VAALCO Energy (EGY) 10-Q 10 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Document Information [Line Items]
Entity Central Index Key	0000894627
Entity Registrant Name	VAALCO ENERGY INC /DE/
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-32167
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0274813
Entity Address, Address Line One	9800 Richmond Avenue Suite 700
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	713
Local Phone Number	623-0801
Title of 12(b) Security	Common Stock
Trading Symbol	EGY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,068,105

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 53,062	$ 48,675
Restricted cash	216	79
Receivables:
Trade, net	70,274	22,464
Accounts with joint venture owners, net of allowance of $0.0 million in both periods presented	692	345
Other, net	10,699	9,977
Crude oil inventory	13,867	1,593
Prepayments and other	8,064	5,156
Total current assets	156,874	88,289
Crude oil and natural gas properties, equipment and other - successful efforts method, net	151,718	94,324
Other noncurrent assets:
Restricted cash	1,752	1,752
Value added tax and other receivables, net of allowance of $6.4 million and $5.7 million, respectively	5,723	5,536
Right of use operating lease assets	3,435	10,227
Right of use finance lease assets	1,713	0
Deferred tax assets	24,447	39,978
Abandonment funding	20,091	21,808
Other long-term assets	3,811	1,176
Total assets	369,564	263,090
Current liabilities:
Accounts payable	19,151	18,797
Accounts with joint venture owners	13,863	3,233
Accrued liabilities and other	99,220	49,444
Operating lease liabilities - current portion	3,123	9,642
Finance lease liabilities - current portion	326	0
Foreign income taxes payable	29,221	3,128
Current liabilities - discontinued operations	7	13
Total current liabilities	164,911	84,257
Asset retirement obligations	34,809	33,949
Operating lease liabilities - net of current portion	332	587
Finance lease liabilities - net of current portion	1,331	0
Total liabilities	201,383	118,793
Commitments and contingencies (Note 10)
Shareholders’ equity:
Preferred stock, $25 par value; 500,000 shares authorized, none issued	0	0
Common stock, $0.10 par value; 100,000,000 shares authorized, 70,125,626 and 69,562,774 shares issued, 59,068,105 and 58,623,451 shares outstanding, respectively	7,013	6,956
Additional paid-in capital	77,919	76,700
Less treasury stock, 11,057,521 and 10,939,323 shares, respectively, at cost	(44,635)	(43,847)
Retained earnings	127,884	104,488
Total shareholders' equity	168,181	144,297
Total liabilities and shareholders' equity	$ 369,564	$ 263,090

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Allowance for accounts with joint ventures	$ 0	$ 0
Allowance for value added tax and other receivables	$ 6,400	$ 5,700
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	70,125,626	69,562,774
Common stock, shares outstanding (in shares)	59,068,105	58,623,451
Treasury stock, shares (in shares)	11,057,521	10,939,323

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Crude oil and natural gas sales	$ 110,985	$ 47,023	$ 179,641	$ 86,797
Operating costs and expenses:
Production expense	25,475	16,419	43,835	32,552
Exploration expense	67	665	194	807
Depreciation, depletion and amortization	8,191	5,810	12,864	9,958
General and administrative expense	3,534	4,734	8,528	9,281
Bad debt expense and other	571	395	1,063	496
Total operating costs and expenses	37,838	28,023	66,484	53,094
Other operating expense, net	0	(126)	(5)	(486)
Operating income	73,147	18,874	113,152	33,217
Other income (expense):
Derivative instruments loss, net	(9,542)	(9,969)	(41,300)	(15,923)
Interest (expense) income, net	(118)	1	(121)	6
Other (expense) income, net	(2,111)	(164)	(2,807)	4,416
Total other expense, net	(11,771)	(10,132)	(44,228)	(11,501)
Income from continuing operations before income taxes	61,376	8,742	68,924	21,716
Income tax expense	46,252	2,825	41,624	5,911
Income from continuing operations	15,124	5,917	27,300	15,805
Loss from discontinued operations, net of tax	(20)	(33)	(32)	(52)
Net income	$ 15,104	$ 5,884	$ 27,268	$ 15,753
Basic net income per share:
Income from continuing operations (in dollars per share)	$ 0.25	$ 0.10	$ 0.46	$ 0.27
Loss from discontinued operations, net of tax (in dollars per share)	0	0	0	0
Net income per share (in dollars per share)	$ 0.25	$ 0.10	$ 0.46	$ 0.27
Basic weighted average shares outstanding (in shares)	58,925	58,072	58,814	57,855
Diluted net income per share:
Income from continuing operations (in dollars per share)	$ 0.25	$ 0.10	$ 0.45	$ 0.27
Loss from discontinued operations, net of tax (in dollars per share)	0	0	0	0
Net income per share (in dollars per share)	$ 0.25	$ 0.10	$ 0.45	$ 0.27
Diluted weighted average shares outstanding (in shares)	59,361	58,574	59,278	58,527

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2020	67,897	(10,366)
Balance at Dec. 31, 2020	$ 6,790	$ (42,421)	$ 74,437	$ 22,652	$ 61,458
Shares issued - stock-based compensation (in shares)	431	(155)
Shares issued - stock-based compensation	$ 43	$ 0	304	0	347
Stock-based compensation expense	0	0	323	0	323
Treasury stock	0	(403)	0	0	(403)
Net income	$ 0	$ 0	0	9,869	9,869
Balance (in shares) at Mar. 31, 2021	68,328	(10,521)
Balance at Mar. 31, 2021	$ 6,833	$ (42,824)	75,064	32,521	71,594
Balance (in shares) at Dec. 31, 2020	67,897	(10,366)
Balance at Dec. 31, 2020	$ 6,790	$ (42,421)	74,437	22,652	61,458
Net income					15,753
Balance (in shares) at Jun. 30, 2021	69,420	(10,835)
Balance at Jun. 30, 2021	$ 6,942	$ (43,589)	75,778	38,405	77,536
Balance (in shares) at Mar. 31, 2021	68,328	(10,521)
Balance at Mar. 31, 2021	$ 6,833	$ (42,824)	75,064	32,521	71,594
Shares issued - stock-based compensation (in shares)	1,092	(314)
Shares issued - stock-based compensation	$ 109	$ 0	597	0	706
Stock-based compensation expense	0	0	117	0	117
Treasury stock	0	(765)	0	0	(765)
Net income	$ 0	$ 0	0	5,884	5,884
Balance (in shares) at Jun. 30, 2021	69,420	(10,835)
Balance at Jun. 30, 2021	$ 6,942	$ (43,589)	75,778	38,405	77,536
Balance (in shares) at Dec. 31, 2021	69,562	(10,939)
Balance at Dec. 31, 2021	$ 6,956	$ (43,847)	76,700	104,488	144,297
Shares issued - stock-based compensation (in shares)	300	(64)
Shares issued - stock-based compensation	$ 30	$ 0	168	0	198
Stock-based compensation expense	0	0	404	0	404
Treasury stock	0	(387)	0	0	(387)
Dividend Distribution	0	0	0	(1,929)	(1,929)
Net income	$ 0	$ 0	0	12,164	12,164
Balance (in shares) at Mar. 31, 2022	69,862	(11,003)
Balance at Mar. 31, 2022	$ 6,986	$ (44,234)	77,272	114,723	154,747
Balance (in shares) at Dec. 31, 2021	69,562	(10,939)
Balance at Dec. 31, 2021	$ 6,956	$ (43,847)	76,700	104,488	144,297
Net income					27,268
Balance (in shares) at Jun. 30, 2022	70,125	(11,057)
Balance at Jun. 30, 2022	$ 7,013	$ (44,635)	77,919	127,884	168,181
Balance (in shares) at Mar. 31, 2022	69,862	(11,003)
Balance at Mar. 31, 2022	$ 6,986	$ (44,234)	77,272	114,723	154,747
Shares issued - stock-based compensation (in shares)	263	(54)
Shares issued - stock-based compensation	$ 27	$ 0	31	0	58
Stock-based compensation expense	0	0	616	0	616
Treasury stock	0	(401)	0	0	(401)
Dividend Distribution	0	0	0	(1,943)	(1,943)
Net income	$ 0	$ 0	0	15,104	15,104
Balance (in shares) at Jun. 30, 2022	70,125	(11,057)
Balance at Jun. 30, 2022	$ 7,013	$ (44,635)	$ 77,919	$ 127,884	$ 168,181

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 15,104	$ 12,164	$ 5,884	$ 9,869	$ 27,268	$ 15,753
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	20		33		32	52
Depreciation, depletion and amortization					12,864	9,958
Bargain purchase gain					0	(7,651)
Deferred taxes					15,531	(1,511)
Unrealized foreign exchange loss (gain)					360	(308)
Stock-based compensation					2,264	2,073
Cash settlements paid on exercised stock appreciation rights					(805)	(2,933)
Derivative instruments loss, net					41,300	15,923
Cash settlements paid on matured derivative contracts, net					(33,559)	(6,003)
Bad debt expense and other	571		395		1,063	496
Other operating expense, net					5	486
Operational expenses associated with equipment and other					718	521
Cash advance for other long-term assets					(1,072)	0
Change in operating assets and liabilities:
Trade receivables					(47,810)	(17,645)
Accounts with joint venture owners					10,283	642
Other receivables					(943)	(131)
Crude oil inventory					(12,274)	3,508
Prepayments and other					1,570	(8,622)
Value added tax and other receivables					(2,249)	(500)
Accounts payable					(857)	(10,597)
Foreign income taxes receivable/payable					26,093	11,673
Accrued liabilities and other					29,263	8,028
Net cash provided by continuing operating activities					69,045	13,212
Net cash used in discontinued operating activities					(38)	(52)
Net cash provided by operating activities					69,007	13,160
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures					(60,278)	(4,301)
Acquisition of crude oil and natural gas properties					0	(22,505)
Net cash used in continuing investing activities					(60,278)	(26,806)
Net cash used in discontinued investing activities					0	0
Net cash used in investing activities					(60,278)	(26,806)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock					257	1,053
Dividend distribution					(3,872)	0
Treasury shares					(788)	(1,168)
Deferred financing costs					(1,451)	0
Payments of finance lease					(68)	0
Net cash used in continuing financing activities					(5,922)	(115)
Net cash used in discontinued financing activities					0	0
Net cash used in financing activities					(5,922)	(115)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					2,807	(13,761)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		$ 72,314		$ 61,317	72,314	61,317	$ 61,317
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 75,121		$ 47,556		75,121	47,556	72,314
Supplemental disclosure of cash flow information:
Interest paid, net of amounts capitalized					113	0
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred but not paid at end of period					29,155	1,244
Recognition of right-of-use finance lease assets and liabilities					1,851	0
Asset Retirement Obligation, Liabilities Incurred					$ 0	$ 14,564	$ 14,564

Note 1 - Organization and Accou

Note 1 - Organization and Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. ORGANIZATION AND ACCOUNTING POLICIES VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil. As operator, the Company has production operations and conducts exploration and development activities in Gabon, West Africa. The Company also has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. As discussed further in Note 3 The Company’s consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch), VAALCO Energy (USA), I nc, VAALCO Energy (International), LLC, VAALCO Energy (Holdings), LLC an These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2021, With respect to the novel strain of coronavirus (“COVID- 19” 2021, 2022, second 2022 BA.5 19 19, 2020 19 not 19, no 19 not In July 2021, August 2021 September 2022. August 3, 2022. three June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 June 30, 2022 $1 00 While the current community price environment is favorable and the Company has not 19 may Principles of consolidation Use of estimates Cash and cash equivalents three Restricted cash and abandonment funding June 30, 2022 2021 June 30, 2022 2021 n Note 10 As of June 30, 2022 2021 (in thousands) Cash and cash equivalents $ 53,062 $ 22,884 Restricted cash - current 216 83 Restricted cash - non-current 1,752 1,752 Abandonment funding 20,091 22,837 Total cash, cash equivalents and restricted cash $ 75,121 $ 47,556 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not February 2021. not 2019, 2020 2021 2018 February 2021, March 12, 2021 not 2021. December 2021, 2022, No. 5 Accounts with joint venture owners Accounts Receivable and Allowance for Doubtful Accounts 30 The Company routinely assesses the recoverability of all material receivables to determine their collectability. The Company accrues a reserve on a receivable when, based on management’s judgment, it is probable that a receivable will not may As of June 30, 2022 June 30, 2022 $1.00. December 31, 2021, December 31, 2021, $1.00. The following table provides a roll forward of the aggregate allowance for bad debt: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,135 ) $ (5,092 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (571 ) (395 ) (1,063 ) (496 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 317 (88 ) 415 73 Balance at end of period $ (6,389 ) $ (5,575 ) $ (6,389 ) $ (5,575 ) Other receivables, net 2021, not third June 30, 2022 195 April May 2022, 163 April June 2022 98 June 2022, 98 163 Crude oil inventory June 30, 2022 Prepayments and Other six June 30, 2022 Materials and supplies Crude Oil and natural gas properties, equipment and other Capitalization no may Depreciation, depletion and amortization three five five seven Impairment may not may 3 may 7 Purchase Accounting February 25, 2021, November 17, 2020 3 Lease commitments 842, Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil and natural gas properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil and natural gas properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil and natural gas production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13 Revenue recognition not June 20, 2026 may 6 Major maintenance activities Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15 Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16 Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. Gains and losses from the change in fair value of derivative instruments and cash settlements on commodity derivatives are presented in the “Derivative instruments loss, net” line item located within the “Other income (expense)” section of the condensed consolidated statements of operations. See Note 8 Fair value three Level 1 Level 2 1 not Level 3 not Nonrecurring Fair Value Measurements 3 Fair value of financial instruments 8, 2 As of June 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 1,049 $ — $ 1,049 Derivative liability - crude oil swaps Accrued liabilities and other — 12,547 — 12,547 $ — $ 13,596 $ — $ 13,596 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability - crude oil swaps Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415 Earnings per Share 5

Note 2 - New Accounting Standar

Note 2 - New Accounting Standards	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	2. NEW ACCOUNTING STANDARDS Not In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” not 2016 13 December 15, 2019, first No. 2019 04 2019 04” Codification Improvements to Topic 326, 815, 825, No. 2019 05 ASU 2019 05 326 2019 04 2019 05 2016 13 November 2019, No. 2019 10, Financial Instruments Credit Losses (Topic 326 815 842 No. 2016 13 January 1, 2020 January 1, 2023 2016 13, January 2023.

Note 3 - Acquisitions and Dispo

Note 3 - Acquisitions and Dispositions	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. Pending Merger On July 13, 2022, July 13, 2022 On the terms and subject to the conditions of the Arrangement Agreement and the Plan of Arrangement, at the effective time of the Arrangement (the “Effective Time”), each common share of TransGlobe that is issued and outstanding immediately prior to the Effective Time will be deemed to be transferred and assigned to AcquireCo in exchange for 0.6727 of a share (“Exchange Ratio”) of VAALCO common stock (the “Consideration”). No not 191 not The shareholders of TransGlobe will be asked to approve the Arrangement (the “TransGlobe Resolution”) at a shareholder meeting, and the stockholders of VAALCO will be asked to approve (i) the issuance of shares of VAALCO common stock as Consideration for the Arrangement (the “Consideration Shares”) (the “VAALCO Share Issuance Resolution”); and (ii) an amendment to VAALCO’s certificate of incorporation to increase the size of VAALCO’s authorized share capital (the “VAALCO Amendment Resolution” and, together with the VAALCO Share Issuance Resolution, the “VAALCO Resolutions”) at a stockholder meeting. VAALCO will use commercially reasonable efforts to schedule its stockholder meeting as promptly as reasonably practicable following clearance by the SEC of VAALCO’s proxy statement relating to such meeting and on the same date as the TransGlobe’s shareholder meeting. TransGlobe will use its commercially reasonable efforts to schedule its shareholder meeting on the same date as VAALCO’s stockholder meeting. The closing of the Arrangement is conditioned on the adoption of the TransGlobe Resolution and the VAALCO Resolutions. Consummation of the Arrangement is also subject to (a) the approval of the Arrangement by the Court in form and substance acceptable to each of VAALCO and TransGlobe, acting reasonably; (b) the absence of any law, injunction or other governmental order that prohibits the consummation of the Arrangement; (c) the approval for listing on the NYSE of the Consideration Shares; (d) the U.K. Financial Conduct Authority (the “FCA”) shall have acknowledged that the application for admission of VAALCO’s enlarged share capital has been approved and (after satisfaction of any conditions to which such approval is expressed to be subject (“U.K. Listing Conditions”)), such admission will become effective as soon as a dealing notice has been issued by the FCA and any U.K. Listing Conditions having been satisfied; (e) the LSE shall have acknowledged that the conditions to VAALCO’s enlarged share capital being admitted to trading on the standard segment of the main market of the LSE have been satisfied; (f) the availability of an exemption of Consideration Shares from the registration requirements of the Securities Act of 1933 3 10 1 2 no not If consummated, the Arrangement will result in VAALCO stockholders owning approximately 54.5%, and TransGlobe shareholders owning approximately 45.5%, of the combined company, calculated based on vested outstanding shares of each company outstanding as of the date of the Arrangement Agreement. The Arrangement is expected to be completed before the end of 2022. The Arrangement Agreement provides for mutual termination fees of $9.15 million in the event the Arrangement Agreement is terminated by either party in certain circumstances. For the three six June 30, 2022 Acquisition of Sasol Gabon S.A. s Interest in Etame On February 25, 2021, July 1, 2020. February 25, 2021. The following amounts represent the allocation of the purchase price to the assets acquired and liabilities assumed in the Sasol Acquisition. February 25, 2021 (in thousands) Purchase Consideration Cash $ 33,959 Fair value of contingent consideration 4,647 Total purchase consideration $ 38,606 February 25, 2021 (in thousands) Assets acquired: Wells, platforms and other production facilities $ 37,176 Equipment and other 5,568 Value added tax and other receivables 1,234 Abandonment funding 11,781 Accounts receivable - trade 11,220 Other current assets 3,963 Liabilities assumed: Asset retirement obligations (14,564 ) Accrued liabilities and other (10,121 ) Bargain purchase gain (7,651 ) Total purchase price $ 38,606 All assets and liabilities associated with Sasol’s interest in Etame Marin block, including crude oil and natural gas properties, asset retirement obligations and working capital items, were recorded at their fair value. The Company used estimated future crude oil prices as of the closing date, February 25, 2021, one A bargain purchase gain of $5.5 million is included in “Other, net" Other income (expense) 2021 ensed consolidated statements of operations. An income tax benefit of $2.2 million, related to the bargain purchase gain, is also included in the 2021 The bargain purchase gain is primarily attributable to the increase in crude oil price forecasts from the date the SPA was signed, November 17, 2020, February 25, 2021, The impact of the Sasol Acquisition was an increase to “ Crude oil and natural gas sales three six June 30, 2022, three six June 30, 2022, The impact of the Sasol Acquisition was an increase to “ Crude oil and natural gas sales three six June 30, 2021, three six June 30, 2021, The unaudited pro forma results presented below have been prepared to give the effect to the Sasol Acquisition discussed above on the Company’s results of operations for the three six June 30, 2021, January 1, 2020. not Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (in thousands) Pro forma (unaudited) Crude oil and natural gas sales $ 47,023 $ 104,570 Operating income 18,874 43,899 Net income 5,884 17,620 (a) Basic net income loss per share: Income from continuing operations $ 0.10 $ 0.30 Net income per share $ 0.10 $ 0.30 Basic weighted average shares outstanding 58,072 57,855 Diluted net income per share: Income from continuing operations $ 0.10 $ 0.30 Net income per share $ 0.10 $ 0.30 Diluted weighted average shares outstanding 58,574 58,527 (a) The pro forma net income for the six June 30, 2021 Under the terms of the SPA, a contingent payment of $5.0 million was payable to Sasol should the average Dated Brent price over a consecutive 90-day period from July 1, 2020 June 30, 2022 April 29, 2021, Discontinued Operations - Angola In November 2006, 5 5 September 30, 2016, October 31, 2016. November 30, 2016, 5 three six June 30, 2022 2021, not

Note 4 - Segment Information

Note 4 - Segment Information	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	4. The Company’s operations are based in Gabon and the Company has an undeveloped block in Equatorial Guinea. Each of the Company’s two reportable operating segments is organized and managed based upon geographic location. The Company’s Chief Executive Officer, who is the chief operating decision maker, and management review and evaluate the operation of each geographic segment separately, primarily based on operating income (loss). The operations of all segments include exploration for and production of hydrocarbons where commercial reserves have been found and developed. Revenues are based on the location of hydrocarbon production. Corporate and other is primarily corporate and operations support costs that are not Segment activity of continuing operations for the three six June 30, 2022 2021 June 30, 2022 December 31, 2021 Three Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 110,985 $ — $ — $ 110,985 Operating costs and expenses: Production expense 25,360 175 (60 ) 25,475 Exploration expense 67 — — 67 Depreciation, depletion and amortization 8,173 — 18 8,191 General and administrative expense 565 110 2,859 3,534 Bad debt expense and other 571 — — 571 Total operating costs and expenses 34,736 285 2,817 37,838 Other operating expense, net — — — — Operating income 76,249 (285 ) (2,817 ) 73,147 Other income (expense): Derivative instruments loss, net — — (9,542 ) (9,542 ) Interest (expense) income, net (158 ) — 40 (118 ) Other (expense) income, net (856 ) (1 ) (1,254 ) (2,111 ) Total other expense, net (1,014 ) (1 ) (10,756 ) (11,771 ) Income from continuing operations before income taxes 75,235 (286 ) (13,573 ) 61,376 Income tax (benefit) expense 36,423 1 9,828 46,252 Income from continuing operations 38,812 (287 ) (23,401 ) 15,124 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 38,812 $ (287 ) $ (23,421 ) $ 15,104 Consolidated capital expenditures $ 38,102 $ — $ 67 $ 38,169 Six Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 179,641 $ — $ — $ 179,641 Operating costs and expenses: Production expense 43,441 394 — 43,835 Exploration expense 194 — — 194 Depreciation, depletion and amortization 12,826 — 38 12,864 General and administrative expense 1,158 209 7,161 8,528 Bad debt expense and other 1,063 — — 1,063 Total operating costs and expenses 58,682 603 7,199 66,484 Other operating expense, net (5 ) — — (5 ) Operating income 120,954 (603 ) (7,199 ) 113,152 Other income (expense): Derivative instruments loss, net — — (41,300 ) (41,300 ) Interest (expense) income, net (164 ) — 43 (121 ) Other (expense) income, net (1,494 ) (2 ) (1,311 ) (2,807 ) Total other expense, net (1,658 ) (2 ) (42,568 ) (44,228 ) Income from continuing operations before income taxes 119,296 (605 ) (49,767 ) 68,924 Income tax (benefit) expense 49,256 1 (7,633 ) 41,624 Income from continuing operations 70,040 (606 ) (42,134 ) 27,300 Loss from discontinued operations, net of tax — — (32 ) (32 ) Net income $ 70,040 $ (606 ) $ (42,166 ) $ 27,268 Consolidated capital expenditures $ 69,882 $ — $ 67 $ 69,949 Three Months Ended June 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 47,023 $ — $ — $ 47,023 Operating costs and expenses: Production expense 16,378 32 9 16,419 Exploration expense 665 — — 665 Depreciation, depletion and amortization 5,786 — 24 5,810 General and administrative expense 254 70 4,410 4,734 Bad debt expense and other 395 — — 395 Total operating costs and expenses 23,478 102 4,443 28,023 Other operating expense, net (126 ) — — (126 ) Operating income 23,419 (102 ) (4,443 ) 18,874 Other income (expense): Derivative instruments loss, net — — (9,969 ) (9,969 ) Interest (expense) income, net — — 1 1 Other (expense) income, net (156 ) 1 (9 ) (164 ) Total other expense, net (156 ) 1 (9,977 ) (10,132 ) Income from continuing operations before income taxes 23,263 (101 ) (14,420 ) 8,742 Income tax (benefit) expense 6,045 — (3,220 ) 2,825 Income from continuing operations 17,218 (101 ) (11,200 ) 5,917 Loss from discontinued operations, net of tax — — (33 ) (33 ) Net income $ 17,218 $ (101 ) $ (11,233 ) $ 5,884 Consolidated capital expenditures (1) $ 1,782 $ — $ — $ 1,782 ( 1 Six Months Ended June 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 86,797 $ — $ — $ 86,797 Operating costs and expenses: Production expense 32,511 32 9 32,552 Exploration expense 807 — — 807 Depreciation, depletion and amortization 9,907 — 51 9,958 General and administrative expense 491 202 8,588 9,281 Bad debt expense and other 496 — — 496 Total operating costs and expenses 44,212 234 8,648 53,094 Other operating expense, net (133 ) — (353 ) (486 ) Operating income 42,452 (234 ) (9,001 ) 33,217 Other income (expense): Derivative instruments loss, net — — (15,923 ) (15,923 ) Interest (expense) income, net — — 6 6 Other (expense) income, net 7,172 (1 ) (2,755 ) 4,416 Total other expense, net 7,172 (1 ) (18,672 ) (11,501 ) Income from continuing operations before income taxes 49,624 (235 ) (27,673 ) 21,716 Income tax (benefit) expense 9,479 1 (3,569 ) 5,911 Income from continuing operations 40,145 (236 ) (24,104 ) 15,805 Loss from discontinued operations, net of tax — — (52 ) (52 ) Net income $ 40,145 $ (236 ) $ (24,156 ) $ 15,753 Consolidated capital expenditures (1) $ 4,297 $ — $ — $ 4,297 ( 1 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of June 30, 2022 $ 141,522 $ 10,000 $ 196 $ 151,718 As of December 31, 2021 $ 84,156 $ 10,000 $ 168 $ 94,324 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of June 30, 2022 $ 291,730 $ 10,927 $ 66,907 $ 369,564 As of December 31, 2021 $ 201,748 $ 10,548 $ 50,794 $ 263,090 Information about the Company’s most significant customers The Company currently sells crude oil production from Gabon under term crude oil sales and purchase agreements (“COSPAs”) or crude oil sales and marketing agreements ("COSMA or COSMAs") with pricing based upon an average of Dated Brent in the month of lifting, adjusted for location and market factors. The Company signed a COSPA with ExxonMobil Sales and Supply LLC (“Exxon”) that covered sales from February 2020 January 2022 January 2022, July 2022. As discussed further in Note 11, May 16, 2022, G4 160 August 1, 2022 During the three six June 30, 2022 2021

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, the Company assumes that restricted stock is outstanding on the date of vesting, and the Company assumes the issuance of shares from the exercise of stock options using the treasury stock method. A reconciliation of reported net income (loss) to net income (loss) used in calculating EPS as well as a reconciliation from basic to diluted shares follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 15,124 $ 5,917 $ 27,300 $ 15,805 Income from continuing operations attributable to unvested shares (229 ) (99 ) (381 ) (269 ) Numerator for basic 14,895 5,818 26,919 15,536 Reallocation of earnings to participating securities for considering dilutive securities 1 — 2 — Numerator for dilutive $ 14,896 $ 5,818 $ 26,921 $ 15,536 Loss from discontinued operations, net of tax $ (20 ) $ (33 ) $ (32 ) $ (52 ) Income from discontinued operations attributable to unvested shares — 1 — 1 Numerator for basic (20 ) (32 ) (32 ) (51 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (20 ) $ (32 ) $ (32 ) $ (51 ) Net Income $ 15,104 $ 5,884 $ 27,268 $ 15,753 Net income attributable to unvested shares (229 ) (98 ) (381 ) (268 ) Numerator for basic 14,875 5,786 26,887 15,485 Reallocation of earnings to participating securities for considering dilutive securities 1 — 2 — Numerator for dilutive $ 14,876 $ 5,786 $ 26,889 $ 15,485 Weighted average shares (denominator): Basic weighted average shares outstanding 58,925 58,072 58,814 57,855 Effect of dilutive securities 436 502 464 672 Diluted weighted average shares outstanding 59,361 58,574 59,278 58,527 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 251 377 154 386

Note 6 - Revenue

Note 6 - Revenue	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	6. Revenues from contracts with customers are generated from sales in Gabon pursuant to COSPAs or COSMAs. COSPAs or COSMAs with customers are renegotiated near the end of the contract term and may no 4 Information about the Company s most significant customers Customer sales generally occur on a monthly basis when the customer’s tanker arrives at the FPSO and the crude oil is delivered to the tanker through a connection. There is a single performance obligation (delivering crude oil to the delivery point, i.e. the connection to the customer’s crude oil tanker) that gives rise to revenue recognition at the point in time when the performance obligation event takes place. This is referred to as a “lifting”. Liftings can take one two no 606 10 50 14 not The Company accounts for production imbalances as a reduction in reserves. The volumes sold may not For each lifting completed under a COSPA or COSMA, payment is made by the customer in U.S. dollars by electronic transfer 30 Generally, no In addition to revenues from customer contracts, the Company has other revenues related to contractual provisions under the Etame PSC. The Etame PSC is not not 606. June 20, 2026) may To date, the government of Gabon has not no With respect to the government’s share of Profit Oil, the Etame PSC provides that the corporate income tax liability may February 1, 2018, not February 1, 2018, not not i.e. llion June 30, 2022 December 31, 2021, Certain amounts associated with the carried interest in the Etame Marin block discussed above are reported as revenues. In this carried interest arrangement, the carrying parties, which include the Company and other working interest owners, are obligated to fund all of the working interest costs that would otherwise be the obligation of the carried party. The carrying parties recoup these funds from the carried interest party’s revenues. The following table presents revenues from contracts with customers as well as revenues associated with the obligations under the Etame PSC. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA $ 125,143 $ 50,808 $ 201,629 $ 94,637 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 2,371 2,332 3,483 4,154 Royalties (16,529 ) (6,117 ) (25,471 ) (11,994 ) Crude oil and natural gas sales $ 110,985 $ 47,023 $ 179,641 $ 86,797

Note 7 - Crude Oil and Natural

Note 7 - Crude Oil and Natural Gas Properties and Equipment	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Oil and Gas Properties [Text Block]	7. CRUDE OIL AND NATURAL GAS PROPERTIES AND EQUIPMENT The Company’s crude oil and natural gas properties and equipment is comprised of the following: As of June 30, 2022 As of December 31, 2021 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 528,328 $ 488,756 Work-in-progress 42,954 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 23,695 23,478 618,712 549,484 Accumulated depreciation, depletion, amortization and impairment (466,994 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 151,718 $ 94,324 Extension of Term of Etame Marin Block PSC On September 25, 2018, ten September 17, 2018, two five In accordance with the Etame PSC, the Etame Consortium maintains a “Cost Account,” which accumulates capital costs and operating expenses that are deductible against revenues, net of royalties, in determining taxable profits. Under the PSC Extension, the Cost Recovery Percentage increased to 80% for the ten September 17, 2018 September 16, 2028. September 16, 2028, June 20, 2026. Proved Properties The Company reviews the crude oil and natural gas producing properties for impairment quarterly or whenever events or changes in circumstances indicate that the carrying amount of such properties may not not 3 There was no three six June 30, 2022 second 2022, Undeveloped Leasehold Costs VAALCO acquired a 31% working interest in an undeveloped portion of a block (“Block P”) offshore Equatorial Guinea in 2012. November 12, 2019. 2020, August 27, 2020, April 12, 2021, June 30, 2022 July 15, 2022 not As a result of the PSC Extension discussed above, the exploitation area for the Etame Marin block was expanded to include previously undeveloped acreage. The Company allocated $6.7 million of the share of the signing bonus and $7.1 million of the $18.6 million resulting from the deferred tax impact for the difference between book basis and tax basis to unproved leasehold costs using the acreage attributable to the previous exploitation areas and the additional acreage in the expanded exploitation areas. Exploitation of this additional area is permitted throughout the term of the Etame PSC. As a result of discovering reserves in connection with drilling the South East Etame 4H March 2020, 3, June 30, 2022 Capitalized Equipment Inventory Capitalized equipment inventory is reviewed regularly for obsolescence. Adjustments for inventory obsolescence are recorded in the “ Other operating income (expense), net not three six June 30, 2022 2021

Note 8 - Derivatives and Fair V

Note 8 - Derivatives and Fair Value	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	8. The Company uses derivative financial instruments from time to time to achieve a more predictable cash flow from crude oil production by reducing the Company’s exposure to price fluctuations. See the table below for the list of outstanding contracts. Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Price Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2022 to September 2022 Swaps Dated Brent 125,000 $ 76.53 — — October 2022 to December 2022 Collars Dated Brent 109,000 — $ 70.00 $ 122.00 While these commodity swaps are intended to be an economic hedge to mitigate the impact of a decline in crude oil prices, the Company has not not May 2022, The crude oil swap contracts are measured at fair value using the Income Method. Level 2 To mitigate counterparty risk, the Company enters into such derivative contracts with creditworthy financial institutions deemed by management as competent and competitive market makers. At times, the Company’s counterparties require that it post collateral for changes in the net fair value of the derivative contracts. This cash collateral is reported in the line item "Restricted cash" on the condensed consolidated balance sheets. The following table sets forth the loss on derivative instruments on the Company’s condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Crude oil swaps Cash settlements paid on matured derivative contracts, net $ (21,059 ) $ (4,293 ) $ (33,559 ) $ (6,003 ) Unrealized gain (loss) 11,517 (5,676 ) (7,741 ) (9,920 ) Derivative instruments loss, net $ (9,542 ) $ (9,969 ) $ (41,300 ) $ (15,923 )

Note 9 - Accrued Liabilities an

Note 9 - Accrued Liabilities and Other	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	9. Accrued liabilities and other balances were comprised of the following: As of June 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 39,186 $ 11,967 Gabon DMO, PID and PIH obligations 10,810 9,465 Derivative liability - crude oil swaps 12,547 4,806 Capital expenditures 24,357 11,327 Stock appreciation rights – current portion 1,049 609 Accrued wages and other compensation 1,611 2,124 ARO Obligation 6,835 6,745 Other 2,825 2,401 Total accrued liabilities and other $ 99,220 $ 49,444

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES Abandonment funding Under the terms of the Etame PSC, the Company has a cash funding arrangement for the eventual abandonment of all offshore wells, platforms and facilities on the Etame Marin block. As a result of the PSC Extension, annual funding payments are spread over the periods from 2018 2028, 2018 November 2021, June 30, 2022, On March 5, 2019, one six three six June 30, 2022, six June 30, 2021, December 2021, 2022, No. 5 FPSO charter In connection with the charter of the FPSO, the Company, as operator of the Etame Marin block, guaranteed all of the charter payments under the charter through its contract term. At the Company’s election, the charter could be extended for two one September 2020. September 2022. June 30, 2022 December 31, 2021 June 30, 2022 September 2022 The FPSO charter payment includes a $0.93 per barrel charter fee for production up to 20,000 barrels of crude oil per day and a $2.50 per barrel charter fee for those barrels produced in excess of 20,000 barrels of crude oil per day. Regulatory and Joint Interest Audits and Related Matters The Company is subject to periodic routine audits by various government agencies in Gabon, including audits of the Company’s petroleum cost account, customs, taxes and other operational matters, as well as audits by other members of the contractor group under the Company’s joint operating agreements. In 2016, 2013 2014. January 2017. not Between 2019 2021, 2015 2016. not In 2019, 2017 2018. June 2020, one no FSO On August 31, 2021, 2021 2022 not August 12, 2022. Dividend Policy On November 3, 2021, March 18, 2022 February 18, 2022 June 24, 2022 May 25, 2022 August 5, 2022, September 23 2022 August 24, 2022 Other contractual commitments In June 2021, three 1HB ST2

Note 11 - Debt

Note 11 - Debt	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	11. As of June 30, 2022 December 31, 2021, On May 16, 2022, may not October 1, 2023 April 1 October 1 The Facility provides for determination of the borrowing base asset based on the Company’s proved producing reserves and a portion of the Company's proved undeveloped reserves. The borrowing base is determined and redetermined by the Lenders on March 31 September 30 Each loan under the Facility will bear interest at a rate equal to LIBOR plus a margin (the “Applicable Margin”) of (i) 6.00% until the third third Pursuant to the Facility Agreement, the Company shall pay to Glencore for the account of each Lender a quarterly commitment fee equal to (i) 35% per annum of the Applicable Margin on the daily amount by which the lower of the total commitments and the borrowing base amount exceeds the amount of all outstanding utilizations under the Facility, plus (ii) 20% per annum of the Applicable Margin on the daily amount by which the total commitments exceed the borrowing base amount. The Borrower is also required to pay customary arrangement and security agent fees. The Facility Agreement contains certain debt covenants, including that, as of the last day of each calendar quarter, (i) the ratio of Consolidated Total Net Debt to EBITDAX (as each term is defined in the Facility Agreement) for the trailing 12 not 3.0x not June 30, 2022, June 30, 2022. June 30, 2022, The Facility will mature on the earlier of (i) the fifth first Deferred financing costs incurred in connection with securing the Facility were $1.5 million, which is carried in the accompanying condensed consolidated balance sheets in the line item "Other long-term assets" and is amortized on a straight-line basis, which approximates the effective interest method, over the term of the Facility and included in interest expense in the accompanying condensed consolidated statements of operations.

Note 12 - Leases

Note 12 - Leases	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Operating and Finance Leases [Text Block]	12. Under the leasing standard that became effective January 1, 2019, two Practical Expedients January 1, 2019. may not no Operating leases The Company is currently a party to several operating lease agreements for the corporate office, rental of marine vessels and helicopters, equipment and the FPSO. The duration for these agreements range from 3 to 33 months. In some cases, the lease contracts require the Company to make payments both for the use of the asset itself and for operations and maintenance services. Only the payments for the use of the asset related to the lease component are included in the calculation of ROU assets and lease liabilities. Payments for the operations and maintenance services are considered non-lease components and are not During the third 2019, first September 2021. third 2020, September 2022. The FPSO agreement also contains options to purchase the assets during or at the end of the lease term. The Company does not The FPSO and helicopter, marine vessels and certain equipment leases include provisions for variable lease payments, under which the Company is required to make additional payments based on the level of production or the number of days or hours the asset is deployed, or the number of persons onboard the vessel. Because the Company does not Financing leases In August 2021, September 2022. third August 12, 2022. September 1, 2022, On February 15, 2022, February 15, 2022. All leases For all leases that contain an option to extend, the Company has evaluated whether it will extend the lease beyond the initial lease term, which payments have been included in the calculation for the ROU assets and liabilities. The discount rate used to calculate ROU assets and lease liabilities represents the Company’s incremental borrowing rate. The Company determined this by considering the term and economic environment of each lease, and estimating the resulting interest rate the Company would incur to borrow the lease payments. For the three six June 30, 2022 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 98 $ — $ 164 $ — Operating lease cost 4,265 4,490 8,461 8,880 Short-term lease cost (2) 199 449 1,213 1,243 Variable lease cost (3) 1,909 1,627 3,247 3,061 Total lease expense 6,471 6,566 13,085 13,184 Lease costs capitalized 651 — 1,423 — Total lease costs $ 7,122 $ 6,566 $ 14,508 $ 13,184 2022 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows attributable to finance leases $ 26 $ — Weighted-average remaining lease term (in years) 5.17 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 12,816 $ 11,863 Weighted-average remaining lease term (in years) 0.7 1.25 Weighted-average discount rate 5.62 % 6.09 % ( 1 Represents depreciation and interest associated with financing leases. ( 2 Represents short term leases under contracts that are 1 not ( 3 Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts. The table below describes the presentation of the total lease cost on the Company’s condensed consolidated statement of operations. As discussed above, the Company’s joint venture owners are required to reimburse the Company for their share of certain expenses, including certain lease costs. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 57 $ — $ 96 $ — Production expense 3,720 3,852 7,558 6,501 General and administrative expense 47 47 63 96 Lease costs billed to the joint venture owners 2,884 2,667 5,886 6,587 Total lease expense 6,708 6,566 13,603 13,184 Lease costs capitalized 414 — 905 — Total lease costs $ 7,122 $ 6,566 $ 14,508 $ 13,184 The following table describes the future maturities of the Company’s lease liabilities at June 30, 2022 Operating Leases Finance Leases (in thousands) Year 2022 $ 2,892 $ 201 2023 371 368 2024 197 368 2025 33 368 Thereafter — 537 3,493 1,842 Less: imputed interest 38 185 Total lease liabilities $ 3,455 $ 1,657 Under the joint operating agreements, other joint venture owners are obligated to fund $3.1 million of the $5.3 million in future lease liabilities.

Note 13 - Asset Retirement Obli

Note 13 - Asset Retirement Obligations	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	13. The following table summarizes the changes in the Company’s asset retirement obligations: (in thousands) As of June 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 950 1,627 Additions — 14,564 Revisions — 7,169 Ending balance $ 41,644 $ 40,694 Accretion is recorded in the line item “Depreciation, depletion and amortization” on the condensed 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 prepared in November 2021. December 31, 2021, 3, 2021. June 30, 2022

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. EQUITY Preferred stock June 30, 2022 December 31, 2021. Treasury stock may Although these withheld shares are not 15

Note 15 - Stock-based Compensat

Note 15 - Stock-based Compensation and Other Benefit Plans	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	15. STOCK-BASED COMPENSATION AND OTHER BENEFIT PLANS The Company’s stock-based compensation has been granted under several stock incentive and long-term incentive plans. The plans authorize the Compensation Committee of the Company’s board of directors to issue various types of incentive compensation. The Company had previously issued stock options and restricted shares under the 2014 “2014 2016 June 25, 2020, 2020 “2020 June 2021, 2020 2020 June 30, 2022 2020 For each stock option granted, the number of authorized shares under the 2020 one one 2020 no As referenced in the table below, the Company records compensation expense related to stock-based compensation as general and administrative expense associated with the issuance of stock options, restricted stock and stock appreciation rights. During the six June 30, 2022, three six June 30, 2021 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 615 $ 117 $ 1,019 $ 440 Stock-based compensation - liability awards 227 397 1,245 1,633 Total stock-based compensation $ 842 $ 514 $ 2,264 $ 2,073 Stock options and performance shares Stock options have an exercise price that may not three three may In March 2022, ten one third first 30 one third second 30 one third third 30 not not The Company used the Monte Carlo simulation to calculate the grant date fair value of performance stock option awards. The fair value of these awards will be amortized to expense over the derived service period of the option. For options that do not During the six June 30, 2022 2021 Six Months Ended June 30, 2022 2021 Weighted average exercise price - ($/share) $ 6.41 $ 3.14 Expected life in years 6.0 6.0 Average expected volatility 72 % 75 % Risk-free interest rate 1.98 % 0.95 % Expected dividend yield 2.30 % — Weighted average grant date fair value - ($/share) $ 2.84 $ 2.07 Stock option activity associated with the Monte Carlo model for the six June 30, 2022 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 359 $ 1.96 Granted 241 6.41 Exercised — — Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2022 600 $ 3.75 8.84 $ 1,916 Exercisable at June 30, 2022 194 $ 1.68 8.16 $ 1,017 Stock option activity associated with the Black-Scholes model for the six June 30, 2022 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 615 $ 1.58 Granted — — Exercised (229 ) 1.12 Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2022 386 $ 1.86 1.46 $ 1,965 Exercisable at June 30, 2022 386 $ 1.86 1.46 $ 1,965 During the six June 30, 2022 Restricted shares Restricted stock granted to employees will vest over a period determined by the Compensation Committee that is generally a three three first first not fifty 50 March 2022, June 2022, The following is a summary of activity for the six June 30, 2022 Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2022 741 $ 2.36 Awards granted 384 6.56 Awards vested (334 ) 2.25 Awards forfeited (30 ) 3.50 Non-vested shares outstanding at June 30, 2022 761 $ 4.48 During the six June 30, 2022 Stock appreciation rights ( SARs ) SARs may 2016 2020 may not During the six June 30, 2022 not SAR activity for the six June 30, 2022 Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weight Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2022 362 $ 1.81 Granted — — Exercised (153 ) 1.71 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at June 30, 2022 209 $ 1.88 1.36 $ 1,055 Exercisable at June 30, 2022 209 $ 1.88 1.36 $ 1,055 Other Benefit Plans The Company has adopted forms of change in control agreements for its named executive officers and certain other officers of the Company as well as a severance plan for its Houston-based non-executive employees in order to provide severance benefits in connection with a change in control. Upon a termination of a participant’s employment by the Company without cause or a resignation by the participant for good reason three six six

Note 16 - Income Taxes

Note 16 - Income Taxes	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	16. VAALCO and its domestic subsidiaries file a consolidated U.S. income tax return. Certain foreign subsidiaries also file tax returns in their respective local jurisdictions. Income taxes attributable to continuing operations for the three six June 30, 2022 2021 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 2,617 104 (9,869 ) (2,049 ) Foreign: Current 20,402 6,148 26,093 9,583 Deferred 23,233 (3,427 ) 25,400 (1,623 ) Total $ 46,252 $ 2,825 $ 41,624 $ 5,911 The Company’s effective tax rate for the six June 30, 2022 2021 six June 30, 2022 six June 30, 2022 three June 30, 2022, six June 30, 2022, As of June 30, 2022

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Nature of Operations [Policy Text Block]	VAALCO Energy, Inc. (together with its consolidated subsidiaries “we”, “us”, “our”, “VAALCO” or the “Company”) is a Houston, Texas-based independent energy company engaged in the acquisition, exploration, development and production of crude oil. As operator, the Company has production operations and conducts exploration and development activities in Gabon, West Africa. The Company also has opportunities to participate in development and exploration activities in Equatorial Guinea, West Africa. As discussed further in Note 3 The Company’s consolidated subsidiaries are VAALCO Gabon (Etame), Inc., VAALCO Production (Gabon), Inc., VAALCO Gabon S.A., VAALCO Angola (Kwanza), Inc., VAALCO Energy (EG), Inc., VAALCO Energy Mauritius (EG) Limited, VAALCO Energy, Inc. (UK Branch), VAALCO Energy (USA), I nc, VAALCO Energy (International), LLC, VAALCO Energy (Holdings), LLC an
Basis of Accounting, Policy [Policy Text Block]	These condensed consolidated financial statements are unaudited, but in the opinion of management, reflect all adjustments necessary for a fair presentation of results for the interim periods presented. All adjustments are of a normal recurring nature unless disclosed otherwise. Interim period results are not These condensed consolidated financial statements have been prepared in accordance with rules of the Securities and Exchange Commission (“SEC”) and do not 10 December 31, 2021,
COVID-19 Pandemic [Policy Text Block]	With respect to the novel strain of coronavirus (“COVID- 19” 2021, 2022, second 2022 BA.5 19 19, 2020 19 not 19, no 19 not In July 2021, August 2021 September 2022. August 3, 2022. three June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 June 30, 2022 $1 00 While the current community price environment is favorable and the Company has not 19 may
Consolidation, Policy [Policy Text Block]	Principles of consolidation
Use of Estimates, Policy [Policy Text Block]	Use of estimates
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents three
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted cash and abandonment funding June 30, 2022 2021 June 30, 2022 2021 n Note 10 As of June 30, 2022 2021 (in thousands) Cash and cash equivalents $ 53,062 $ 22,884 Restricted cash - current 216 83 Restricted cash - non-current 1,752 1,752 Abandonment funding 20,091 22,837 Total cash, cash equivalents and restricted cash $ 75,121 $ 47,556 The Company conducts regular abandonment studies to update the estimated costs to abandon the offshore wells, platforms and facilities on the Etame Marin block. This cash funding is reflected under “Other noncurrent assets” as “Abandonment funding” on the condensed consolidated balance sheets. Future changes to the anticipated abandonment cost estimate could change the asset retirement obligation and the amount of future abandonment funding payments. See Note 10 On February 28, 2019, one six not February 2021. not 2019, 2020 2021 2018 February 2021, March 12, 2021 not 2021. December 2021, 2022, No. 5
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block]	Accounts with joint venture owners
Accounts Receivable [Policy Text Block]	Accounts Receivable and Allowance for Doubtful Accounts 30 The Company routinely assesses the recoverability of all material receivables to determine their collectability. The Company accrues a reserve on a receivable when, based on management’s judgment, it is probable that a receivable will not may As of June 30, 2022 June 30, 2022 $1.00. December 31, 2021, December 31, 2021, $1.00. The following table provides a roll forward of the aggregate allowance for bad debt: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,135 ) $ (5,092 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (571 ) (395 ) (1,063 ) (496 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 317 (88 ) 415 73 Balance at end of period $ (6,389 ) $ (5,575 ) $ (6,389 ) $ (5,575 )
Other Receivables [Policy Text Block]	Other receivables, net 2021, not third June 30, 2022 195 April May 2022, 163 April June 2022 98 June 2022, 98 163
Inventory, Policy [Policy Text Block]	Crude oil inventory June 30, 2022
Prepayments and Other [Policy Text Block]	Prepayments and Other six June 30, 2022
Inventory Supplies, Policy [Policy Text Block]	Materials and supplies
Oil and Gas Properties Policy [Policy Text Block]	Crude Oil and natural gas properties, equipment and other
Exploratory Drilling Costs Capitalization and Impairment, Policy [Policy Text Block]	Capitalization no may
Depreciation, Depletion, and Amortization [Policy Text Block]	Depreciation, depletion and amortization three five five seven
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment may not may 3 may 7
Business Combinations Policy [Policy Text Block]	Purchase Accounting February 25, 2021, November 17, 2020 3
Lessee, Leases [Policy Text Block]	Lease commitments 842,
Asset Retirement Obligation [Policy Text Block]	Asset retirement obligations ( ARO ) A liability for ARO is recognized in the period in which the legal obligations are incurred if a reasonable estimate of fair value can be made. The ARO liability reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with crude oil and natural gas properties. The Company uses current retirement costs to estimate the expected cash outflows for retirement obligations. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental, and political environments. Initial recording of the ARO liability is offset by the corresponding capitalization of asset retirement cost recorded to crude oil and natural gas properties. To the extent these or other assumptions change after initial recognition of the liability, the fair value estimate is revised and the recognized liability adjusted, with a corresponding adjustment made to the related asset balance or income statement, as appropriate. Depreciation of capitalized asset retirement costs and accretion of asset retirement obligations are recorded over time. Depreciation is generally determined on a units-of-production basis for crude oil and natural gas production facilities, while accretion escalates over the lives of the assets to reach the expected settlement value. Where there is a downward revision to the ARO that exceeds the net book value of the related asset, the corresponding adjustment is limited to the amount of the net book value of the asset and the remaining amount is recognized as a gain. See Note 13
Revenue from Contract with Customer [Policy Text Block]	Revenue recognition not June 20, 2026 may 6
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block]	Major maintenance activities
Share-Based Payment Arrangement [Policy Text Block]	Stock-based compensation Black-Scholes and Monte Carlo models employ assumptions, based on management’s best estimates at the time of grant, which impact the calculation of fair value and ultimately, the amount of expense that is recognized over the life of the stock options or SAR award. These models use the following inputs: (i) the quoted market price of the Company’s common stock on the valuation date, (ii) the maximum stock price appreciation that an employee may For restricted stock, the grant date fair value is determined using the market value of the common stock on the date of grant. The stock-based compensation expense for equity awards is recognized over the requisite or derived service period, using the straight-line attribution method over the service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. Unless the awards contain a market condition, previously recognized expense related to forfeited awards is reversed in the period in which the forfeiture occurs. For awards containing a market condition, previously recognized stock-based compensation expense is not 15
Income Tax, Policy [Policy Text Block]	Income taxes may Judgment is required in determining whether deferred tax assets will be realized in full or in part. Management assesses the available positive and negative evidence to estimate if existing deferred tax assets will be utilized, and when it is estimated to be more-likely-than- not not not In certain jurisdictions, the Company may not not may 16
Derivatives, Policy [Policy Text Block]	Derivative instruments and hedging activities may The Company records balances resulting from commodity risk management activities in the condensed consolidated balance sheets as either assets or liabilities measured at fair value. Gains and losses from the change in fair value of derivative instruments and cash settlements on commodity derivatives are presented in the “Derivative instruments loss, net” line item located within the “Other income (expense)” section of the condensed consolidated statements of operations. See Note 8
Fair Value Measurement, Policy [Policy Text Block]	Fair value three Level 1 Level 2 1 not Level 3 not
Nonrecurring Fair Value Measurements [Policy Text Block]	Nonrecurring Fair Value Measurements 3
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments 8, 2 As of June 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 1,049 $ — $ 1,049 Derivative liability - crude oil swaps Accrued liabilities and other — 12,547 — 12,547 $ — $ 13,596 $ — $ 13,596 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability - crude oil swaps Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share 5

Note 1 - Organization and Acc_2

Note 1 - Organization and Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]	As of June 30, 2022 2021 (in thousands) Cash and cash equivalents $ 53,062 $ 22,884 Restricted cash - current 216 83 Restricted cash - non-current 1,752 1,752 Abandonment funding 20,091 22,837 Total cash, cash equivalents and restricted cash $ 75,121 $ 47,556
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,135 ) $ (5,092 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (571 ) (395 ) (1,063 ) (496 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 317 (88 ) 415 73 Balance at end of period $ (6,389 ) $ (5,575 ) $ (6,389 ) $ (5,575 )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of June 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 1,049 $ — $ 1,049 Derivative liability - crude oil swaps Accrued liabilities and other — 12,547 — 12,547 $ — $ 13,596 $ — $ 13,596 As of December 31, 2021 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Liabilities SARs liability Accrued liabilities and other $ — $ 609 $ — $ 609 Derivative liability - crude oil swaps Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415

Note 3 - Acquisitions and Dis_2

Note 3 - Acquisitions and Dispositions (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	February 25, 2021 (in thousands) Purchase Consideration Cash $ 33,959 Fair value of contingent consideration 4,647 Total purchase consideration $ 38,606 February 25, 2021 (in thousands) Assets acquired: Wells, platforms and other production facilities $ 37,176 Equipment and other 5,568 Value added tax and other receivables 1,234 Abandonment funding 11,781 Accounts receivable - trade 11,220 Other current assets 3,963 Liabilities assumed: Asset retirement obligations (14,564 ) Accrued liabilities and other (10,121 ) Bargain purchase gain (7,651 ) Total purchase price $ 38,606
Business Acquisition, Pro Forma Information [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2021 (in thousands) Pro forma (unaudited) Crude oil and natural gas sales $ 47,023 $ 104,570 Operating income 18,874 43,899 Net income 5,884 17,620 (a) Basic net income loss per share: Income from continuing operations $ 0.10 $ 0.30 Net income per share $ 0.10 $ 0.30 Basic weighted average shares outstanding 58,072 57,855 Diluted net income per share: Income from continuing operations $ 0.10 $ 0.30 Net income per share $ 0.10 $ 0.30 Diluted weighted average shares outstanding 58,574 58,527

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 110,985 $ — $ — $ 110,985 Operating costs and expenses: Production expense 25,360 175 (60 ) 25,475 Exploration expense 67 — — 67 Depreciation, depletion and amortization 8,173 — 18 8,191 General and administrative expense 565 110 2,859 3,534 Bad debt expense and other 571 — — 571 Total operating costs and expenses 34,736 285 2,817 37,838 Other operating expense, net — — — — Operating income 76,249 (285 ) (2,817 ) 73,147 Other income (expense): Derivative instruments loss, net — — (9,542 ) (9,542 ) Interest (expense) income, net (158 ) — 40 (118 ) Other (expense) income, net (856 ) (1 ) (1,254 ) (2,111 ) Total other expense, net (1,014 ) (1 ) (10,756 ) (11,771 ) Income from continuing operations before income taxes 75,235 (286 ) (13,573 ) 61,376 Income tax (benefit) expense 36,423 1 9,828 46,252 Income from continuing operations 38,812 (287 ) (23,401 ) 15,124 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 38,812 $ (287 ) $ (23,421 ) $ 15,104 Consolidated capital expenditures $ 38,102 $ — $ 67 $ 38,169 Six Months Ended June 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 179,641 $ — $ — $ 179,641 Operating costs and expenses: Production expense 43,441 394 — 43,835 Exploration expense 194 — — 194 Depreciation, depletion and amortization 12,826 — 38 12,864 General and administrative expense 1,158 209 7,161 8,528 Bad debt expense and other 1,063 — — 1,063 Total operating costs and expenses 58,682 603 7,199 66,484 Other operating expense, net (5 ) — — (5 ) Operating income 120,954 (603 ) (7,199 ) 113,152 Other income (expense): Derivative instruments loss, net — — (41,300 ) (41,300 ) Interest (expense) income, net (164 ) — 43 (121 ) Other (expense) income, net (1,494 ) (2 ) (1,311 ) (2,807 ) Total other expense, net (1,658 ) (2 ) (42,568 ) (44,228 ) Income from continuing operations before income taxes 119,296 (605 ) (49,767 ) 68,924 Income tax (benefit) expense 49,256 1 (7,633 ) 41,624 Income from continuing operations 70,040 (606 ) (42,134 ) 27,300 Loss from discontinued operations, net of tax — — (32 ) (32 ) Net income $ 70,040 $ (606 ) $ (42,166 ) $ 27,268 Consolidated capital expenditures $ 69,882 $ — $ 67 $ 69,949 Three Months Ended June 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 47,023 $ — $ — $ 47,023 Operating costs and expenses: Production expense 16,378 32 9 16,419 Exploration expense 665 — — 665 Depreciation, depletion and amortization 5,786 — 24 5,810 General and administrative expense 254 70 4,410 4,734 Bad debt expense and other 395 — — 395 Total operating costs and expenses 23,478 102 4,443 28,023 Other operating expense, net (126 ) — — (126 ) Operating income 23,419 (102 ) (4,443 ) 18,874 Other income (expense): Derivative instruments loss, net — — (9,969 ) (9,969 ) Interest (expense) income, net — — 1 1 Other (expense) income, net (156 ) 1 (9 ) (164 ) Total other expense, net (156 ) 1 (9,977 ) (10,132 ) Income from continuing operations before income taxes 23,263 (101 ) (14,420 ) 8,742 Income tax (benefit) expense 6,045 — (3,220 ) 2,825 Income from continuing operations 17,218 (101 ) (11,200 ) 5,917 Loss from discontinued operations, net of tax — — (33 ) (33 ) Net income $ 17,218 $ (101 ) $ (11,233 ) $ 5,884 Consolidated capital expenditures (1) $ 1,782 $ — $ — $ 1,782 Six Months Ended June 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 86,797 $ — $ — $ 86,797 Operating costs and expenses: Production expense 32,511 32 9 32,552 Exploration expense 807 — — 807 Depreciation, depletion and amortization 9,907 — 51 9,958 General and administrative expense 491 202 8,588 9,281 Bad debt expense and other 496 — — 496 Total operating costs and expenses 44,212 234 8,648 53,094 Other operating expense, net (133 ) — (353 ) (486 ) Operating income 42,452 (234 ) (9,001 ) 33,217 Other income (expense): Derivative instruments loss, net — — (15,923 ) (15,923 ) Interest (expense) income, net — — 6 6 Other (expense) income, net 7,172 (1 ) (2,755 ) 4,416 Total other expense, net 7,172 (1 ) (18,672 ) (11,501 ) Income from continuing operations before income taxes 49,624 (235 ) (27,673 ) 21,716 Income tax (benefit) expense 9,479 1 (3,569 ) 5,911 Income from continuing operations 40,145 (236 ) (24,104 ) 15,805 Loss from discontinued operations, net of tax — — (52 ) (52 ) Net income $ 40,145 $ (236 ) $ (24,156 ) $ 15,753 Consolidated capital expenditures (1) $ 4,297 $ — $ — $ 4,297
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	(in thousands) Gabon Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of June 30, 2022 $ 141,522 $ 10,000 $ 196 $ 151,718 As of December 31, 2021 $ 84,156 $ 10,000 $ 168 $ 94,324 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Total assets from continuing operations: As of June 30, 2022 $ 291,730 $ 10,927 $ 66,907 $ 369,564 As of December 31, 2021 $ 201,748 $ 10,548 $ 50,794 $ 263,090

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 15,124 $ 5,917 $ 27,300 $ 15,805 Income from continuing operations attributable to unvested shares (229 ) (99 ) (381 ) (269 ) Numerator for basic 14,895 5,818 26,919 15,536 Reallocation of earnings to participating securities for considering dilutive securities 1 — 2 — Numerator for dilutive $ 14,896 $ 5,818 $ 26,921 $ 15,536 Loss from discontinued operations, net of tax $ (20 ) $ (33 ) $ (32 ) $ (52 ) Income from discontinued operations attributable to unvested shares — 1 — 1 Numerator for basic (20 ) (32 ) (32 ) (51 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (20 ) $ (32 ) $ (32 ) $ (51 ) Net Income $ 15,104 $ 5,884 $ 27,268 $ 15,753 Net income attributable to unvested shares (229 ) (98 ) (381 ) (268 ) Numerator for basic 14,875 5,786 26,887 15,485 Reallocation of earnings to participating securities for considering dilutive securities 1 — 2 — Numerator for dilutive $ 14,876 $ 5,786 $ 26,889 $ 15,485 Weighted average shares (denominator): Basic weighted average shares outstanding 58,925 58,072 58,814 57,855 Effect of dilutive securities 436 502 464 672 Diluted weighted average shares outstanding 59,361 58,574 59,278 58,527 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 251 377 154 386

Note 6 - Revenue (Tables)

Note 6 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA $ 125,143 $ 50,808 $ 201,629 $ 94,637 Other items reported in revenue not associated with customer contracts: Carried interest recoupment 2,371 2,332 3,483 4,154 Royalties (16,529 ) (6,117 ) (25,471 ) (11,994 ) Crude oil and natural gas sales $ 110,985 $ 47,023 $ 179,641 $ 86,797

Note 7 - Crude Oil and Natura_2

Note 7 - Crude Oil and Natural Gas Properties and Equipment (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of June 30, 2022 As of December 31, 2021 (in thousands) Crude oil and natural gas properties and equipment - successful efforts method: Wells, platforms and other production facilities $ 528,328 $ 488,756 Work-in-progress 42,954 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 23,695 23,478 618,712 549,484 Accumulated depreciation, depletion, amortization and impairment (466,994 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 151,718 $ 94,324

Note 8 - Derivatives and Fair_2

Note 8 - Derivatives and Fair Value (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Price Weighted Average Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) (per Bbl) July 2022 to September 2022 Swaps Dated Brent 125,000 $ 76.53 — — October 2022 to December 2022 Collars Dated Brent 109,000 — $ 70.00 $ 122.00
Schedule of Derivative Instruments [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Crude oil swaps Cash settlements paid on matured derivative contracts, net $ (21,059 ) $ (4,293 ) $ (33,559 ) $ (6,003 ) Unrealized gain (loss) 11,517 (5,676 ) (7,741 ) (9,920 ) Derivative instruments loss, net $ (9,542 ) $ (9,969 ) $ (41,300 ) $ (15,923 )

Note 9 - Accrued Liabilities _2

Note 9 - Accrued Liabilities and Other (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of June 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 39,186 $ 11,967 Gabon DMO, PID and PIH obligations 10,810 9,465 Derivative liability - crude oil swaps 12,547 4,806 Capital expenditures 24,357 11,327 Stock appreciation rights – current portion 1,049 609 Accrued wages and other compensation 1,611 2,124 ARO Obligation 6,835 6,745 Other 2,825 2,401 Total accrued liabilities and other $ 99,220 $ 49,444

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 98 $ — $ 164 $ — Operating lease cost 4,265 4,490 8,461 8,880 Short-term lease cost (2) 199 449 1,213 1,243 Variable lease cost (3) 1,909 1,627 3,247 3,061 Total lease expense 6,471 6,566 13,085 13,184 Lease costs capitalized 651 — 1,423 — Total lease costs $ 7,122 $ 6,566 $ 14,508 $ 13,184 2022 2021 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows attributable to finance leases $ 26 $ — Weighted-average remaining lease term (in years) 5.17 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 12,816 $ 11,863 Weighted-average remaining lease term (in years) 0.7 1.25 Weighted-average discount rate 5.62 % 6.09 %
Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 57 $ — $ 96 $ — Production expense 3,720 3,852 7,558 6,501 General and administrative expense 47 47 63 96 Lease costs billed to the joint venture owners 2,884 2,667 5,886 6,587 Total lease expense 6,708 6,566 13,603 13,184 Lease costs capitalized 414 — 905 — Total lease costs $ 7,122 $ 6,566 $ 14,508 $ 13,184
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]	Operating Leases Finance Leases (in thousands) Year 2022 $ 2,892 $ 201 2023 371 368 2024 197 368 2025 33 368 Thereafter — 537 3,493 1,842 Less: imputed interest 38 185 Total lease liabilities $ 3,455 $ 1,657

Note 13 - Asset Retirement Ob_2

Note 13 - Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	(in thousands) As of June 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 950 1,627 Additions — 14,564 Revisions — 7,169 Ending balance $ 41,644 $ 40,694

Note 15 - Stock-based Compens_2

Note 15 - Stock-based Compensation and Other Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 615 $ 117 $ 1,019 $ 440 Stock-based compensation - liability awards 227 397 1,245 1,633 Total stock-based compensation $ 842 $ 514 $ 2,264 $ 2,073
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2022 2021 Weighted average exercise price - ($/share) $ 6.41 $ 3.14 Expected life in years 6.0 6.0 Average expected volatility 72 % 75 % Risk-free interest rate 1.98 % 0.95 % Expected dividend yield 2.30 % — Weighted average grant date fair value - ($/share) $ 2.84 $ 2.07
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 359 $ 1.96 Granted 241 6.41 Exercised — — Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2022 600 $ 3.75 8.84 $ 1,916 Exercisable at June 30, 2022 194 $ 1.68 8.16 $ 1,017 Number of Shares Underlying Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) Outstanding at January 1, 2022 615 $ 1.58 Granted — — Exercised (229 ) 1.12 Unvested shares forfeited — — Vested shares expired — — Outstanding at June 30, 2022 386 $ 1.86 1.46 $ 1,965 Exercisable at June 30, 2022 386 $ 1.86 1.46 $ 1,965
Nonvested Restricted Stock Shares Activity [Table Text Block]	Restricted Stock Weighted Average Grant Date Fair Value (in thousands) Non-vested shares outstanding at January 1, 2022 741 $ 2.36 Awards granted 384 6.56 Awards vested (334 ) 2.25 Awards forfeited (30 ) 3.50 Non-vested shares outstanding at June 30, 2022 761 $ 4.48
Share-Based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block]	Number of Shares Underlying SARs Weighted Average Exercise Price Per Share Weight Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Outstanding at January 1, 2022 362 $ 1.81 Granted — — Exercised (153 ) 1.71 Unvested SARs forfeited — — Vested SARs expired — — Outstanding at June 30, 2022 209 $ 1.88 1.36 $ 1,055 Exercisable at June 30, 2022 209 $ 1.88 1.36 $ 1,055

Note 16 - Income Taxes (Tables)

Note 16 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 2,617 104 (9,869 ) (2,049 ) Foreign: Current 20,402 6,148 26,093 9,583 Deferred 23,233 (3,427 ) 25,400 (1,623 ) Total $ 46,252 $ 2,825 $ 41,624 $ 5,911

Note 1 - Organization and Acc_3

Note 1 - Organization and Accounting Policies (Details Textual) $ in Thousands	3 Months Ended					6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) $ / item	Mar. 31, 2022 $ / item	Dec. 31, 2021 USD ($) $ / bbl	Sep. 30, 2021 $ / bbl	Jun. 30, 2021 $ / bbl	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 20, 2026	Feb. 25, 2021
Oil and Gas, Average Sale Price (in USD per Barrel of Oil)	113	100	79	73	69
Payments for Abandonment Funding							$ 0	$ 0	$ 0
Abandonment Funding Payment Due	$ 4,300					$ 4,300
Value Added Tax Receivable	$ 10,600		$ 9,600			$ 10,600	$ 9,600
Foreign Currency Exchange Rate, Translation	627.6		578.2			627.6	578.2
Other Receivables	$ 10,700					$ 10,700
Other Accrued Liabilities, Current	19,100					19,100
Prepayments for Fixed Assets	$ 6,000					$ 6,000
Government of Gabon [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member]
Monthly Royalty Rate, Based on Production at the Published Price	13%					13%
Etame Marine Block [Member] | Sasol Gabon S.A. [Member]
Business Acquisition, Percentage of Voting Interests Acquired											27.80%
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)						3 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)						5 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)						5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)						7 years
Crude Oil [Member]
Energy Related Inventory, Total	$ 12,600					$ 12,600
Energy Related Inventory, Unsold	1,300					1,300
Purchase Commitment [Member]
Number of Contracts Entered Into							2
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Value Added Tax Receivable	$ 17,400		$ 14,500			$ 17,400	$ 14,500
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member]
Working Interest Ownership, Percentage	7.50%					7.50%
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Prior Production Sharing Contract Through September 17, 2018 [Member] | Forecast [Member]
Working Interest Ownership, Percentage										10%

Note 1 - Organization and Acc_4

Note 1 - Organization and Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Cash and cash equivalents	$ 53,062		$ 22,884
Restricted cash	216	$ 79	83
Restricted cash - non-current	1,752	1,752	1,752
Abandonment funding	20,091	$ 21,808	22,837
Total cash, cash equivalents and restricted cash	$ 75,121		$ 47,556

Note 1 - Organization and Acc_5

Note 1 - Organization and Accounting Policies - Analysis of Change in Allowance for Bad Debt (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Balance at beginning of period	$ (6,135)	$ (5,092)	$ (5,741)	$ (2,273)
Bad debt charge, net of receipts	(571)	(395)	(1,063)	(496)
Adjustment associated with Sasol Acquisition	0	0	0	(2,879)
Foreign currency gain (loss)	317	(88)	415	73
Balance at end of period	$ (6,389)	$ (5,575)	$ (6,389)	$ (5,575)

Note 1 - Organization and Acc_6

Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative liability - crude oil swaps	$ 12,547	$ 4,806
Liabilities, Fair Value Disclosure, Total	13,596	5,415
Fair Value, Inputs, Level 1 [Member]
Liabilities, Fair Value Disclosure, Total	0
Fair Value, Inputs, Level 2 [Member]
Liabilities, Fair Value Disclosure, Total	13,596	5,415
Fair Value, Inputs, Level 3 [Member]
Liabilities, Fair Value Disclosure, Total	0
Accrued Liabilities and Other [Member]
SARs liability	1,049	609
Derivative liability - crude oil swaps	12,547	4,806
Accrued Liabilities and Other [Member] | Fair Value, Inputs, Level 1 [Member]
SARs liability	0	0
Derivative liability - crude oil swaps	0
Accrued Liabilities and Other [Member] | Fair Value, Inputs, Level 2 [Member]
SARs liability	1,049	609
Derivative liability - crude oil swaps	12,547	4,806
Accrued Liabilities and Other [Member] | Fair Value, Inputs, Level 3 [Member]
SARs liability	0	$ 0
Derivative liability - crude oil swaps	$ 0

Note 3 - Acquisitions and Dis_3

Note 3 - Acquisitions and Dispositions (Details Textual) $ / shares in Units, $ in Thousands				3 Months Ended				6 Months Ended
	Jul. 13, 2022 USD ($) $ / shares shares	Apr. 29, 2021 USD ($)	Feb. 25, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2021 USD ($)	Dec. 31, 2022	Dec. 31, 2021 shares	Feb. 24, 2021	Nov. 30, 2006
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares				59,068,105				59,068,105			58,623,451
Business Combination, Bargain Purchase, Gain Recognized, Amount								$ 0	$ 7,651
Revenues, Total				$ 110,985		$ 47,023		179,641	86,797
Net Income (Loss) Attributable to Parent, Total				15,104	$ 12,164	5,884	$ 9,869	27,268	15,753
Block 5 PSA [Member]
Equity Method Investment, Ownership Percentage													40%
Equity Method Investment, Additional Working Interest Percentage													10%
Etame Marine Block [Member]
Revenues, Total				52,400		22,200		84,800	31,600
Net Income (Loss) Attributable to Parent, Total				7,100		$ 8,100		12,900	9,900
VAALCO Energy [Member] | VAALCO Stockholders [Member] | Forecast [Member]
Noncontrolling Interest, Ownership Percentage by Parent										54.50%
VAALCO Energy [Member] | TransGlobe Shareholders [Member] | Forecast [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners										45.50%
Etame Marine Block [Member]
Noncontrolling Interest, Ownership Percentage by Parent			58.80%									31.10%
TransGlobe [Member]
Business Combination, Acquisition Related Costs				$ 1,200				$ 1,200
TransGlobe [Member] | Subsequent Event [Member]
Business Combination, Consideration Transferred, Total	$ 307,000
Business Acquisition, Share Price (in dollars per share) | $ / shares	$ 6.23
Business Acquisition, Exchange Ratio	0.6727
Common Stock, Shares, Outstanding, Ending Balance (in shares) | shares	73,309,064
Business Acquisition, Dissent Rights, Percentage of Outstanding Shares	10%
Business Acquisition, Termination Fees	$ 9,150
Etame Marine Block [Member]
Business Combination, Consideration Transferred, Total			$ 38,606
Business Combination, Acquisition Related Costs									1,000
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage			31.10%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage			58.80%
Business Combination, Bargain Purchase, Gain Recognized, Amount			$ 7,700						$ 7,700
Business Combination, Bargain Purchase Gain, Recognized Amount, Net of Tax			5,500
Business Combination, Bargain Purchase Gain, Recognized Amount, Tax Expense (Benefit)			(2,200)
Business Combination, Contingent Consideration, Liability, Total			$ 5,000
Business Combination, Contingent Consideration, Measurement Period of Oil Price (Day)			90 days
Business Combination, Contingent Consideration, Oil Price Threshold			60
Payment for Contingent Consideration Liability, Investing Activities		$ 5,000
Etame Marine Block [Member] | Sasol Gabon S.A. [Member]
Business Acquisition, Percentage of Voting Interests Acquired			27.80%

Note 3 - Acquisitions and Dis_4

Note 3 - Acquisitions and Dispositions - Allocation of Purchase Price to Assets Acquired and Liabilities Assumed (Details) - Etame Marine Block [Member] $ in Thousands	Feb. 25, 2021 USD ($)
Cash	$ 33,959
Fair value of contingent consideration	4,647
Total purchase consideration	38,606
Wells, platforms and other production facilities	37,176
Equipment and other	5,568
Value added tax and other receivables	1,234
Abandonment funding	11,781
Accounts receivable - trade	11,220
Other current assets	3,963
Asset retirement obligations	(14,564)
Accrued liabilities and other	(10,121)
Bargain purchase gain	(7,651)
Total purchase price	$ 38,606

Note 3 - Acquisition and Dispos

Note 3 - Acquisition and Dispositions - Unaudited Proforma Results (Details) - Etame Marine Block [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2021	Jun. 30, 2021
Crude oil and natural gas sales		$ 47,023	$ 104,570
Operating income		18,874	43,899
Net income	[1]	$ 5,884	$ 17,620
Income from continuing operations (in dollars per share)		$ 0.10	$ 0.30
Net income per share (in dollars per share)		$ 0.10	$ 0.30
Basic weighted average shares outstanding (in shares)		58,072	57,855
Income from continuing operations (in dollars per share)		$ 0.10	$ 0.30
Net income per share (in dollars per share)		$ 0.10	$ 0.30
Diluted weighted average shares outstanding (in shares)		58,574	58,527
[1]The pro forma net loss for the six months ended June 30, 2021 excludes nonrecurring pro forma adjustments directly attributable to the Sasol Acquisition, consisting of a bargain purchase gain of $7.7 million and transaction costs of $1.0 million.

Note 4 - Segment Information (D

Note 4 - Segment Information (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 16, 2022 USD ($)
Number of Reportable Segments			2
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Exxon [Member] | Oil and Gas [Member]
Concentration Risk, Percentage	100%	100%	100%	100%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity					$ 50

Note 4 - Segment Information -

Note 4 - Segment Information - Segment Activity of Continuing Operations (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021		Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues, Total	$ 110,985		$ 47,023			$ 179,641	$ 86,797
Production expense	25,475		16,419			43,835	32,552
Exploration expense	67		665			194	807
Depreciation, depletion and amortization	8,191		5,810			12,864	9,958
General and administrative expense	3,534		4,734			8,528	9,281
Bad debt expense and other	571		395			1,063	496
Total operating costs and expenses	37,838		28,023			66,484	53,094
Other operating expense, net	0		(126)			(5)	(486)
Operating income	73,147		18,874			113,152	33,217
Derivative instruments loss, net	(9,542)		(9,969)			(41,300)	(15,923)
Interest (expense) income, net	(118)		1			(121)	6
Other (expense) income, net	(2,111)		(164)			(2,807)	4,416
Total other expense, net	(11,771)		(10,132)			(44,228)	(11,501)
Income from continuing operations before income taxes	61,376		8,742			68,924	21,716
Income tax (benefit) expense	46,252		2,825			41,624	5,911
Income from continuing operations	15,124		5,917			27,300	15,805
Loss from discontinued operations, net of tax	(20)		(33)			(32)	(52)
Net Income (Loss) Attributable to Parent, Total	15,104	$ 12,164	5,884		$ 9,869	27,268	15,753
Consolidated capital expenditures	38,169		1,782	[1]		69,949	4,297	[1]
Corporate, Non-Segment [Member]
Revenues, Total	0		0			0	0
Production expense	(60)		9			0	9
Exploration expense	0		0			0	0
Depreciation, depletion and amortization	18		24			38	51
General and administrative expense	2,859		4,410			7,161	8,588
Bad debt expense and other	0		0			0	0
Total operating costs and expenses	2,817		4,443			7,199	8,648
Other operating expense, net	0		0			0	(353)
Operating income	(2,817)		(4,443)			(7,199)	(9,001)
Derivative instruments loss, net	(9,542)		(9,969)			(41,300)	(15,923)
Interest (expense) income, net	40		1			43	6
Other (expense) income, net	(1,254)		(9)			(1,311)	(2,755)
Total other expense, net	(10,756)		(9,977)			(42,568)	(18,672)
Income from continuing operations before income taxes	(13,573)		(14,420)			(49,767)	(27,673)
Income tax (benefit) expense	9,828		(3,220)			(7,633)	(3,569)
Income from continuing operations	(23,401)		(11,200)			(42,134)	(24,104)
Loss from discontinued operations, net of tax	(20)		(33)			(32)	(52)
Net Income (Loss) Attributable to Parent, Total	(23,421)		(11,233)			(42,166)	(24,156)
Consolidated capital expenditures	67		0	[1]		67	0	[1]
Gabon Segment [Member] | Operating Segments [Member]
Revenues, Total	110,985		47,023			179,641	86,797
Production expense	25,360		16,378			43,441	32,511
Exploration expense	67		665			194	807
Depreciation, depletion and amortization	8,173		5,786			12,826	9,907
General and administrative expense	565		254			1,158	491
Bad debt expense and other	571		395			1,063	496
Total operating costs and expenses	34,736		23,478			58,682	44,212
Other operating expense, net	0		(126)			(5)	(133)
Operating income	76,249		23,419			120,954	42,452
Derivative instruments loss, net	0		0			0	0
Interest (expense) income, net	(158)		0			(164)	0
Other (expense) income, net	(856)		(156)			(1,494)	7,172
Total other expense, net	(1,014)		(156)			(1,658)	7,172
Income from continuing operations before income taxes	75,235		23,263			119,296	49,624
Income tax (benefit) expense	36,423		6,045			49,256	9,479
Income from continuing operations	38,812		17,218			70,040	40,145
Loss from discontinued operations, net of tax	0		0			0	0
Net Income (Loss) Attributable to Parent, Total	38,812		17,218			70,040	40,145
Consolidated capital expenditures	38,102		1,782	[1]		69,882	4,297	[1]
Equatorial Guinea Segment [Member] | Operating Segments [Member]
Revenues, Total	0		0			0	0
Production expense	175		32			394	32
Exploration expense	0		0			0	0
Depreciation, depletion and amortization	0		0			0	0
General and administrative expense	110		70			209	202
Bad debt expense and other	0		0			0	0
Total operating costs and expenses	285		102			603	234
Other operating expense, net	0		0			0	0
Operating income	(285)		(102)			(603)	(234)
Derivative instruments loss, net	0		0			0	0
Interest (expense) income, net	0		0			0	0
Other (expense) income, net	(1)		1			(2)	(1)
Total other expense, net	(1)		1			(2)	(1)
Income from continuing operations before income taxes	(286)		(101)			(605)	(235)
Income tax (benefit) expense	1		0			1	1
Income from continuing operations	(287)		(101)			(606)	(236)
Loss from discontinued operations, net of tax	0		0			0	0
Net Income (Loss) Attributable to Parent, Total	(287)		(101)			(606)	(236)
Consolidated capital expenditures	$ 0		$ 0	[1]		$ 0	$ 0	[1]
[1]Excludes assets acquired in the Sasol acquisition.

Note 4 - Segment Information _2

Note 4 - Segment Information - Assets from Continuing Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long-lived assets from continuing operations	$ 151,718	$ 94,324
Total assets from continuing operations	369,564	263,090
Operating Segments [Member] | Gabon Segment [Member]
Long-lived assets from continuing operations	141,522	84,156
Total assets from continuing operations	291,730	201,748
Operating Segments [Member] | Equatorial Guinea Segment [Member]
Long-lived assets from continuing operations	10,000	10,000
Total assets from continuing operations	10,927	10,548
Corporate, Non-Segment [Member]
Long-lived assets from continuing operations	196	168
Total assets from continuing operations	$ 66,907	$ 50,794

Note 5 - Earnings Per Share - R

Note 5 - Earnings Per Share - Reconciliation of Basic and Diluted EPS and Shares (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Income from continuing operations	$ 15,124		$ 5,917		$ 27,300	$ 15,805
Income from continuing operations attributable to unvested shares	(229)		(99)		(381)	(269)
Numerator for basic	(14,895)		(5,818)		(26,919)	(15,536)
Reallocation of earnings to participating securities for considering dilutive securities	1		0		2	0
Numerator for dilutive	14,896		5,818		26,921	15,536
Loss from discontinued operations, net of tax	(20)		(33)		(32)	(52)
Income from discontinued operations attributable to unvested shares	0		(1)		0	(1)
Numerator for basic	(20)		(32)		(32)	(51)
Numerator for dilutive	(20)		(32)		(32)	(51)
Net Income	15,104	$ 12,164	5,884	$ 9,869	27,268	15,753
Net income attributable to unvested shares	(229)		(98)		(381)	(268)
Numerator for basic	14,875		5,786		26,887	15,485
Reallocation of earnings to participating securities for considering dilutive securities	1		0		2	0
Numerator for dilutive	$ 14,876		$ 5,786		$ 26,889	$ 15,485
Basic weighted average shares outstanding (in shares)	58,925		58,072		58,814	57,855
Effect of dilutive securities (in shares)	436		502		464	672
Diluted weighted average shares outstanding (in shares)	59,361		58,574		59,278	58,527
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares)	251		377		154	386

Note 6 - Revenue (Details Textu

Note 6 - Revenue (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 20, 2026	Dec. 31, 2021
Taxes Payable, Current, Total	$ 29,221		$ 3,128
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]
Purchase Agreement Payment Period (Day)	30 days
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Foreign Tax Authority [Member] | Tax Administration of Gabon [Member]
Income Taxes Receivable, Current	$ 29,200
Taxes Payable, Current, Total	$ 3,100
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Working Interest Ownership, Percentage	7.50%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member]
Working Interest Ownership, Percentage		10%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Government of Gabon [Member]
Monthly Royalty Rate, Based on Production at the Published Price	13%

Note 6 - Revenue - Revenues fro

Note 6 - Revenue - Revenues from Contracts with Customers and Other Items Not Associated with Customer Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Crude oil and natural gas sales	$ 110,985	$ 47,023	$ 179,641	$ 86,797
Crude Oil Sales and Purchase Agreements [Member]
Sales under the COSPA	125,143	50,808	201,629	94,637
Oil and Gas [Member]
Carried interest recoupment	2,371	2,332	3,483	4,154
Royalties	(16,529)	(6,117)	(25,471)	(11,994)
Crude oil and natural gas sales	$ 110,985	$ 47,023	$ 179,641	$ 86,797

Note 7 - Crude Oil and Natura_3

Note 7 - Crude Oil and Natural Gas Properties and Equipment (Details Textual) $ in Millions			6 Months Ended
	Jun. 20, 2026	Sep. 25, 2018	Jun. 30, 2022 USD ($)	Sep. 16, 2028	Jul. 15, 2022	Apr. 12, 2021	Feb. 25, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 17, 2018 USD ($)	Dec. 31, 2012
Block P Offshore Equatorial Guinea [Member]
Business Acquisition, Percentage of Voting Interests Acquired								12%			31%
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage								43%
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								$ 3.1
Etame Marine Block [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage							58.80%
Unproved Oil and Gas Property, Successful Effort Method							$ 2.2
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]
Deferred Tax Assets, Property, Plant and Equipment										$ 18.6
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Signing Bonus [Member]
Capitalized Costs, Unproved Properties										6.7
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Tax Effect [Member]
Capitalized Costs, Unproved Properties										$ 7.1
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member] | Etame Marine Block [Member]
Increase (Decrease) in Working Interest Ownership Percentage	1.60%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Period of Agreement for Exploitation Areas (Year)		10 years
Entitled Percent for Consortium After Initial Royalty Percentage		80%
Working Interest Ownership, Percentage			7.50%
Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member] | Forecast [Member]
Entitled Percent for Consortium After Initial Royalty Percentage				70%
Working Interest Ownership, Percentage	10%
Etame Marine Block [Member]
Equity Method Investment, Ownership Percentage		63.575%
Unproved Oil and Gas Property, Successful Effort Method									$ 2.3
Undeveloped Leasehold Value			$ 13.7						$ 11.5
Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member]
Number of Exploitation Areas		3
Period of Agreement for Exploitation Areas (Year)		10 years
Number of Contract Extension Periods		2
Production License Agreement Term Extended by Government (Year)		5 years
Etame Marine Block [Member] | Production Sharing Contract, September 17, 2018 Through September 16, 2028 [Member] | Forecast [Member]
Increase (Decrease) in Working Interest Ownership Percentage	2.50%
Block P Offshore Equatorial Guinea [Member]
Equity Method Investment, Ownership Percentage						45.90%
Unproved Oil and Gas Property, Successful Effort Method			$ 10
Period of Development Area (Year)			25 years
Block P Offshore Equatorial Guinea [Member] | Subsequent Event [Member]
Working Interest Ownership, Percentage					80%
Block P Offshore Equatorial Guinea [Member] | Subsequent Event [Member] | GEPetrol [Member]
Working Interest Ownership, Percentage					20%

Note 7 - Crude Oil and Natura_4

Note 7 - Crude Oil and Natural Gas Properties and Equipment - Schedule of Crude Oil and Natural Gas Properties and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Gross crude oil and natural gas properties, equipment and other	$ 618,712	$ 549,484
Accumulated depreciation, depletion, amortization and impairment	(466,994)	(455,160)
Net crude oil and natural gas properties, equipment and other	151,718	94,324
Wells and Related Equipment and Facilities [Member]
Gross crude oil and natural gas properties, equipment and other	528,328	488,756
Construction in Progress [Member]
Gross crude oil and natural gas properties, equipment and other	42,954	13,515
Undeveloped Acreage [Member]
Gross crude oil and natural gas properties, equipment and other	23,735	23,735
Other Capitalized Property Plant and Equipment [Member]
Gross crude oil and natural gas properties, equipment and other	$ 23,695	$ 23,478

Note 8 - Derivatives and Fair_3

Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details)	6 Months Ended
	Jun. 30, 2022 $ / bbl bbl
Commodity Contract One, April 2022 Through June 2022 [Member]
Barrels (Barrel of Oil) | bbl	125,000
Weighted average price (in USD per Barrel of Oil)	76.53
Commodity Contract Two, April 2022 Through June 2022 [Member]
Barrels (Barrel of Oil) | bbl	109,000
Commodity Contract Two, April 2022 Through June 2022 [Member] | Long [Member]
Weighted average put price (in USD per Barrel of Oil)	70
Commodity Contract Two, April 2022 Through June 2022 [Member] | Short [Member]
Weighted average call price (in USD per Barrel of Oil)	122

Note 8 - Derivatives and Fair_4

Note 8 - Derivatives and Fair Value - Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative instruments loss, net	$ (9,542)	$ (9,969)	$ (41,300)	$ (15,923)
Cash Settlements Paid on Matured Derivative Contracts, Net [Member]
Derivative instruments loss, net	(21,059)	(4,293)	(33,559)	(6,003)
Cash Settlements Not Paid on Matured Derivative Contracts, Net [Member]
Derivative instruments loss, net	$ 11,517	$ (5,676)	$ (7,741)	$ (9,920)

Note 9 - Accrued Liabilities _3

Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued accounts payable invoices	$ 39,186	$ 11,967
Gabon DMO, PID and PIH obligations	10,810	9,465
Derivative liability - crude oil swaps	12,547	4,806
Capital expenditures	24,357	11,327
Stock appreciation rights – current portion	1,049	609
Accrued wages and other compensation	1,611	2,124
ARO Obligation	6,835	6,745
Other	2,825	2,401
Total accrued liabilities and other	$ 99,220	$ 49,444

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

36 Months Ended

Aug. 05, 2022 $ / shares

Jun. 24, 2022 $ / shares

Mar. 18, 2022 $ / shares

Jun. 30, 2021 USD ($)

Sep. 30, 2020 USD ($)

Jun. 30, 2022 USD ($) bbl

Jun. 30, 2022 USD ($) bbl

Jun. 30, 2021 USD ($)

Dec. 31, 2019 USD ($)

Dec. 31, 2016

Dec. 31, 2021 USD ($)

Sep. 30, 2022 USD ($)

Nov. 30, 2021 USD ($)

Nov. 03, 2021 $ / shares

Aug. 31, 2021 USD ($)

Abandonment Funding

$ 22,837

$ 20,091

$ 20,091

$ 22,837

$ 21,808

Foreign Currency Transaction Gain (Loss), before Tax, Total

$ (600)

Dividends Payable, Amount Per Share (in dollars per share) | $ / shares

$ 0.0325

$ 0.0325

$ 0.0325

Dividends Payable, Date to be Paid

Jun. 24, 2022

Mar. 18, 2022

Dividends Payable, Date of Record

May 25, 2022

Feb. 18, 2022

Subsequent Event [Member]

Dividends Payable, Amount Per Share (in dollars per share) | $ / shares

$ 0.0325

Dividends Payable, Date to be Paid

Sep. 23, 2022

Dividends Payable, Date of Record

Aug. 24, 2022

Etame Marine Block [Member]

Contractual Obligation, to be Paid, Year One

3,200

3,200

$ 1,300

Etame Marine Block [Member] | Minimum [Member]

Estimated Field Level Capital Conversion

42,000

Etame Marine Block [Member] | Maximum [Member]

Estimated Field Level Capital Conversion

51,000

Foreign Tax Authority [Member] | Tax Administration of Gabon [Member]

Income Tax Examination, Year under Examination

2013 2014

2015 2016

Borr Drilling Limited [Member]

Number of Drilled Wells Required by Agreement

3

FPSO Charter [Member]

Number of Charter Extension Periods

2

Percentage of Share in Charter Payment

58.80%

Share in Charter Payment, Approximate Annual Amount

$ 19,400

Guarantor Obligations, Current Carrying Value

$ 0

$ 0

$ 100

Charter Fee Per Barrel for Production Level One

0.93

0.93

Charter Fee Amount Threshold, Volume (Barrel of Oil) | bbl

20,000

20,000

Charter Fee Per Barrel for Production Level Two

2.50

2.50

Period of Charter (Year)

1 year

FPSO Charter [Member] | Forecast [Member]

Guarantor Obligations, Current Carrying Value

$ 4,400

FPSO Charter [Member] | Forecast [Member] | Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]

Guarantor Obligations, Current Carrying Value

$ 7,500

Etame Marine Block [Member]

Estimated Abandonment Costs

$ 47,900

Abandonment Funding

$ 20,100

$ 20,100

Foreign Currency Transaction Gain (Loss), before Tax, Total

(1,300)

(1,700)

Payment of Joint Venture Audit Settlement

$ 800

Contractual Obligation, to be Paid, Year One

5,000

5,000

2,000

Contractual Obligations, Amount Recoverable

6,000

6,000

Etame Marine Block [Member] | Minimum [Member]

Estimated Field Level Capital Conversion

66,000

Etame Marine Block [Member] | Maximum [Member]

Estimated Field Level Capital Conversion

$ 80,000

Etame Marine Block [Member]

Estimated Abandonment Costs

$ 81,300

Abandonment Funding

$ 34,200

$ 34,200

Note 11 - Debt (Details Textual

Note 11 - Debt (Details Textual) $ in Thousands	May 16, 2025	May 16, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long-Term Debt, Total			$ 0	$ 0
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000
The Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		50,000
Line of Credit Facility, Maximum Optional Increase in Maximum Borrowing Capacity		50,000
Line of Credit Facility, Additional Commitment in Maximum Borrowing Capacity, Yearly Decrease		$ 6,250
Line of Credit Facility, Commitment Fee Percentage, Commitments or Borrowing Base Exceeds Outstanding Utilizations		35%
Line of Credit Facility, Commitment Fee Percentage, Total Commitments Exceeds Borrowing Base		20%
Debt Instrument, Covenant, Maximum Total Net Debt to EBITDA		3
Debt Instrument, Covenant, Minimum Cash and Cash Equivalents		$ 10,000
Line of Credit Facility, Current Borrowing Capacity			50,000
Long-Term Line of Credit, Total			$ 0
Debt Issuance Costs, Gross		$ 1,500
The Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		6%
The Facility [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Forecast [Member]
Debt Instrument, Basis Spread on Variable Rate	6.25%

Note 12 - Leases (Details Textu

Note 12 - Leases (Details Textual) $ in Millions	Jun. 30, 2022 USD ($)
Lessee, Finance Lease, Term of Contract (Month)	67 months
Oil and Gas Joint Interest Billing Receivables	$ 3.1
Lessee, Operating And Finance Lease Liability, Payments Due	$ 5.3
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	3 months
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	33 months

Note 12 - Leases - Components o

Note 12 - Leases - Components of Lease Costs and Supplemental Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Finance lease cost (1)	[1]			$ 164	$ 0
Operating lease cost		$ 4,265	$ 4,490	8,461	8,880
Short-term lease cost (2)	[2]	199	449	1,213	1,243
Variable lease cost (3)	[3]	1,909	1,627	3,247	3,061
Total lease expense		6,471	6,566	13,085	13,184
Lease costs capitalized		651	0	1,423	0
Total lease costs		$ 7,122	$ 6,566	14,508	13,184
Operating cash flows attributable to finance leases				$ 26	$ 0
Weighted-average remaining lease term (in years) (Year)		5 years 2 months 1 day		5 years 2 months 1 day
Weighted-average discount rate		3.54%	0%	3.54%	0%
Operating cash flows attributable to operating leases				$ 12,816	$ 11,863
Weighted-average remaining lease term (in years) (Year)		8 months 12 days	1 year 3 months	8 months 12 days	1 year 3 months
Weighted-average discount rate		5.62%	6.09%	5.62%	6.09%
[1]Represents depreciation and interest associated with financing leases.[2]Represents short term leases under contracts that are 1 year or less where a ROU asset and lease liability are not required to be recorded.[3]Variable costs represent differences between minimum lease costs and actual lease costs incurred under lease contracts.

Note 12 - Leases - Lease Cost o

Note 12 - Leases - Lease Cost on the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total lease expense	$ 6,708	$ 6,566	$ 13,603	$ 13,184
Lease costs capitalized	414	0	905	0
Total lease costs	7,122	6,566	14,508	13,184
Finance Lease Cost [Member]
Total lease expense	57	0	96	0
Production Expense [Member]
Total lease expense	3,720	3,852	7,558	6,501
General and Administrative Expense [Member]
Total lease expense	47	47	63	96
Lease Costs Billed to Joint Venture Owners [Member]
Total lease expense	$ 2,884	$ 2,667	$ 5,886	$ 6,587

Note 12 - Leases - Future Matur

Note 12 - Leases - Future Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022, operating leases	$ 2,892
2022, finance leases	201
2023, operating leases	371
2023, finance leases	368
2024, operating leases	197
2024, finance leases	368
2025, operating leases	33
2025, finance leases	368
Thereafter, operating leases	0
Thereafter, finance leases	537
Total due, operating leases	3,493
Total due, finance leases	1,842
Less: imputed interest, operating leases	38
Less: imputed interest, finance leases	185
Total lease liabilities, operating leases	3,455
Total lease liabilities, finance leases	$ 1,657

Note 13 - Asset Retirement Ob_3

Note 13 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Asset Retirement Obligation, Revision of Estimate	$ 0		$ 7,169
Asset Retirement Obligation, Liabilities Incurred	0	$ 14,564	14,564
Accrued Liabilities and Other [Member]
Capitalized Costs, Asset Retirement Costs	$ 6,800
Sasol Gabon S.A. [Member]
Asset Retirement Obligation, Liabilities Incurred			$ 14,600

Note 13 - Asset Retirement Ob_4

Note 13 - Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Beginning balance	$ 40,694	$ 17,334	$ 17,334
Accretion	950		1,627
Asset Retirement Obligation, Liabilities Incurred	0	$ 14,564	14,564
Revisions	0		7,169
Ending balance	$ 41,644		$ 40,694

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity (Details Textual) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Preferred Stock, Shares Authorized (in shares)	500,000	500,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 25	$ 25
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding, Ending Balance (in shares)	0	0

Note 15 - Stock-based Compens_3

Note 15 - Stock-based Compensation and Other Benefit Plans (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 25, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid				$ 2.9	$ 0.8	$ 2.9
Proceeds from Stock Options Exercised				$ 1.1	$ 0.3	$ 1.1
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		241,358
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)		$ 6.41
Severance Cost as Percentage of Target Bonus	75%				75%
Maximum [Member]
Severance Cost as Percentage of Salary					100%
Minimum [Member]
Severance Cost as Percentage of Salary					50%
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)					49,063
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		1 year
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share)		$ 7.37
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share)		$ 8.48
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		33.33%
Share-based Compensation Arrangement By Share-based Payment Award, Award Vesting Rights, Minimum Share Price Over 30 Day Period (in dollars per share)		$ 9.75
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)					3 years
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares)					69,135
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					384
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)					$ 6.56
Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	30,687	353,424
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 8.31	$ 6.41
Stock Appreciation Rights (SARs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					0
The 2020 Long-Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)							5,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)			3,750,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)	6,641,107				6,641,107

Note 15 - Stock-based Compens_4

Note 15 - Stock-based Compensation and Other Benefit Plans - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Total stock-based compensation	$ 842	$ 514	$ 2,264	$ 2,073
Equity Awards [Member]
Total stock-based compensation	615	117	1,019	440
Liability Awards [Member]
Total stock-based compensation	$ 227	$ 397	$ 1,245	$ 1,633

Note 15 - Stock-based Compens_5

Note 15 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Weighted average exercise price - ($/share) (in dollars per share)	$ 6.41	$ 3.14
Expected life in years (Year)	6 years	6 years
Average expected volatility	72%	75%
Risk-free interest rate	1.98%	0.95%
Expected dividend yield	2.30%	0%
Weighted average grant date fair value - ($/share) (in dollars per share)	$ 2.84	$ 2.07

Note 15 - Stock-based Compens_6

Note 15 - Stock-based Compensation and Other Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Granted, number of shares (in shares)	241,358
Granted, weighted average exercise price (in dollars per share)	$ 6.41
Monte Carle Model [Member]
Outstanding, number of shares (in shares)		359
Outstanding, weighted average exercise price (in dollars per share)		$ 1.96
Granted, number of shares (in shares)		241
Granted, weighted average exercise price (in dollars per share)		$ 6.41
Exercised, number of shares (in shares)		0
Exercised, weighted average exercise price (in dollars per share)		$ 0
Unvested shares forfeited, number of shares (in shares)		0
Unvested shares forfeited, weighted average exercise price (in dollars per share)		$ 0
Vested shares expired, number of shares (in shares)		0
Vested shares expired, weighted average exercise price (in dollars per share)		$ 0
Outstanding, number of shares (in shares)		600
Outstanding, weighted average exercise price (in dollars per share)		$ 3.75
Outstanding, weighted average remaining contractual term (Year)		8 years 10 months 2 days
Outstanding, aggregate intrinsic value		$ 1,916
Exercisable, number of shares (in shares)		194
Exercisable, weighted average exercise price (in dollars per share)		$ 1.68
Exercisable, weighted average remaining contractual term (Year)		8 years 1 month 28 days
Exercisable, aggregate intrinsic value		$ 1,017
Black-scholes Model [Member]
Outstanding, number of shares (in shares)		615
Outstanding, weighted average exercise price (in dollars per share)		$ 1.58
Granted, number of shares (in shares)		0
Granted, weighted average exercise price (in dollars per share)		$ 0
Exercised, number of shares (in shares)		(229)
Exercised, weighted average exercise price (in dollars per share)		$ 1.12
Unvested shares forfeited, number of shares (in shares)		0
Unvested shares forfeited, weighted average exercise price (in dollars per share)		$ 0
Vested shares expired, number of shares (in shares)		0
Vested shares expired, weighted average exercise price (in dollars per share)		$ 0
Outstanding, number of shares (in shares)		386
Outstanding, weighted average exercise price (in dollars per share)		$ 1.86
Outstanding, weighted average remaining contractual term (Year)		1 year 5 months 15 days
Outstanding, aggregate intrinsic value		$ 1,965
Exercisable, number of shares (in shares)		386
Exercisable, weighted average exercise price (in dollars per share)		$ 1.86
Exercisable, weighted average remaining contractual term (Year)		1 year 5 months 15 days
Exercisable, aggregate intrinsic value		$ 1,965

Note 15 - Stock-based Compens_7

Note 15 - Stock-based Compensation and Other Benefit Plans - Summary of Activity for Restricted Shares (Details) - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Non-vested shares outstanding (in shares) | shares	741
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.36
Awards granted (in shares) | shares	384
Awards granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 6.56
Awards vested (in shares) | shares	(334)
Awards vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 2.25
Awards forfeited (in shares) | shares	(30)
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.50
Non-vested shares outstanding (in shares) | shares	761
Non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 4.48

Note 15 - Stock-based Compens_8

Note 15 - Stock-based Compensation and Other Benefit Plans - SAR Activity (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Outstanding, number of underlying shares (in shares)	362
Outstanding, weighted average exercise price per share (in dollars per share)	$ 1.81
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	0
Granted, weighted average exercise price per share (in dollars per share)	$ 0
Exercised, number of underlying shares (in shares)	(153)
Exercised, weighted average exercise price per share (in dollars per share)	$ 1.71
Unvested SARs forfeited, number of underlying shares (in shares)	0
Unvested SARs forfeited, weighted average exercise price per share (in dollars per share)	$ 0
Vested SARs expired, number of underlying shares (in shares)	0
Vested SARs expired, weighted average exercise price per share (in dollars per share)	$ 0
Outstanding, number of underlying shares (in shares)	209
Outstanding, weighted average exercise price per share (in dollars per share)	$ 1.88
Outstanding, weighted average remaining contractual term (Year)	1 year 4 months 9 days
Outstanding, aggregate intrinsic value	$ 1,055
Exercisable, number of underlying shares (in shares)	209
Exercisable, weighted average exercise price per share (in dollars per share)	$ 1.88
Exercisable, weighted average remaining contractual term (Year)	1 year 4 months 9 days
Exercisable, aggregate intrinsic value	$ 1,055

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective Income Tax Rate Reconciliation, Percent, Total			72.59%	40.60%
Valuation Allowance, Deferred Tax Asset, Change in Amount, Discrete Item			$ 12,700
Current Foreign Tax Expense (Benefit)	$ 20,402	$ 6,148	26,093	$ 9,583
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment	1,200		4,300
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment	19,200		21,800
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0

Note 16 - Income Taxes - Provis

Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Current	$ 0	$ 0	$ 0	$ 0
Deferred	2,617	104	(9,869)	(2,049)
Current Foreign Tax Expense (Benefit)	20,402	6,148	26,093	9,583
Deferred	23,233	(3,427)	25,400	(1,623)
Total	$ 46,252	$ 2,825	$ 41,624	$ 5,911