs necessary to bring those reserves into production. Forecasted future development costs are determined taking into account the level of development required to produce the proved and probable oil and gas reserves and are estimated by independent third-party reserve evaluators at least annually.
Proved and probable oil and gas reserves are estimated using independent third-party reserve evaluators reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible.
For other assets, depreciation is recognized in the statement of operations on a declining balance basis over the estimated useful lives of each part of an item of property, plant and equipment.
The estimated useful lives for other assets for the current and comparative years are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES FOR OTHER ASSETS
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
Leases
The Company accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: (a) There is an identified asset; (b) The Company obtains substantially all of the economic benefits from use of the asset; and (c) The Company has the right to direct use of the asset.
Leases are recognized as a right of use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Company except for leases of low value assets and leases with a duration of 12 months or less. The cost of right of use assets includes the amount of lease liabilities recognized and initial direct costs incurred less any lease incentives received. The right of use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
The lease liability is measured at the present value of lease payments to be made over the lease term, discounted using the Company’s incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available. Each lease payment is allocated between the repayment of the principal portion of lease liability and the interest portion, which is recorded in accretion expense. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.
Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
Impairment
Financial assets
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.
The Company recognizes loss allowances for expected credit losses on its financial assets measured at amortized cost. The loss allowance is calculated at an amount equal to expected lifetime expected credit losses.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.
All impairment losses are recognized in the statement of operations.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost the reversal is recognized in the statement of operations.
Non-financial assets
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there are any external or internal indicators of impairment or impairment reversal. If any such indicators of impairment or impairment reversal exist, the Company performs an impairment test to estimate the asset’s or CGU’s recoverable amount.
For the purpose of impairment testing, development and production assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (CGUs). The estimated recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. At December 31, 2024 and 2023, the Company has only one CGU, the Tishomingo field in Oklahoma.
In assessing value in use, the estimated recoverable amount is determined based on estimated proved and probable oil and gas reserves and the related cash flows that are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The estimated proved and probable oil and gas reserves and the related cash flows are estimated by the Company’s independent third-party reserve evaluators.
Fair value less cost to sell is determined as the amount that would be obtained from the sale of a CGU in an arm’s length transaction between knowledgeable and willing parties. The fair value less cost to sell of oil and gas assets is generally determined as the net present value of the estimated future cash flows expected to arise from the continued use of the CGU, including any expansion prospects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted by an appropriate discount rate which would be applied by such a market participant to arrive at a net present value of the CGU.
An impairment charge is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment charges, if any, are recognized on the statement of operations.
Impairment charges, other than those related to goodwill, recognized in prior years are assessed at each reporting date for any indications that the historic charge has decreased or no longer exists. An impairment charge is reversed if there has been a change in the estimates used to determine the estimated recoverable amount. An impairment charge is reversed when the recoverable amount exceeds the carrying amount and only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment charge had been recognized.
Share based payments
The grant date fair value of options and restricted stock units (RSUs) granted to employees are recognized as compensation expense with a corresponding increase in contributed surplus over the vesting period. The Company capitalizes a portion of share based compensation that is directly attributable to development activities. When share options are exercised, the previously recognized value in contributed surplus is recorded as an increase to share capital. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest.
Provisions
The Company recognizes provisions for liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are not recognized for future operating losses.
Asset retirement obligations (ARO)
The Company’s activities give rise to dismantling, decommissioning and site disturbance re-mediation activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.
Asset retirement obligations are measured at the present value, using a credit adjusted risk free rate, of management’s best estimate of expenditure required to settle the present obligation at the balance sheet date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs in the statement of operations whereas increases/decreases due to changes in the estimated future cash flows and changes in the discount rate are capitalized. Actual costs incurred upon settlement of the asset retirement obligations are charged against the provision to the extent the provision was established.
Revenue
Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.
Finance income and expense
Finance expense comprises interest expense on borrowings, accretion of the discount on ARO, foreign exchange losses and unrealized losses on financial assets. Finance income comprises interest income, realized and unrealized gains on financial assets and foreign exchange gains.
Interest income is recognized as it accrues in the statement of operations, using the effective interest method.
Foreign currency gains and losses, change in the value of financial commodity contracts reported under finance income and expenses, are reported on a net basis.
Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognized in the statement of operations except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of dilutive instruments such as options and restricted stock units granted to employees.
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- Definition The disclosure of changes made to accounting policies by the entity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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DETERMINATION OF FAIR VALUES |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Notes and other explanatory information [abstract] | |
| DETERMINATION OF FAIR VALUES | 5. DETERMINATION OF FAIR VALUES
A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.
Property, plant and equipment
The fair value of property, plant and equipment recognized in a business combination and related decommissioning obligation is based on market values. The market value of property, plant and equipment is the estimated amount for which property, plant and equipment could be exchanged on the acquisition date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value of oil and gas properties (included in property, plant and equipment) is estimated with reference to discounted proved and probable oil and gas reserves and the related cash flows based on independent third-party reserve evaluators reports. The risk-adjusted discount rate is specific to the asset with reference to general market conditions.
Cash and cash equivalents, accounts receivable and other receivables, accounts payable and other payables and loans and borrowings
The fair value of cash and cash equivalents, accounts receivable and other receivables, accounts payable and other payables and loans and borrowings is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. The fair value of these balances approximate their carrying value due to their short term to maturity or in the case of loans and borrowings, the fair value approximates its carrying value as it bears interest at floating rates and the premium charged was indicative of the Company’s current credit premium.
Derivatives
The fair value of forward contracts is derived from quoted prices received from financial institutions and is based on published forward price curves as at the measurement date, using the remaining contracted oil and natural gas volumes.
Stock options
The fair value of stock options is measured using a Black Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), forfeiture rate, weighted average expected life of the instruments (based on historical experience and general option holder behavior) and the risk-free interest rate (based on government bonds).
Restricted Stock Units
The fair value of restricted stock units is measured using the closing price of the common stock on the date of grant.
The Company classifies fair value measurements according to the following hierarchy based on the amount of observable inputs used to value the instrument:
Level 1 fair value measurements are based on unadjusted quoted market prices.
Level 2 fair value measurements are based on valuation models and techniques where the significant inputs are derived from quoted indices.
Level 3 fair value measurements are based on unobservable information. The level 3 fair value measurements pertain to the fair value assigned to property, plant and equipment, intangible exploration assets and other intangible assets acquired in business combinations.
The Company’s commodity derivative contracts are classified as Level 2.
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| X | ||||||||||
- Definition The entire disclosure for fair value measurement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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FINANCIAL RISK MANAGEMENT |
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| Notes and other explanatory information [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL RISK MANAGEMENT | 6. FINANCIAL RISK MANAGEMENT
Overview
The Company’s activities expose it to a variety of financial risks that arise as a result of its exploration, development, production, and financing activities such as:
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies and processes for measuring and managing risk, and the Company’s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.
The Board of Directors oversees management’s establishment and execution of the Company’s risk management framework. Management has implemented and monitors compliance with risk management policies. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company’s activities.
Credit risk
The Company’s accounts receivable are with customers and joint interest partners in the petroleum and natural gas business and are subject to normal credit risks. Concentration of credit risk is mitigated by marketing to numerous purchasers under normal industry sale and payment terms. The Company routinely assesses the financial strength of its customers.
The Company is exposed to certain losses in the event of non-performance by counterparties to commodity price contracts. The Company mitigates this risk by entering into transactions with highly rated financial institutions. At December 31, 2024 and 2023, financial assets on the statement of financial position are comprised of cash and cash equivalents, accounts receivable and other receivables and commodity contracts.
The maximum credit exposure at December 31, 2024 is the net carrying amount of cash and cash equivalents, accounts receivable and other receivables and the fair value of commodity contracts of $14.3 million. The maximum credit exposure at December 31, 2023 is the net carrying amount of cash and cash equivalents, accounts receivable and other receivables and the fair value of commodity contracts of $6.1 million. The cash and cash equivalents are held by major international and US based financial institutions. As is common in the petroleum and natural gas industry in the United States, receivables relating to the sale of petroleum are received on or about the 20th day of the following month while receivables relating to the sale of natural gas and NGLs are received on or about 45 days after month-end. The $9.7 million balance of accounts receivable and other receivables at December 31, 2024 is substantially all accounts receivables and the largest amount owed from any one customer is $7.8 million. Subsequent to year end, substantially all of the outstanding accounts receivables at December 31, 2024 have been collected. Accounts receivable include amounts from joint interest partners relating to their interest in operating costs and capital spent. As the operator of properties, the Company has the ability to not allocate production to joint interest partners who are in default of amounts owing. At December 31, 2024, the expected credit loss was $nil (2023 - $nil).
The components of the accounts receivables aging at December 31, 2024 are as follows: SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING
The components of the accounts receivables aging at December 31, 2023 are as follows:
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
Typically the Company ensures that it has sufficient cash on demand and cash flow from operations to meet expected operational expenses for a one-year period, including the servicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. To achieve this objective, the Company prepares annual capital expenditure budgets, which are regularly monitored and updated as considered necessary. Further, the Company utilizes authorizations for expenditures on both operated and non-operated projects to further manage capital expenditure. The Company also attempts to match its payment cycle with collection of oil revenue on the 20th of each month.
The Company monitors its expected cash inflows from accounts receivable and other receivables and its expected cash outflows on accounts payable and other payables and principal debt payments. The Company plans to utilize its cash on hand and cash inflows to fund any principal payments as well as its accounts payable.
The following are the contractual maturities of financial liabilities at December 31, 2024: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS
Market risk
Market risk is the risk that changes in market prices, such as commodity prices, foreign exchange rates and interest rates will affect the Company’s income or the value of the financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
The Company uses financial derivatives contracts to manage market risks. All such transactions are conducted within risk management tolerances that are reviewed by the Board of Directors.
Expenditures for certain corporate general and administrative expenses and professional fees are denominated in Canadian dollars. The average exchange rate during the year was 1 Canadian dollar equals $0.730 USD (2023 - 1 Canadian dollar: $ 0.741 USD) and the exchange rate at December 31, 2024 was 1 Canadian dollar equals $0.695 USD (2023 - 1 Canadian dollar: $0.756 USD).
A 1 percent change in the Canadian dollar against the USD at December 31, 2024 would have changed net income by $1 (2023 - $1). This analysis assumes that all other variables remain constant.
Commodity price risk
Commodity price risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for oil and natural gas are impacted by general market conditions in the United States as well as world economic events that dictate the levels of supply and demand.
It is the Company’s policy to economically hedge some oil and natural gas sales through the use of various financial derivative forward sales contracts and physical sales contracts. In addition, BOK Financial may require the Company to hedge oil sales as part of the redetermination process. The Company does not apply hedge accounting for these contracts. The Company’s production is usually sold using “spot” or near term contracts, with prices fixed at the time of transfer of custody or on the basis of a monthly average market price. The Company, however, may give consideration in certain circumstances to the appropriateness of entering into long term, fixed price marketing contracts. The Company does not enter into commodity contracts other than to meet the Company’s expected sale requirements.
The Company has entered into financial commodity contracts which are summarized in the table below. Total volume hedged in the table is the annual volumes and price is the fixed price specified in the financial commodity contracts.
At December 31, 2024, the following financial commodity contracts were outstanding and recorded at estimated fair value: SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING
The estimated fair value is a $0.3 million asset as of December 31, 2024 (December 31, 2023: $0.1 million liability) for the financial oil and gas contracts which has been determined based on the prospective amounts that the Company would receive or pay to terminate the contracts, consisting of a current asset of $0.2 million and a long term asset of $0.1 million (December 31, 2023: current liability of $0.2 million and a long term asset of $0.1 million).
Subsequent to year-end, the Company entered into the following additional financial commodity contracts:
The realized and unrealized gains/losses from the financial commodity contracts are as follows: SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS
Capital management
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Company manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying oil and natural gas assets. The Company considers its capital structure to include shareholders’ equity, loans and borrowings and working capital. In order to maintain or adjust the capital structure, the Company may from time to time issue shares, enter into farm-out agreements and adjust its capital spending to manage current and projected debt levels.
In order to facilitate the management of this ratio, the Company prepares annual capital expenditure budgets, which are updated as necessary depending on varying factors including current and forecast prices, successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The Company generally acts as the operator of its wells and therefore can monitor and control the amount of capital expenditures it incurs. For non-operated wells, the Company could opt out of participating in its share of the well.
There were no changes in the Company’s approach to capital management during the year.
The credit facilities are subject to a semi-annual review of the borrowing base.
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- Definition The disclosure of the entity's financial risk management practices and policies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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REVENUES |
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| REVENUES | 7. REVENUES
Oil, natural gas liquids and natural gas are mostly sold under contracts of varying price and volume terms. Revenues for oil are typically collected on the 20th day of the month following production, while natural gas and NGL revenues are collected by the 45th day of the month following production. The amount of accrued accounts receivable at December 31, 2024 was $9.7 million (2023 - $5.5 million).
The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source: SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE
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- Definition The entire disclosure for revenue. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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SUPPLEMENTAL CASH FLOW INFORMATION |
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| SUPPLEMENTAL CASH FLOW INFORMATION |
8. SUPPLEMENTAL CASH FLOW INFORMATION
Changes in non-cash flow working capital is comprised of: SCHEDULE OF CHANGES IN NON-CASH FLOW WORKING CAPITAL
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- References No definition available.
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- Definition The entire disclosure for a statement of cash flows. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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PROPERTY, PLANT AND EQUIPMENT |
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| Disclosure of detailed information about property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT | 9. PROPERTY, PLANT AND EQUIPMENT
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
Impairment
There were no indicators of impairment at December 31, 2024 and 2023.
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- References No definition available.
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- Definition The entire disclosure for property, plant and equipment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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LEASES AND RIGHT OF USE ASSETS |
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| Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| LEASES AND RIGHT OF USE ASSETS | 10. LEASES AND RIGHT OF USE ASSETS
The Company records right of use assets for its corporate headquarters and compressors that are used for its field operations.
SCHEDULE OF RIGHT OF USE ASSETS
The amount of interest accretion recorded in the statement of operations totaled $82 and $103 for the years ended December 31, 2024 and 2023, respectively.
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- Definition The entire disclosure for leases. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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INCOME TAXES |
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| Major components of tax expense (income) [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | 11. INCOME TAXES
The Company’s income tax (benefit) provision consisted of the following components (in thousands):
SCHEDULE OF INCOME TAX BENEFIT
The provision for income taxes reported differs from the amounts computed by applying the cumulative US federal and state income tax rates to the net loss before tax provision due to the following: SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION
Deferred tax liabilities and assets are attributable to the following: SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS
Unrecognized deferred tax assets
Deferred tax assets have not been recognized for the following deductible temporary differences: SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS
Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available against which they can be utilized.
The Company has net operating losses carried forward which may be available to offset future income for income tax purposes expiring over the periods 2028 to 2039. The Company has net operating losses of approximately $112 million in the US, $139 million in US States and $21 million in Canada. The Canada net operating losses are unrecognized.
The Company has temporary differences associated with its investments in its foreign subsidiaries. The Company has no deferred tax liabilities in respect of these temporary differences.
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- Definition The entire disclosure for income taxes. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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SHARE CAPITAL |
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Dec. 31, 2024 | |
| Disclosure of classes of share capital [abstract] | |
| SHARE CAPITAL | 12. SHARE CAPITAL
At December 31, 2024 and 2023, the Company was authorized to issue an unlimited number of common shares. The common shares have no par value. The holders of common shares are entitled to receive dividends if they are declared by the Company and are entitled to one vote per share at meetings of the Company.
During 2024, the Company repurchased 280,656 shares of common shares for $1,154 which are recorded as treasury stock which represents a reduction of shareholders equity.
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- References No definition available.
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- Definition The disclosure of classes of share capital. [Refer: Classes of share capital [domain]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EARNINGS PER SHARE |
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| Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE | 13. EARNINGS PER SHARE SCHEDULE OF EARNINGS PER SHARE
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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LOANS AND BORROWINGS |
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| Borrowing costs [abstract] | |
| LOANS AND BORROWINGS | 14. LOANS AND BORROWINGS
In May 2022, the Company’s US subsidiary, Kolibri Energy US Inc., amended the credit facility from BOK Financial, which is secured by the assets in the Tishomingo Field CGU. The credit facility expires in June 2026 and the principal amount is not required to be paid until maturity. The credit facility is intended to fund the drilling of the Caney wells in the Tishomingo Field.
The borrowing base of the credit facility is $50.0 million from the latest redetermination in October 2024 and the Company has an available borrowing capacity of $16.5 million at December 31, 2024. The credit facility is subject to a semi-annual review and redetermination of the borrowing base. The next redetermination will be in the second quarter of 2025. Future commitment amounts will be subject to new reserve evaluations and there is no guarantee that the size and terms of the credit facility will remain the same after the borrowing base redetermination. Any redetermination of the borrowing base is effective immediately and if the borrowing base is reduced, the Company has six months to repay any shortfall.
The credit facility has two primary quarterly debt covenants. One covenant requires the US subsidiary to maintain a positive working capital balance which includes any unused excess borrowing capacity and excludes the fair value of commodity contracts, the current portion of long-term debt (the “Current Ratio”). The second covenant ensures the ratio of outstanding debt and long-term liabilities to a trailing twelve month adjusted EBITDA amount (the “Maximum Leverage Ratio”) be no greater than 3 to 1 at any quarter end. Adjusted EBITDA is defined as net income excluding interest expense, depreciation, depletion and amortization expense, and other non-cash and non-recurring charges including severance, share based compensation expense and unrealized gains or losses on commodity contracts. If a covenant is not met, this would be an event of default and the loan would be repayable on demand.
The Company was in compliance with both covenants for the quarter ended December 31, 2024. At December 31, 2024, the Current Ratio of the US Subsidiary was 1.94 to 1.0 and the Maximum Leverage Ratio was 0.80 to 1.0 for the three months ended December 31, 2024. The Company was in compliance with both covenants for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.
At December 31, 2024, loans and borrowings of $33.5 million (December 31, 2023: $30.0 million) are presented net of loan acquisition costs of $0.2 million (December 31, 2023: $0.3 million). The average interest rate on the credit facility was 9.70% and 9.37% for the years ended December 31, 2024 and 2023, respectively.
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- References No definition available.
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- Definition The disclosure of borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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SHARE BASED PAYMENTS |
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| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE BASED PAYMENTS | 15. SHARE BASED PAYMENTS
Stock Options
The Company has an option program that entitles officers, directors, employees and certain consultants to purchase common shares in the Company. Options are granted with an exercise price at the closing market price of the shares at the date of grant, have a range of five to ten year terms and vest over two years. Stock options are valued using the fair-value method where compensation cost attributable to all share units granted are measured at fair value at the grant date using a Black Scholes option pricing model and expensed over the vesting period with a corresponding increase to contributed surplus. Each vesting tranche is expensed separately. No expected dividends are considered since the Company has not paid any dividends. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of units that vest.
The number and weighted average exercise prices of share options are as follows (in Canadian dollars): SCHEDULE OF SHARE OPTIONS ACTIVITY
The range of exercise prices of the outstanding stock options for December 31, 2024 is as follows (in Canadian dollars): SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS
The range of exercise prices of the outstanding stock options for December 31, 2023 is as follows (in Canadian dollars):
The fair value of the stock options at grant date was estimated using Black Scholes model with the following weighted average inputs: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS
Restricted Stock Units
The Company has a restricted stock unit (“RSU”) program that entitles officers, directors and employees to obtain RSUs that are issuable as shares in the Company as they are vested. The RSUs are redeemable over a three year vesting period, with the 1/3 of the grant vesting on the first, second and third years from the date of grant. RSUs are valued using the fair-value method where compensation cost attributable to all share units granted are measured at fair value at the grant date using the closing share price and expensed over the vesting period with a corresponding increase to contributed surplus. No expected dividends are considered since the Company has not paid any dividends. The Company capitalizes a portion of share based compensation that is directly attributable to development activities. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of units that vest.
The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows (in Canadian dollars): SCHEDULE OF NUMBER AND WEIGHTED AVERAGE FAIR VALUE OF RESTRICTED STOCK UNITS
Stock based compensation was recorded as follows: SCHEDULE OF STOCK BASED COMPENSATION
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- Definition The entire disclosure for share-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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ASSET RETIREMENT OBLIGATIONS (ARO) |
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| Asset Retirement Obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ASSET RETIREMENT OBLIGATIONS (ARO) | 16. ASSET RETIREMENT OBLIGATIONS (ARO) SCHEDULE OF ASSET RETIREMENT OBLIGATIONS
The Company’s asset retirement obligation results from its ownership interest in oil and natural gas assets including well sites and gathering systems. The total future site restoration obligation is estimated based on the Company’s net ownership interest in all wells and facilities, estimated costs to reclaim and abandon these wells and facilities and the estimated timing of the costs to be incurred in future years. The Company has estimated the net present value of ARO to be $2,168 as at December 31, 2024 (2023 - $1,966) based on an undiscounted total future liability of $3,246 (2023 - $2,833). These payments are expected to be made over the next 12 years with the majority of costs to be incurred between 2025 and 2032. The discount factor, which is the risk-free rate related to the liability, is 4.85% (2023: 4.15%) and the inflation rate was 2.44% (2023: 2.33%).
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- References No definition available.
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- Definition Disclosure of asset retirement obligations explanatory. No definition available.
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RELATED PARTIES |
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| Disclosure of transactions between related parties [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTIES | 17. RELATED PARTIES
Key management personnel includes the Board of Directors and executive officers of the Company. Key management personnel compensation is comprised of the following: SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION
The Company purchased $486 of oil and gas assets from a related party for the year ended December 31, 2023. All transactions with related parties were conducted on terms equivalent to arm’s length transactions and in accordance with the Company’s normal business practices including repayment terms.
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- Definition The entire disclosure for related parties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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EXPENSE CLASSIFICATION |
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| Expenses by nature [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EXPENSE CLASSIFICATION | 18. EXPENSE CLASSIFICATION
The Company’s consolidated statements of operations is prepared primarily by nature of expense with the exception of employee compensation costs, which are included in both production and operating expenses and general and administrative expenses. The compensation costs include employees’ salary and benefit costs.
The following table details the amount of total compensation costs included in production and operating expenses and general and administrative expenses on the statements of operations: SCHEDULE OF GENERAL AND ADMINISTRATION EXPENSES
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- Definition The disclosure of other operating expense. [Refer: Other operating income (expense)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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MATERIAL ACCOUNTING POLICIES (Policies) |
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| Notes and other explanatory information [abstract] | ||||||||||||||||||||||||||||||||||||
| Basis of consolidation | Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
The Company has the following wholly owned subsidiaries: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES
Jointly owned operations and assets
Many of the Company’s oil and natural gas activities involve jointly owned assets. The consolidated financial statements include the Company’s share of these jointly owned assets and a proportionate share of the relevant revenue and related costs.
Transactions eliminated on consolidation
Intercompany balances and transactions, and any unrealized income and expenses arising from intercompany transactions, are eliminated in preparing the consolidated financial statements.
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| Foreign currency | Foreign currency
Transactions in foreign currencies are translated to United States dollars at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars at the period end exchange rate. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on translation are recognized in finance income or expense in the statement of operations.
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| Financial instruments | Financial instruments
Non-derivative financial instruments
Non-derivative financial instruments comprise accounts receivable and other receivables, cash and cash equivalents, loans and borrowings and accounts payable and other payables and lease liabilities. Non-derivative financial instruments are recognized when the Company becomes a party to the contractual provisions of the instruments. The Company classifies its non-derivative financial instruments into one of the following categories, depending on the purpose for which the instrument was acquired: amortized cost, fair value through other comprehensive income or fair value through profit or loss. Instruments at amortized cost are initially recognized at fair value plus transaction cost that are directly attributable to their acquisition or issue, the other categories are initially measured at fair value Subsequent to initial recognition, non-derivative financial instruments are measured as described below.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, term deposits with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts that are repayable on demand and form an integral part of the Company’s cash management, whereby management has the ability and intent to net bank overdrafts against cash, are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. The Company has designated cash and cash equivalents at amortized cost. There were no cash equivalents at December 31, 2024 and 2023.
Financial assets at fair value through profit or loss
The Company has the option to record financial instruments at fair value and recognize the change in fair value subsequent to initial recognition into the statement of operations. This option must be designated at the time that the financial asset is initially recognized by the Company. The Company only makes this designation if it has a documented risk management and investment strategy that it uses to make purchase and sale decisions regarding the financial assets. If the Company chooses this option, attributable transaction costs related to the financial instruments are recognized in the statement of operations when incurred.
Other
Other non-derivative financial instruments, such as accounts receivable and other receivables, loans and borrowings, accounts payable and other payables and lease liabilities, are measured at amortized cost using the effective interest method, less any impairment losses.
Derivative financial instruments
The Company has entered into certain financial derivative contracts in order to reduce its exposure to market risks from fluctuations in commodity prices. These instruments are not used for trading or speculative purposes. The Company has not designated its financial derivative contracts as accounting hedges, and thus has not applied hedge accounting, even though the Company considers all commodity contracts to be economic hedges. As a result, all financial derivative contracts are classified at fair value through profit or loss and are recorded on the statement of financial position at fair value. Transaction costs are recognized in profit or loss when incurred.
Share capital
Common shares
Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects.
Treasury shares
Treasury shares are recognized at their acquisition cost and presented as a deduction from equity. All treasury shares are cancelled after they are repurchased.
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| Property, plant and equipment | Property, plant and equipment
Recognition and measurement
Development and production assets
Items of property, plant and equipment, which include development and production assets, are measured at cost less accumulated depletion and depreciation and accumulated impairment write-offs. Costs that are capitalized include drilling and completion costs, facilities and flowlines and lease and well equipment. Development and production assets are grouped into CGUs for impairment testing, net of reversals. The Company has grouped its development and production assets into a single CGU. When significant parts of an item of property, plant and equipment, which included development and production assets, have different useful lives, they are accounted for as separate items (major components).
Gains and losses on disposal of an item of property, plant and equipment, including development and production assets, are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized net in the statement of operations.
Subsequent costs
Costs incurred subsequent to the determination of technical feasibility and commercial viability and the costs of replacing parts of property, plant and equipment are recognized as development and production assets only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Such capitalized development and production assets generally represent costs incurred in developing proved and probable oil and gas reserves and bringing in or enhancing production from such proved and probable oil and gas reserves, and are accumulated on a field or geotechnical area basis. The carrying amount of any replaced or sold component is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognized in profit or loss as incurred.
Depletion and depreciation
The Company depletes its net carrying value of development and production assets using the unit-of-production method by reference to the ratio of production in the period to the related proved and probable oil and gas reserves, taking into account estimated forecasted future development costs necessary to bring those reserves into production. Forecasted future development costs are determined taking into account the level of development required to produce the proved and probable oil and gas reserves and are estimated by independent third-party reserve evaluators at least annually.
Proved and probable oil and gas reserves are estimated using independent third-party reserve evaluators reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible.
For other assets, depreciation is recognized in the statement of operations on a declining balance basis over the estimated useful lives of each part of an item of property, plant and equipment.
The estimated useful lives for other assets for the current and comparative years are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES FOR OTHER ASSETS
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
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| Leases | Leases
The Company accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: (a) There is an identified asset; (b) The Company obtains substantially all of the economic benefits from use of the asset; and (c) The Company has the right to direct use of the asset.
Leases are recognized as a right of use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Company except for leases of low value assets and leases with a duration of 12 months or less. The cost of right of use assets includes the amount of lease liabilities recognized and initial direct costs incurred less any lease incentives received. The right of use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
The lease liability is measured at the present value of lease payments to be made over the lease term, discounted using the Company’s incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily available. Each lease payment is allocated between the repayment of the principal portion of lease liability and the interest portion, which is recorded in accretion expense. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement.
Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
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| Impairment | Impairment
Financial assets
A financial asset is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset.
The Company recognizes loss allowances for expected credit losses on its financial assets measured at amortized cost. The loss allowance is calculated at an amount equal to expected lifetime expected credit losses.
Individually significant financial assets are tested for impairment on an individual basis. The remaining financial assets are assessed collectively in groups that share similar credit risk characteristics.
All impairment losses are recognized in the statement of operations.
An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. For financial assets measured at amortized cost the reversal is recognized in the statement of operations.
Non-financial assets
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there are any external or internal indicators of impairment or impairment reversal. If any such indicators of impairment or impairment reversal exist, the Company performs an impairment test to estimate the asset’s or CGU’s recoverable amount.
For the purpose of impairment testing, development and production assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (CGUs). The estimated recoverable amount of an asset or a CGU is the greater of its value in use and its fair value less costs to sell. At December 31, 2024 and 2023, the Company has only one CGU, the Tishomingo field in Oklahoma.
In assessing value in use, the estimated recoverable amount is determined based on estimated proved and probable oil and gas reserves and the related cash flows that are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. The estimated proved and probable oil and gas reserves and the related cash flows are estimated by the Company’s independent third-party reserve evaluators.
Fair value less cost to sell is determined as the amount that would be obtained from the sale of a CGU in an arm’s length transaction between knowledgeable and willing parties. The fair value less cost to sell of oil and gas assets is generally determined as the net present value of the estimated future cash flows expected to arise from the continued use of the CGU, including any expansion prospects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted by an appropriate discount rate which would be applied by such a market participant to arrive at a net present value of the CGU.
An impairment charge is recognized if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment charges, if any, are recognized on the statement of operations.
Impairment charges, other than those related to goodwill, recognized in prior years are assessed at each reporting date for any indications that the historic charge has decreased or no longer exists. An impairment charge is reversed if there has been a change in the estimates used to determine the estimated recoverable amount. An impairment charge is reversed when the recoverable amount exceeds the carrying amount and only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depletion and depreciation or amortization, if no impairment charge had been recognized.
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| Share based payments | Share based payments
The grant date fair value of options and restricted stock units (RSUs) granted to employees are recognized as compensation expense with a corresponding increase in contributed surplus over the vesting period. The Company capitalizes a portion of share based compensation that is directly attributable to development activities. When share options are exercised, the previously recognized value in contributed surplus is recorded as an increase to share capital. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of options that vest.
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| Provisions | Provisions
The Company recognizes provisions for liabilities of uncertain timing or amount. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are not recognized for future operating losses.
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| Asset retirement obligations (ARO) | Asset retirement obligations (ARO)
The Company’s activities give rise to dismantling, decommissioning and site disturbance re-mediation activities. Provision is made for the estimated cost of site restoration and capitalized in the relevant asset category.
Asset retirement obligations are measured at the present value, using a credit adjusted risk free rate, of management’s best estimate of expenditure required to settle the present obligation at the balance sheet date. Subsequent to the initial measurement, the obligation is adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs in the statement of operations whereas increases/decreases due to changes in the estimated future cash flows and changes in the discount rate are capitalized. Actual costs incurred upon settlement of the asset retirement obligations are charged against the provision to the extent the provision was established.
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| Revenue | Revenue
Revenue is recognized when the performance obligations are satisfied and revenue can be reliably measured. Revenue is measured at the consideration specified in the contracts and represents amounts receivable for goods or services provided in the normal course of business, net of discounts, customs duties and sales taxes. All revenue is based on variable prices. Performance obligations associated with the sale of crude oil, natural gas, and natural gas liquids are satisfied at the point in time when the products are delivered to and title passes to the customer. Performance obligations associated with processing services, transportation, and marketing services are satisfied at the point in time when the services are provided.
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| Finance income and expense | Finance income and expense
Finance expense comprises interest expense on borrowings, accretion of the discount on ARO, foreign exchange losses and unrealized losses on financial assets. Finance income comprises interest income, realized and unrealized gains on financial assets and foreign exchange gains.
Interest income is recognized as it accrues in the statement of operations, using the effective interest method.
Foreign currency gains and losses, change in the value of financial commodity contracts reported under finance income and expenses, are reported on a net basis.
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| Income tax | Income tax
Income tax expense comprises current and deferred tax. Income tax expense is recognized in the statement of operations except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
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| Earnings per share | Earnings per share
Basic earnings per share is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of dilutive instruments such as options and restricted stock units granted to employees. |
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| X | ||||||||||
- Definition Description of accounting policy for basis of consolidation. No definition available.
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for decommissioning, restoration and rehabilitation provisions. [Refer: Provision for decommissioning, restoration and rehabilitation costs] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for earnings per share. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for finance income and costs. [Refer: Finance income (cost)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for financial instruments. [Refer: Classes of financial instruments [domain]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for foreign currency translation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for the impairment of assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for income tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for leases. A lease is an agreement whereby the lessor conveys to the lessee in return for a payment or series of payments the right to use an asset for an agreed period of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for recognising revenue. [Refer: Revenue] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The description of the entity's material accounting policy information for transactions in which the entity: (a) receives goods or services from the supplier of those goods or services (including an employee) in a share-based payment arrangement; or (b) incurs an obligation to settle the transaction with the supplier in a share-based payment arrangement when another group entity receives those goods or services. [Refer: Types of share-based payment arrangements [domain]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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MATERIAL ACCOUNTING POLICIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||
| Notes and other explanatory information [abstract] | ||||||||||||||||||||||||||||||||||||
| SCHEDULE OF WHOLLY OWNED SUBSIDIARIES | The Company has the following wholly owned subsidiaries: SCHEDULE OF WHOLLY OWNED SUBSIDIARIES
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| SCHEDULE OF ESTIMATED USEFUL LIVES FOR OTHER ASSETS | The estimated useful lives for other assets for the current and comparative years are as follows: SCHEDULE OF ESTIMATED USEFUL LIVES FOR OTHER ASSETS
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| X | ||||||||||
- Definition Disclosure of detailed information about estimated useful lives for property plant and equipment explanatory. No definition available.
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| X | ||||||||||
- Definition The disclosure of subsidiaries. [Refer: Total for all subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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FINANCIAL RISK MANAGEMENT (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes and other explanatory information [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING | The components of the accounts receivables aging at December 31, 2024 are as follows: SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING
The components of the accounts receivables aging at December 31, 2023 are as follows:
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| SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS | The following are the contractual maturities of financial liabilities at December 31, 2024: SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS
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| SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING | At December 31, 2024, the following financial commodity contracts were outstanding and recorded at estimated fair value: SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING
Subsequent to year-end, the Company entered into the following additional financial commodity contracts:
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| SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS | The realized and unrealized gains/losses from the financial commodity contracts are as follows: SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS
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| X | ||||||||||
- Definition Disclosure of detailed information about financial assets that either past due or impaired. No definition available.
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| X | ||||||||||
- Definition The disclosure of financial commodity contracts outstanding No definition available.
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| X | ||||||||||
- Definition The disclosure of detailed information about financial instruments. [Refer: Classes of financial instruments [domain]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of a maturity analysis for financial assets held for managing liquidity risk. [Refer: Financial assets; Liquidity risk [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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REVENUES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE | The following table presents the Company’s gross oil and gas revenue disaggregated by revenue source: SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE
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| X | ||||||||||
- Definition Description of oil and gas revenue explanatory. No definition available.
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| X | ||||||||||
- References No definition available.
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SUPPLEMENTAL CASH FLOW INFORMATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Cash Flow Information | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF CHANGES IN NON-CASH FLOW WORKING CAPITAL | Changes in non-cash flow working capital is comprised of: SCHEDULE OF CHANGES IN NON-CASH FLOW WORKING CAPITAL
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| X | ||||||||||
- Definition Disclosure of changes in non cash flow working capital explanatory. No definition available.
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| X | ||||||||||
- References No definition available.
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PROPERTY, PLANT AND EQUIPMENT (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of detailed information about property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT
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| X | ||||||||||
- Definition The disclosure of detailed information about property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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LEASES AND RIGHT OF USE ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Presentation of leases for lessee [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF RIGHT OF USE ASSETS | The Company records right of use assets for its corporate headquarters and compressors that are used for its field operations.
SCHEDULE OF RIGHT OF USE ASSETS
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| X | ||||||||||
- Definition The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Major components of tax expense (income) [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF INCOME TAX BENEFIT | The Company’s income tax (benefit) provision consisted of the following components (in thousands):
SCHEDULE OF INCOME TAX BENEFIT
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| SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION | The provision for income taxes reported differs from the amounts computed by applying the cumulative US federal and state income tax rates to the net loss before tax provision due to the following: SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION
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| SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS | Deferred tax liabilities and assets are attributable to the following: SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS
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| SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS | Deferred tax assets have not been recognized for the following deductible temporary differences: SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS
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| X | ||||||||||
- Definition Disclosure of detailed information about income tax expenses. No definition available.
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| X | ||||||||||
- Definition Disclosure of detailed information income tax benefit explanatory. No definition available.
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| X | ||||||||||
- Definition Disclosure of detailed information about unrecognized deferred tax assets. No definition available.
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| X | ||||||||||
- Definition The disclosure of deferred taxes. [Refer: Deferred tax liabilities; Deferred tax assets] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
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EARNINGS PER SHARE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF EARNINGS PER SHARE | SCHEDULE OF EARNINGS PER SHARE
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SHARE BASED PAYMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF SHARE OPTIONS ACTIVITY | The number and weighted average exercise prices of share options are as follows (in Canadian dollars): SCHEDULE OF SHARE OPTIONS ACTIVITY
|
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| SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS | The range of exercise prices of the outstanding stock options for December 31, 2024 is as follows (in Canadian dollars): SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS
The range of exercise prices of the outstanding stock options for December 31, 2023 is as follows (in Canadian dollars):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF FAIR VALUE OF STOCK OPTIONS | The fair value of the stock options at grant date was estimated using Black Scholes model with the following weighted average inputs: SCHEDULE OF FAIR VALUE OF STOCK OPTIONS
|
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| SCHEDULE OF NUMBER AND WEIGHTED AVERAGE FAIR VALUE OF RESTRICTED STOCK UNITS | The number and weighted average fair value of Restricted Stock Units (RSUs) are as follows (in Canadian dollars): SCHEDULE OF NUMBER AND WEIGHTED AVERAGE FAIR VALUE OF RESTRICTED STOCK UNITS
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| SCHEDULE OF STOCK BASED COMPENSATION | Stock based compensation was recorded as follows: SCHEDULE OF STOCK BASED COMPENSATION
|
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| X | ||||||||||
- Definition Disclosure of detailed information number and weighted average fair value of restricted stock units explanatory. No definition available.
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| X | ||||||||||
- Definition Additional information about share-based payment arrangements necessary to satisfy the disclosure requirements of IFRS 2. [Refer: Types of share-based payment arrangements [domain]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The disclosure of the range of exercise prices for outstanding share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
|
ASSET RETIREMENT OBLIGATIONS (ARO) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Asset Retirement Obligations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF ASSET RETIREMENT OBLIGATIONS | SCHEDULE OF ASSET RETIREMENT OBLIGATIONS
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Disclosure of asset retirement obligation explanatory. No definition available.
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RELATED PARTIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of transactions between related parties [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION | Key management personnel includes the Board of Directors and executive officers of the Company. Key management personnel compensation is comprised of the following: SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The disclosure of transactions between the entity and its related parties. [Refer: Total for all related parties [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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EXPENSE CLASSIFICATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses by nature [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SCHEDULE OF GENERAL AND ADMINISTRATION EXPENSES | The following table details the amount of total compensation costs included in production and operating expenses and general and administrative expenses on the statements of operations: SCHEDULE OF GENERAL AND ADMINISTRATION EXPENSES
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| X | ||||||||||
- Definition The disclosure of general and administrative expenses. [Refer: Administrative expenses] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- References No definition available.
|
SCHEDULE OF WHOLLY OWNED SUBSIDIARIES (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Kolibri Energy Holdings Inc. [member] | |
| IfrsStatementLineItems [Line Items] | |
| Ownership Percentage | 100.00% |
| Country of operation | United States |
| Kolibri Energy US Inc. [member] | |
| IfrsStatementLineItems [Line Items] | |
| Ownership Percentage | 100.00% |
| Country of operation | United States |
| BNK Sedano Hidrocarburos, S.L. [member] | |
| IfrsStatementLineItems [Line Items] | |
| Ownership Percentage | 100.00% |
| Country of operation | Spain |
| BNK Sedano Holdings B.V. [member] | |
| IfrsStatementLineItems [Line Items] | |
| Ownership Percentage | 100.00% |
| Country of operation | Netherlands |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The country in which a subsidiary of the entity is incorporated. [Refer: Total for all subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Total for all subsidiaries [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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SCHEDULE OF ESTIMATED USEFUL LIVES FOR OTHER ASSETS (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Office equipment [member] | |
| IfrsStatementLineItems [Line Items] | |
| Estimated useful lives | 3 years |
| Furniture and fixtures [member] | |
| IfrsStatementLineItems [Line Items] | |
| Estimated useful lives | 3 years |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The useful life, measured as period of time, used for property, plant and equipment. [Refer: Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
MATERIAL ACCOUNTING POLICIES (Details Narrative) - USD ($) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Notes and other explanatory information [abstract] | ||
| Cash equivalents | $ 0 | $ 0 |
| X | ||||||||||
- Definition The amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
SCHEDULE OF COMPONENTS OF ACCOUNTS RECEIVABLES AGING (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| IfrsStatementLineItems [Line Items] | ||
| Accounts receivable and other receivables | $ 9,733 | $ 5,492 |
| Current [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Accounts receivable and other receivables | 8,802 | 4,879 |
| Later than one month and not later than two months [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Accounts receivable and other receivables | 549 | 333 |
| Later than two months and not later than three months [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Accounts receivable and other receivables | $ 382 | 19 |
| Later than three months [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Accounts receivable and other receivables | $ 261 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
SCHEDULE OF CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES, INCLUDING ESTIMATED INTEREST PAYMENTS (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | $ 49,301 |
| Not later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 15,676 |
| Later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 33,625 |
| Lease liabilities [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 753 |
| Lease liabilities [member] | Not later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 586 |
| Lease liabilities [member] | Later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 167 |
| Loans and borrowings [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 33,458 |
| Loans and borrowings [member] | Not later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | |
| Loans and borrowings [member] | Later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 33,458 |
| Trade and other payables [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 15,090 |
| Trade and other payables [member] | Not later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities | 15,090 |
| Trade and other payables [member] | Later than one year [member] | |
| Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items] | |
| Liabilities |
| X | ||||||||||
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table. No definition available.
|
| X | ||||||||||
- Definition The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Classes of financial instruments [domain]; Financial assets; Derivatives [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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SCHEDULE OF FINANCIAL COMMODITY CONTRACTS OUTSTANDING (Details) |
3 Months Ended | 12 Months Ended |
|---|---|---|
|
Mar. 22, 2025
$ / bbl
bbl
|
Dec. 31, 2024
$ / bbl
bbl
|
|
| Oil – WTI Costless Collars [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 36,000 | |
| Oil – WTI Costless Collars [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 60.00 | |
| Oil – WTI Costless Collars [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 77.00 | |
| Oil – WTI costless collars one [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 20,400 | |
| Oil – WTI costless collars one [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 60.00 | |
| Oil – WTI costless collars one [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 75.40 | |
| Oil – WTI costless collars two [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 1,350 | |
| Oil – WTI costless collars two [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 65.00 | |
| Oil – WTI costless collars two [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 82.54 | |
| Oil – WTI costless collars three [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | July 1, 2025 to September 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 21,000 | |
| Oil – WTI costless collars three [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 65.00 | |
| Oil – WTI costless collars three [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 82.00 | |
| Oil WTI costless collars four [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | July 1, 2025 to September 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 750 | |
| Oil WTI costless collars four [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 65.00 | |
| Oil WTI costless collars four [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 80.50 | |
| Oil WTI costless collars five [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 15,000 | |
| Oil WTI costless collars five [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 64.25 | |
| Oil WTI costless collars five [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 84.60 | |
| Oil WTI costless collars six [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 14,400 | |
| Oil WTI costless collars six [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 66.25 | |
| Oil WTI costless collars six [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 87.75 | |
| Oil WTI costless collars seven [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 3,000 | |
| Oil WTI costless collars seven [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 59.50 | |
| Oil WTI costless collars seven [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 79.00 | |
| Oil WTI costless collars eight [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 5,700 | |
| Oil WTI costless collars eight [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 60.80 | |
| Oil WTI costless collars eight [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 74.07 | |
| Oil WTI costless collars nine [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 13,200 | |
| Oil WTI costless collars nine [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 64.50 | |
| Oil WTI costless collars nine [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 85.70 | |
| Oil – WTI costless collars ten [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | July 1, 2025 to September 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 21,900 | |
| Oil – WTI costless collars ten [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 63.25 | |
| Oil – WTI costless collars ten [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 83.65 | |
| Oil WTI costless collars eleven [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 15,000 | |
| Oil WTI costless collars eleven [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 64.25 | |
| Oil WTI costless collars eleven [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 84.60 | |
| Oil WTI costless collars twelve [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 16,200 | |
| Oil WTI costless collars twelve [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 65.50 | |
| Oil WTI costless collars twelve [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 86.25 | |
| Oil WTI costless collars thirteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 10,800 | |
| Oil WTI costless collars thirteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 64.00 | |
| Oil WTI costless collars thirteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 84.00 | |
| Oil WTI costless collars fourteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | July 1, 2025 to September 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 10,800 | |
| Oil WTI costless collars fourteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 62.75 | |
| Oil WTI costless collars fourteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 82.00 | |
| Oil WTI costless collars fifteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | October 1, 2025 to December 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 10,800 | |
| Oil WTI costless collars fifteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 62.00 | |
| Oil WTI costless collars fifteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 81.50 | |
| Oil WTI costless collars sixteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | October 1, 2025 to December 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 11,400 | |
| Oil WTI costless collars sixteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 61.75 | |
| Oil WTI costless collars sixteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 80.70 | |
| Oil WTI costless collars seventeen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2025 to March 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 27,000 | |
| Oil WTI costless collars seventeen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 61.50 | |
| Oil WTI costless collars seventeen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 82.50 | |
| Oil WTI costless collars eighteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2025 to June 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 54,000 | |
| Oil WTI costless collars eighteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 60.50 | |
| Oil WTI costless collars eighteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 80.30 | |
| Oil WTI costless collars nineteen [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | July 1, 2025 to September 30, 2025 | |
| Total volume hedged (BBLS) | bbl | 54,000 | |
| Oil WTI costless collars nineteen [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 59.75 | |
| Oil WTI costless collars nineteen [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 78.00 | |
| Oil WTI costless collars twenty [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | October 1, 2025 to December 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 39,000 | |
| Oil WTI costless collars twenty [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 59.00 | |
| Oil WTI costless collars twenty [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 77.30 | |
| Oil WTI costless collars twenty one [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | January 1, 2026 to March 31, 2026 | |
| Total volume hedged (BBLS) | bbl | 48,000 | |
| Oil WTI costless collars twenty one [member] | Bottom of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 58.50 | |
| Oil WTI costless collars twenty one [member] | Top of range [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 77.25 | |
| Oil WTI costless collars twenty two [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | October 1, 2025 to December 31, 2025 | |
| Total volume hedged (BBLS) | bbl | 31,200 | |
| Oil WTI costless collars twenty two [member] | Bottom of range [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 58.75 | |
| Oil WTI costless collars twenty two [member] | Top of range [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 78.00 | |
| Oil WTI costless collars twenty three [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Financial commodity contracts period | April 1, 2026 to June 30, 2026 | |
| Total volume hedged (BBLS) | bbl | 48,300 | |
| Oil WTI costless collars twenty three [member] | Bottom of range [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 57.00 | |
| Oil WTI costless collars twenty three [member] | Top of range [member] | Major purchases of assets [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Barrel of Oil Price ($/BBL) | 75.25 |
| X | ||||||||||
- Definition Barrel of oil price. No definition available.
|
| X | ||||||||||
- Definition Financial commodity contracts period No definition available.
|
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Total volume hedged No definition available.
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SCHEDULE OF REALIZED AND UNREALIZED GAINS/LOSSES FROM THE FINANCIAL COMMODITY CONTRACTS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Notes and other explanatory information [abstract] | ||
| Realized loss on financial commodity contracts | $ (616) | $ (1,379) |
| Unrealized gain on financial commodity contracts | $ 336 | $ 1,813 |
| X | ||||||||||
- Definition Realized loss on risk management contracts. No definition available.
|
| X | ||||||||||
- Definition Unrealized gain on risk management contracts. No definition available.
|
| X | ||||||||||
- References No definition available.
|
FINANCIAL RISK MANAGEMENT (Details Narrative) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| IfrsStatementLineItems [Line Items] | ||
| Maximum exposure to credit risk including net carrying amount of cash and cash equivalents and trade and other receivables | $ 14,300 | $ 6,100 |
| Trade and other receivables | 9,733 | 5,492 |
| Expected credit loss | ||
| Estimated fair value financial liability | 300 | 100 |
| Current liability | 15,676 | 18,844 |
| At fair value [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Current liability | 200 | 200 |
| Long term asset | $ 100 | $ 100 |
| CAD [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Average exchange rate | 1 | 1 |
| Exchange rate | 1 | 1 |
| USD [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Average exchange rate | 0.730 | 0.741 |
| Exchange rate | 0.695 | 0.756 |
| CAD To USD [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Change in the exchange rate | 1.00% | |
| Increase (decrease) in net income | $ 1 | $ 1 |
| Customer one [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Trade and other receivables | $ 7,800 | |
| X | ||||||||||
- Definition Increase (decrease) in net income No definition available.
|
| X | ||||||||||
- Definition Change in exchange rate. No definition available.
|
| X | ||||||||||
- Definition Expected credit loss. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The average exchange rate used by the entity. Exchange rate is the ratio of exchange for two currencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount that best represents the maximum exposure to credit risk without taking into account any collateral held or other credit enhancements (for example, netting agreements that do not qualify for offset in accordance with IAS 32). [Refer: Credit risk [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of assets that do not meet the definition of current assets. [Refer: Current assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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SCHEDULE OF GROSS OIL AND GAS REVENUE DISAGGREGATED BY REVENUE (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| IfrsStatementLineItems [Line Items] | ||
| Total oil and natural gas revenues | $ 74,592 | $ 64,390 |
| Less: Royalties | (16,068) | (13,793) |
| Oil and natural gas revenues, net of royalties | 58,524 | 50,597 |
| Oil revenue [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Total oil and natural gas revenues | 68,303 | 59,749 |
| Natural gas revenue [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Total oil and natural gas revenues | 1,745 | 1,742 |
| NGL Revenue [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Total oil and natural gas revenues | $ 4,544 | $ 2,899 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Oil and natural gas revenues, net of royalties. No definition available.
|
| X | ||||||||||
- Definition Oil and natural gas revenues. No definition available.
|
| X | ||||||||||
- Definition The amount of expense arising from royalties. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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|
| X | ||||||||||
- Details
|
| X | ||||||||||
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REVENUES (Details Narrative) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Revenue | ||
| Accounts receivable and other receivables (Note 6) | $ 9,733 | $ 5,492 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of current trade receivables and current other receivables. [Refer: Current trade receivables; Other current receivables] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
SCHEDULE OF CHANGES IN NON-CASH FLOW WORKING CAPITAL (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Supplemental Cash Flow Information | ||
| Accounts receivable and other receivables | $ (4,241) | $ 281 |
| Deposits and prepaid expenses | 120 | (168) |
| Accounts payable and other payables | (2,420) | 4,380 |
| Foreign currency | (3) | (1) |
| Changes in non- cash flow working capital | (6,544) | 4,492 |
| Related to operating activities | (1,579) | 1,193 |
| Related to investing activities | $ (4,965) | $ 3,299 |
| X | ||||||||||
- Definition Adjustments for decrease increase in deposits and prepaid expenses. No definition available.
|
| X | ||||||||||
- Definition Adjustments for increase decrease in foreign currency. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Increase decrease in investing non cash working capital. No definition available.
|
| X | ||||||||||
- Definition Increase decrease in operating non cash working capital. No definition available.
|
| X | ||||||||||
- Definition Adjustments for decrease (increase) in trade and other receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other receivables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Adjustments for increase (decrease) in trade and other payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Trade and other payables; Profit (loss)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The increase (decrease) in working capital. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | $ 216,161 | |||||||
| Ending Balance | 232,962 | $ 216,161 | ||||||
| Net book value | 232,962 | 216,161 | ||||||
| Gross carrying amount [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | 289,277 | 235,504 | ||||||
| Additions | 31,525 | [1] | 53,774 | [2] | ||||
| Ending Balance | 320,802 | 289,277 | ||||||
| Net book value | 320,802 | 289,277 | ||||||
| Accumulated depreciation and amortisation [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | (73,116) | (58,950) | ||||||
| Depletion and depreciation | 14,724 | 14,166 | ||||||
| Ending Balance | (87,840) | (73,116) | ||||||
| Net book value | (87,840) | (73,116) | ||||||
| Development and production assets [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | 216,092 | |||||||
| Ending Balance | 232,907 | 216,092 | ||||||
| Net book value | 232,907 | 216,092 | ||||||
| Development and production assets [member] | Gross carrying amount [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | 287,839 | 234,126 | ||||||
| Additions | 31,516 | [1] | 53,713 | [2] | ||||
| Ending Balance | 319,355 | 287,839 | ||||||
| Net book value | 319,355 | 287,839 | ||||||
| Development and production assets [member] | Accumulated depreciation and amortisation [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | (71,747) | (57,610) | ||||||
| Depletion and depreciation | 14,701 | 14,137 | ||||||
| Ending Balance | (86,448) | (71,747) | ||||||
| Net book value | (86,448) | (71,747) | ||||||
| Processing and other equipment [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | 69 | |||||||
| Ending Balance | 55 | 69 | ||||||
| Net book value | 55 | 69 | ||||||
| Processing and other equipment [member] | Gross carrying amount [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | 1,438 | 1,378 | ||||||
| Additions | 9 | [1] | 60 | [2] | ||||
| Ending Balance | 1,447 | 1,438 | ||||||
| Net book value | 1,447 | 1,438 | ||||||
| Processing and other equipment [member] | Accumulated depreciation and amortisation [member] | ||||||||
| IfrsStatementLineItems [Line Items] | ||||||||
| Beginning Balance | (1,369) | (1,340) | ||||||
| Depletion and depreciation | 23 | 29 | ||||||
| Ending Balance | (1,392) | (1,369) | ||||||
| Net book value | $ (1,392) | $ (1,369) | ||||||
| ||||||||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Total for all business combinations [member]; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
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SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT (Details) (Paranthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Disclosure of detailed information about property, plant and equipment [abstract] | ||
| Capitalized stock-based compensation | $ 162 | $ 140 |
| Asset retirement obligations | $ 112 | $ 462 |
| X | ||||||||||
- Definition Capitalized stock based compensation. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of liabilities other than the actuarial present value of promised retirement benefits in retirement benefit plans. [Refer: Actuarial present value of promised retirement benefits] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of detailed information about property, plant and equipment [abstract] | ||
| Impairment | $ 0 | $ 0 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount recognised as a reduction of the carrying amount of an asset or cash-generating unit to its recoverable amount. [Refer: Carrying amount [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
SCHEDULE OF RIGHT OF USE ASSETS (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||||
| Presentation of leases for lessee [abstract] | ||||||||
| Beginning balance, Right of use assets | $ 1,190 | [1] | $ 48 | |||||
| Additions | 726 | 1,984 | ||||||
| Amortization | (1,168) | (842) | ||||||
| Ending Balance, Right of use assets | $ 748 | [2] | $ 1,190 | [1] | ||||
| ||||||||
| X | ||||||||||
- Definition Amortization right of use assets. No definition available.
|
| X | ||||||||||
- Definition The amount of additions to right-of-use assets. [Refer: Right-of-use assets] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of assets that represent a lessee's right to use an underlying asset for the lease term that do not meet the definition of investment property. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
LEASES AND RIGHT OF USE ASSETS (Details Narrative) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Presentation of leases for lessee [abstract] | ||
| Interest on lease liability | $ 82 | $ 103 |
| X | ||||||||||
- Definition The amount of interest expense on lease liabilities. [Refer: Lease liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
SCHEDULE OF INCOME TAX BENEFIT (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| IfrsStatementLineItems [Line Items] | ||
| Current | $ 374 | |
| Deferred | 5,490 | 3,359 |
| Total | 5,864 | 3,359 |
| Country of domicile [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Current | ||
| Deferred | 5,597 | 1,967 |
| State [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Current | 374 | |
| Deferred | $ (107) | $ 1,392 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SCHEDULE OF INCOME TAX RATES TO THE NET LOSS BEFORE TAX PROVISION (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Major components of tax expense (income) [abstract] | ||
| Net income | $ 23,979 | $ 22,639 |
| Statutory tax rate percentage | 25.91% | 26.43% |
| Net income After Tax | $ 6,213 | $ 5,983 |
| Return to provision | (1) | (122) |
| Depletion | (293) | (352) |
| Prior period state deferred adjustments | 429 | 1,051 |
| Change in unrecognized tax benefit | 140 | (3,229) |
| Change in enacted tax rate | (711) | |
| Other | 87 | 28 |
| Income tax expense | $ 5,864 | $ 3,359 |
| X | ||||||||||
- Definition Adjustment to depletion. No definition available.
|
| X | ||||||||||
- Definition Profit loss after tax. No definition available.
|
| X | ||||||||||
- Definition Return to provision. No definition available.
|
| X | ||||||||||
- Definition Tax benefit arising from changes in enacted tax rate. No definition available.
|
| X | ||||||||||
- Definition Tax benefit arising from previously unrecognised taxLoss tax credit or temporary difference of prior period used to reduce deferred tax expenses. No definition available.
|
| X | ||||||||||
- Definition Adjustments of tax expense (income) recognised in the period for the deferred tax of prior periods. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The applicable income tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of components of deferred tax expense or income that the entity does not separately disclose in the same statement or note. [Refer: Deferred tax expense (income)] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The profit (loss) before tax expense or income. [Refer: Profit (loss)] Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
SCHEDULE OF DEFERRED TAX LIABILITIES AND ASSETS (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred income tax liabilities: | ||
| Property, plant and equipment | $ (39,172) | $ (37,118) |
| Commodity contracts | (189) | (103) |
| Leases | (18) | |
| Stock based compensation | 835 | 377 |
| Asset retirement obligations | 461 | 425 |
| Other | 15 | |
| Loss carry-forward | 29,349 | 33,078 |
| Deferred tax assets and liabilities | $ (8,701) | $ (3,359) |
| X | ||||||||||
- Definition Asset retirement obligations. No definition available.
|
| X | ||||||||||
- Definition Deferred income tax liabilities, Commodity contracts. No definition available.
|
| X | ||||||||||
- Definition Deferred income tax liabilities, Leases. No definition available.
|
| X | ||||||||||
- Definition Deferred income tax liabilities property plant and equipment. No definition available.
|
| X | ||||||||||
- Definition Deferred tax assets and liabilities. No definition available.
|
| X | ||||||||||
- Definition Deferred tax assets, Other. No definition available.
|
| X | ||||||||||
- Definition Loss carryforward. No definition available.
|
| X | ||||||||||
- Definition Deferred tax assets, Stock based compensation. No definition available.
|
| X | ||||||||||
- References No definition available.
|
SCHEDULE OF UNRECOGNIZED DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Major components of tax expense (income) [abstract] | ||
| Property, plant and equipment | $ 407 | $ 441 |
| Loss carry-forward | 20,946 | 22,014 |
| Capital losses | 10,141 | 10,976 |
| Unrecognized deferred tax assets | $ 31,494 | $ 33,431 |
| X | ||||||||||
- Definition Unrecognized deferred tax assets. No definition available.
|
| X | ||||||||||
- Definition Unrecognized deferred tax assets, Capital losses. No definition available.
|
| X | ||||||||||
- Definition Unrecognized deferred tax assets, Loss carry-forward. No definition available.
|
| X | ||||||||||
- Definition Unrecognized deferred tax assets, Property, plant and equipment/exploration and evaluation assets. No definition available.
|
| X | ||||||||||
- References No definition available.
|
INCOME TAXES (Details Narrative) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Major components of tax expense (income) [abstract] | |
| Non-operating losses | $ 112 |
| Non-operating losses states | 139 |
| Non-operating losses foreign | $ 21 |
| X | ||||||||||
- Definition Non-operating losses, current. No definition available.
|
| X | ||||||||||
- Definition Non-operating losses, foreign. No definition available.
|
| X | ||||||||||
- Definition Non-operating losses, state. No definition available.
|
| X | ||||||||||
- References No definition available.
|
SHARE CAPITAL (Details Narrative) - Ordinary shares [member] - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| IfrsStatementLineItems [Line Items] | ||
| Explanation of fact that shares have no par value | unlimited | unlimited |
| Common stock voting rights per share | one vote | |
| Treasury stock shares | 280,656 | |
| Treasury stock value | $ 1,154 | |
| X | ||||||||||
- Definition Description of common stock voting rights per share. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Increase decrease through treasury share transactions shares. No definition available.
|
| X | ||||||||||
- Definition The explanation of the fact that shares have no par value. [Refer: Par value per share] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The increase (decrease) in equity resulting from treasury share transactions. [Refer: Equity; Treasury shares] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings per share [abstract] | ||
| Net income | $ 18,115 | $ 19,280 |
| Weighted average number of common shares - basic | 35,660 | 35,623 |
| Net income per share – basic | $ 0.51 | $ 0.54 |
| Effect of outstanding options and RSUs | 518 | 835 |
| Weighted average number of common shares - diluted | 36,178 | 36,458 |
| Net income per share – diluted | $ 0.50 | $ 0.53 |
| X | ||||||||||
- Definition The weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The potential dilutive effect on the weighted average number of ordinary shares that relate to the assumed exercise of the entity's share options. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
LOANS AND BORROWINGS (Details Narrative) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Oct. 31, 2024 |
|
| IfrsStatementLineItems [Line Items] | ||||
| Loans and borrowings | $ 33.5 | $ 33.5 | $ 30.0 | |
| Net of loan acquisition costs | $ 0.2 | $ 0.3 | ||
| Total for all subsidiaries [member] | Bottom of range [member] | ||||
| IfrsStatementLineItems [Line Items] | ||||
| Current ratio | 1.94% | 1.94% | ||
| Leverage ratio | 0.80% | |||
| Total for all subsidiaries [member] | Top of range [member] | ||||
| IfrsStatementLineItems [Line Items] | ||||
| Current ratio | 1.00% | 1.00% | ||
| Leverage ratio | 1.00% | |||
| BOK Financial [member] | Total for all subsidiaries [member] | ||||
| IfrsStatementLineItems [Line Items] | ||||
| Loans and borrowings | $ 16.5 | $ 16.5 | $ 50.0 | |
| Credit facility [member] | ||||
| IfrsStatementLineItems [Line Items] | ||||
| Average interest rate | 9.70% | 9.70% | 9.37% | |
| X | ||||||||||
- Definition Current ratio. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Net of loan acquisition costs. No definition available.
|
| X | ||||||||||
- Definition Maximum leverage ratio. No definition available.
|
| X | ||||||||||
- Definition The amount of outstanding funds that the entity is obligated to repay. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The interest rate on borrowings. [Refer: Borrowings] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SCHEDULE OF SHARE OPTIONS ACTIVITY (Details) |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
shares
$ / shares
|
Dec. 31, 2024
shares
$ / shares
|
Dec. 31, 2023
shares
$ / shares
|
Dec. 31, 2023
shares
$ / shares
|
|
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
| Number of options, Outstanding | 939,634 | 939,634 | 776,000 | 776,000 |
| Weighted average exercise price, Outstanding | $ / shares | $ 2.36 | $ 1.67 | ||
| Number of options, Granted | 293,190 | 293,190 | 281,800 | 281,800 |
| Weighted average exercise price, Granted | (per share) | $ 4.23 | $ 4.23 | $ 5.45 | $ 5.45 |
| Number of options, Expired | (33,000) | (33,000) | (108,500) | (108,500) |
| Weighted average exercise price, Expired | $ / shares | $ 3.00 | $ 5.62 | ||
| Number of options, Cancelled | (45,900) | (45,900) | ||
| Weighted average exercise price, Cancelled | $ / shares | $ 2.82 | |||
| Number of options, Exercised | (80,000) | (80,000) | (9,666) | (9,666) |
| Weighted average exercise price, Exercised | (per share) | $ 4.23 | $ 0.80 | $ 5.45 | $ 0.80 |
| Number of options, Outstanding | 1,073,924 | 1,073,924 | 939,634 | 939,634 |
| Weighted average exercise price, Outstanding | $ / shares | $ 2.94 | $ 2.36 | ||
| Number of options, Exercisable | 791,496 | 791,496 | 540,268 | 540,268 |
| Weighted average exercise price, Exercisable | $ / shares | $ 2.35 | $ 1.84 | ||
| Weighted average share price on date of exercise, shares | 80,000 | 80,000 | 9,666 | 9,666 |
| Weighted average share price on date of exercise, per shares | $ / shares | $ 4.68 | $ 5.96 | ||
| X | ||||||||||
- Definition Number of share options cancelled in sharebased payment arrangement. No definition available.
|
| X | ||||||||||
- Definition Weighted average exercise price of share options cancelled in sharebased payment arrangement 2019. No definition available.
|
| X | ||||||||||
- Definition Weighted average exercise price of share options in share based payment arrangement exercised during period at date of exercise shares. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of share options exercisable in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of share options exercised in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of share options expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of share options granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options exercisable in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options exercised in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options expired in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average share price at the date of exercise for share options that are exercised in a share-based payment arrangement. [Refer: Types of share-based payment arrangements [domain]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
SCHEDULE OF EXERCISE PRICES OF OUTSTANDING STOCK OPTIONS (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
shares
$ / shares
|
Dec. 31, 2023
shares
$ / shares
|
Dec. 31, 2022
shares
|
|
| IfrsStatementLineItems [Line Items] | |||
| Number of outstanding stock options | shares | 1,073,924 | 939,634 | 776,000 |
| Weighted average exercise price | $ 2.95 | $ 2.36 | |
| Weighted average contractual life ( years) | 3 years | 3 years 3 months 18 days | |
| Range 1 [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Number of outstanding stock options | shares | 260,900 | 281,800 | |
| Weighted average exercise price | $ 5.46 | $ 5.45 | |
| Weighted average contractual life ( years) | 3 years 4 months 24 days | 4 years 4 months 24 days | |
| Range 1 [member] | Bottom of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 4.90 | $ 5.00 | |
| Range 1 [member] | Top of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 6.04 | $ 6.04 | |
| Range 2 [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Number of outstanding stock options | shares | 368,190 | 108,000 | |
| Weighted average exercise price | $ 3.76 | $ 2.23 | |
| Weighted average contractual life ( years) | 4 years | 2 years 4 months 24 days | |
| Range 2 [member] | Bottom of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 1.80 | $ 1.80 | |
| Range 2 [member] | Top of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 4.90 | $ 4.90 | |
| Range 3 [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Number of outstanding stock options | shares | 444,834 | 549,834 | |
| Weighted average exercise price | $ 0.80 | $ 0.80 | |
| Weighted average contractual life ( years) | 2 years | 3 years | |
| Range 3 [member] | Bottom of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 0.80 | $ 0.80 | |
| Range 3 [member] | Top of range [member] | |||
| IfrsStatementLineItems [Line Items] | |||
| Range of exercise prices | $ 1.80 | $ 1.80 | |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The exercise price of outstanding share options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The number of share options outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average remaining contractual life of outstanding share options. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average share price. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS (Details) |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2024
$ / shares
|
Dec. 31, 2024
$ / shares
|
Dec. 31, 2023
$ / shares
|
Dec. 31, 2023
$ / shares
|
|
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
| Fair value at grant date (per option) | $ 3.46 | $ 5.09 | ||
| Volatility | 77.00% | 77.00% | 105.49% | 105.49% |
| Forfeiture rate | 5.00% | 5.00% | 5.00% | 5.00% |
| Option life (years) | 10 years | 10 years | 8 years 8 months 1 day | 8 years 8 months 1 day |
| Risk-free interest rate | 3.66% | 3.66% | 3.19% | 3.19% |
| Exercise price | (per share) | $ 4.23 | $ 0.80 | $ 5.45 | $ 0.80 |
| Share price at grant date | (per share) | $ 4.23 | $ 4.23 | $ 5.45 | $ 5.45 |
| Expected dividends | 0.00% | 0.00% | 0.00% | 0.00% |
| X | ||||||||||
- Definition Description of forfeiture rate share options granted. No definition available.
|
| X | ||||||||||
- Definition Option life (years). No definition available.
|
| X | ||||||||||
- Definition The expected volatility of the share price used to calculate the fair value of the share options granted. Expected volatility is a measure of the amount by which a price is expected to fluctuate during a period. The measure of volatility used in option pricing models is the annualised standard deviation of the continuously compounded rates of return on the share over a period of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The implied yield currently available on zero-coupon government issues of the country in whose currency the exercise price for share options granted is expressed, with a remaining term equal to the expected term of the option being valued (based on the option's remaining contractual life and taking into account the effects of expected early exercise). [Refer: Government [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The percentage of an expected dividend used to calculate the fair value of share options granted. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options exercised in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average exercise price of share options granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The weighted average share price used as input to the option pricing model to calculate the fair value of share options granted. [Refer: Option pricing model [member]; Weighted average [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE FAIR VALUE OF RESTRICTED STOCK UNITS (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2024
shares
$ / shares
|
Dec. 31, 2023
shares
$ / shares
|
|
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
| Number of RSUs, Outstanding | shares | 119,140 | |
| Weighted average fair value, Outstanding | $ / shares | $ 5.28 | |
| Number of RSUs, Granted | shares | 169,220 | 119,140 |
| Weighted average fair value, Granted | $ / shares | $ 4.25 | $ 5.28 |
| Number of RSUs, Vested | shares | (35,378) | |
| Weighted average fair value, Vested | $ / shares | $ 5.27 | |
| Number of RSUs, Cancelled | shares | (20,857) | |
| Weighted average fair value, Cancelled | $ / shares | $ 5.29 | |
| Number of RSUs, Outstanding | shares | 232,125 | 119,140 |
| Weighted average fair value, Outstanding | $ / shares | $ 4.53 | $ 5.28 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) granted in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) expired in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The number of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The weighted average exercise price of other equity instruments (ie other than share options) exercised or vested in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The weighted average exercise price of other equity instruments (ie other than share options) expired in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The weighted average exercise price of other equity instruments (ie other than share options) granted in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The weighted average exercise price of other equity instruments (ie other than share options) outstanding in a share-based payment arrangement. [Refer: Weighted average [member]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| IfrsStatementLineItems [Line Items] | ||
| Stock based compensation | $ 1,854 | $ 1,520 |
| Expensed [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Stock based compensation | 1,075 | 790 |
| Capitalized [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Stock based compensation | $ 162 | $ 140 |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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SHARE BASED PAYMENTS (Details Narrative) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
| Options granted | range of five to ten year terms and vest over two years. |
| Description of vesting requirements | The RSUs are redeemable over a three year vesting period, with the 1/3 of the grant vesting on the first, second and third years from the date of grant. |
| X | ||||||||||
- Definition The date on which share-based payment arrangements are granted. [Refer: Types of share-based payment arrangements [domain]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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| X | ||||||||||
- Definition The description of the vesting requirements for a type of share-based payment arrangement that existed at any time during the period. An entity with substantially similar types of share-based payment arrangements may aggregate this information. [Refer: Types of share-based payment arrangements [domain]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Asset Retirement Obligations | ||
| Balance at January 1 | $ 1,966 | $ 1,425 |
| Additional obligations recognized | 196 | 515 |
| Change in discount rates | (84) | (54) |
| Accretion | 90 | 80 |
| Balance at December 31 | $ 2,168 | $ 1,966 |
| X | ||||||||||
- Definition Accretions. No definition available.
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| X | ||||||||||
- Definition Additional obligations recognized. No definition available.
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| X | ||||||||||
- Definition Asset retirement obligation non current. No definition available.
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| X | ||||||||||
- Definition Change in discount rates. No definition available.
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| X | ||||||||||
- References No definition available.
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ASSET RETIREMENT OBLIGATIONS (ARO) (Details Narrative) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Asset Retirement Obligations | |||
| Asset retirement obligations | $ 2,168 | $ 1,966 | $ 1,425 |
| Undiscounted total future liability | $ 3,246 | $ 2,833 | |
| Expected payment description | These payments are expected to be made over the next 12 years with the majority of costs to be incurred between 2025 and 2032. | ||
| Risk-free rate | 4.85% | 4.15% | |
| Inflation rate | 2.44% | 2.33% |
| X | ||||||||||
- Definition Asset retirement obligation non current. No definition available.
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| X | ||||||||||
- Definition Description of period when cash flows expected to occur. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Undiscounted total future liability. No definition available.
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| X | ||||||||||
- Definition The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [domain]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [domain]; Defined benefit obligation, at present value; Actuarial assumptions [domain]] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disclosure of transactions between related parties [abstract] | ||
| Short-term employee benefits | $ 1,477 | $ 1,689 |
| Share-based payments | 930 | 670 |
| Key management personnel compensation | $ 2,407 | $ 2,359 |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of share-based payments. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]] Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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RELATED PARTIES (Details Narrative) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Disclosure of transactions between related parties [abstract] | |
| Related party purchased | $ 486 |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of property and other assets purchased by the entity in related party transactions. [Refer: Total for all related parties [member]] Reference 1: http://www.xbrl.org/2003/role/exampleRef
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SCHEDULE OF GENERAL AND ADMINISTRATION EXPENSES (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| IfrsStatementLineItems [Line Items] | ||
| Total employee compensation costs | $ 1,854 | $ 1,520 |
| Production and operating expenses [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Total employee compensation costs | 16 | 9 |
| Selling, general and administrative expense [member] | ||
| IfrsStatementLineItems [Line Items] | ||
| Total employee compensation costs | $ 1,838 | $ 1,511 |
| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of expense from share-based payment transactions with employees. [Refer: Expense from share-based payment transactions] Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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