Annual report pursuant to Section 13 and 15(d)

Asset Retirement Obligations

v3.20.4
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2020
Asset Retirement Obligations [Abstract]  
Asset Retirement Obligations 11. ASSET RETIREMENT OBLIGATIONS

The following table summarizes the changes in the Company’s asset retirement obligations:

Year ended December 31,

(in thousands)

2020

2019

Beginning balance

$

15,844

$

14,816

Accretion

893

812

Additions

359

595

Revisions

238

(379)

Ending balance

$

17,334

$

15,844

Accretion is recorded in the line item “Depreciation, depletion and amortization” on the consolidated statements of operations.

The Company is required under the Etame PSC for the Etame Marin block in Gabon to conduct abandonment studies to update the amounts being funded for the eventual abandonment of the offshore wells, platforms and facilities on the Etame Marin block. The current abandonment study was completed in November 2018. In 2020, the Company recorded $0.4 million in additions associated with the Southeast Etame 4H development well and $0.2 million in revisions associated with a U.S. property. In 2019, the Company recorded $0.6 million in additions associated with the Etame 9H and Etame 11H development wells. In December 2019, the Company recorded $0.4 million downward revision associated with the Mutamba Iroru block onshore Gabon.