VAALCO Energy (EGY) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 06, 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	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		108,374,838

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 69,289	$ 48,675
Restricted cash	203	79
Receivables:
Trade, net	16,781	22,464
Accounts with joint venture owners, net of allowance of $0.0 million in both periods presented	7,931	345
Other, net	12,190	9,977
Crude oil inventory	4,254	1,593
Prepayments and other	12,616	5,156
Total current assets	123,264	88,289
Crude oil and natural gas properties, equipment and other - successful efforts method, net	194,711	94,324
Other noncurrent assets:
Restricted cash	1,755	1,752
Value added tax and other receivables, net of allowance of $6.7 million and $5.7 million, respectively	5,846	5,536
Right of use operating lease assets	1,705	10,227
Right of use finance lease assets	1,630	0
Deferred tax assets	41,495	39,978
Abandonment funding	18,838	21,808
Other long-term assets	5,529	1,176
Total assets	394,773	263,090
Current liabilities:
Accounts payable	30,276	18,797
Accounts with joint venture owners	0	3,233
Accrued liabilities and other	83,148	49,444
Operating lease liabilities - current portion	1,200	9,642
Finance lease liabilities - current portion	317	0
Foreign income taxes payable	28,056	3,128
Current liabilities - discontinued operations	14	13
Total current liabilities	143,011	84,257
Asset retirement obligations	35,247	33,949
Operating lease liabilities - net of current portion	521	587
Finance lease liabilities - net of current portion	1,251	0
Deferred tax liabilities	41,057	0
Total liabilities	221,087	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	78,500	76,700
Less treasury stock, 11,057,521 and 10,939,323 shares, respectively, at cost	(44,635)	(43,847)
Retained earnings	132,808	104,488
Total shareholders' equity	173,686	144,297
Total liabilities and shareholders' equity	$ 394,773	$ 263,090

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Allowance for accounts with joint ventures	$ 0	$ 0
Allowance for value added tax and other receivables	$ 6,700	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Crude oil and natural gas sales	$ 78,097	$ 55,899	$ 257,738	$ 142,696
Operating costs and expenses:
Production expense	23,312	25,208	67,147	57,760
FPSO demobilization	8,867	0	8,867	0
Exploration expense	56	479	250	1,286
Depreciation, depletion and amortization	8,963	6,970	21,827	16,928
General and administrative expense	1,979	2,940	10,507	12,221
Bad debt expense and other	1,020	318	2,083	814
Total operating costs and expenses	44,197	35,915	110,681	89,009
Other operating (expense) income, net	0	46	(5)	(440)
Operating income	33,900	20,030	147,052	53,247
Other income (expense):
Derivative instruments gain (loss), net	3,778	(5,147)	(37,522)	(21,070)
Interest (expense) income, net	(234)	3	(355)	9
Other (expense) income, net	(7,707)	(328)	(10,514)	4,088
Total other expense, net	(4,163)	(5,472)	(48,391)	(16,973)
Income from continuing operations before income taxes	29,737	14,558	98,661	36,274
Income tax expense (benefit)	22,843	(17,183)	64,467	(11,272)
Income from continuing operations	6,894	31,741	34,194	47,546
Loss from discontinued operations, net of tax	(26)	(20)	(58)	(72)
Net income	$ 6,868	$ 31,721	$ 34,136	$ 47,474
Basic net income per share:
Income from continuing operations (in dollars per share)	$ 0.12	$ 0.53	$ 0.57	$ 0.81
Loss from discontinued operations, net of tax (in dollars per share)	0	0	0	0
Net income per share (in dollars per share)	$ 0.12	$ 0.53	$ 0.57	$ 0.81
Basic weighted average shares outstanding (in shares)	59,068	58,586	58,900	58,102
Diluted net income per share:
Income from continuing operations (in dollars per share)	$ 0.11	$ 0.53	$ 0.57	$ 0.80
Loss from discontinued operations, net of tax (in dollars per share)	0	0	0	0
Net income per share (in dollars per share)	$ 0.11	$ 0.53	$ 0.57	$ 0.80
Diluted weighted average shares outstanding (in shares)	59,450	58,916	59,335	58,654

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					47,474
Balance (in shares) at Sep. 30, 2021	69,528	(10,939)
Balance at Sep. 30, 2021	$ 6,953	$ (43,847)	76,346	70,126	109,578
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
Shares issued - stock-based compensation (in shares)	108	(104)
Shares issued - stock-based compensation	$ 11	$ 0	241	0	252
Stock-based compensation expense	0	0	327	0	327
Treasury stock	0	(258)	0	0	(258)
Net income	$ 0	$ 0	0	31,721	31,721
Balance (in shares) at Sep. 30, 2021	69,528	(10,939)
Balance at Sep. 30, 2021	$ 6,953	$ (43,847)	76,346	70,126	109,578
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					34,136
Balance (in shares) at Sep. 30, 2022	70,125	(11,057)
Balance at Sep. 30, 2022	$ 7,013	$ (44,635)	78,500	132,808	173,686
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
Shares issued - stock-based compensation	0	0	0	0	0
Stock-based compensation expense	0	0	581	0	581
Treasury stock	0	0	0	0	0
Dividend Distribution	0	0	0	(1,944)	(1,944)
Net income	$ 0	$ 0	0	6,868	6,868
Balance (in shares) at Sep. 30, 2022	70,125	(11,057)
Balance at Sep. 30, 2022	$ 7,013	$ (44,635)	$ 78,500	$ 132,808	$ 173,686

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,868	$ 12,164	$ 31,721	$ 9,869	$ 34,136	$ 47,474
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	26		20		58	72
Depreciation, depletion and amortization					21,827	16,928
Bargain purchase gain					0	(7,651)
Deferred taxes					39,540	(24,211)
Unrealized foreign exchange loss (gain)					914	(342)
Stock-based compensation					2,300	2,098
Cash settlements paid on exercised stock appreciation rights					(805)	(3,051)
Derivative instruments loss, net					37,522	21,070
Cash settlements paid on matured derivative contracts, net					(42,683)	(10,189)
Bad debt expense and other	1,020		318		2,083	814
Other operating expense, net					5	440
Operational expenses associated with equipment and other					953	835
Change in operating assets and liabilities:
Trade receivables					5,683	11,156
Accounts with joint venture owners					(11,118)	(19)
Other receivables					(2,904)	94
Crude oil inventory					(2,661)	4,059
Prepayments and other					(1,120)	1,081
Value added tax and other receivables					(5,371)	(1,339)
Other noncurrent assets					(2,842)	(1,176)
Accounts payable					4,129	(9,686)
Foreign income taxes receivable/payable					24,928	(2,916)
Accrued liabilities and other					25,182	1,252
Net cash provided by continuing operating activities					129,756	46,793
Net cash used in discontinued operating activities					(57)	(72)
Net cash provided by operating activities					129,699	46,721
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment expenditures					(103,853)	(8,459)
Acquisition of crude oil and natural gas properties					0	(22,505)
Net cash used in continuing investing activities					(103,853)	(30,964)
Net cash used in discontinued investing activities					0	0
Net cash used in investing activities					(103,853)	(30,964)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the issuances of common stock					257	1,305
Dividend distribution					(5,816)	0
Treasury shares					(788)	(1,426)
Deferred financing costs					(1,535)	0
Payments of finance lease					(193)	0
Net cash used in continuing financing activities					(8,075)	(121)
Net cash used in discontinued financing activities					0	0
Net cash used in financing activities					(8,075)	(121)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					17,771	15,636
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	$ 90,085		$ 76,953		90,085	76,953	72,314
Supplemental disclosure of cash flow information:
Income taxes paid in-kind with crude oil					0	20,103
Interest paid, net of amounts capitalized					401	0
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions incurred but not paid at end of period					39,105	4,607
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	9 Months Ended
	Sep. 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 On October 13, 2022, July 13, 2022 ( 3 As of September 30, 2022 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. October 5, 2022, 2 November 2022. not The average Brent crude oil price for the three December 31, 2021, March 31, 2022, June 30, 2022 September 30, 2022 During the nine September 30, 2022, While the current commodity price environment is still favorable and the Company has not 19 may Principles of consolidation – The accompanying condensed consolidated financial statements (“Financial Statements”) include the accounts of VAALCO and its wholly owned subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. All intercompany transactions within the consolidated group have been eliminated in consolidation. Use of estimates Cash and cash equivalents three Restricted cash and abandonment funding September 30, 2022 2021 September 30, 2022 2021 10 As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953 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 September 30, 2022 September 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 ) Other receivables, net 2021, not third September 30, 2022 130 August September 2022, 65 August 65 September 2022. Crude oil inventory Prepayments and Other nine September 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 i.e., not June 20, 2026 may i.e., 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 September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 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 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	9 Months Ended
	Sep. 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. not

Note 3 - Acquisitions and Dispo

Note 3 - Acquisitions and Dispositions	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	3. TransGlobe Merger On October 13, 2022, July 13, 2022. At the effective time of the Arrangement and pursuant to the Arrangement Agreement, each common share of TransGlobe issued and outstanding immediately prior to the effective time of the Arrangement (the “TransGlobe common shares”) was converted into the right to receive 0.6727 (the “exchange ratio”) of a share of common stock, par value $0.10 per share, of the Company (“VAALCO common stock,” and each share of VAALCO common stock, a “VAALCO share”). The total number of VAALCO shares issued to TransGlobe’s shareholders was approximately 49.3 million. The Arrangement resulted 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 as of the date of the Arrangement Agreement. The Combined Company results of operations of VAALCO and TransGlobe for the fourth 2022 December 31, 2022. Prior to the Arrangement, TransGlobe was a cash flow-focused oil and gas exploration and development company whose activities were concentrated in the Arab Republic of Egypt and Canada. The Combined Company is a leading African-focused operator with a strong production and reserve base and a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada. The transaction qualifies as a business combination under ASC 805, not For the three nine September 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 “Other (expense) income, net" Other income (expense) 2021 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 nine September 30, 2022 three nine September 30, 2022 The impact of the Sasol Acquisition was an increase to “ Crude oil and natural gas sales three nine September 30, 2021 three nine September 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 nine September 30, 2021 January 1, 2020. not Three Months Ended September 30, Nine Months Ended September 30, 2021 2021 (in thousands - unaudited) Pro forma (unaudited) Crude oil and natural gas sales $ 55,899 $ 160,469 Operating income 20,030 63,929 Net income 31,721 49,341 (a) Basic net income loss per share: Income from continuing operations $ 0.53 $ 0.85 Net income per share $ 0.53 $ 0.85 Basic weighted average shares outstanding 58,586 58,102 Diluted net income per share: Income from continuing operations $ 0.53 $ 0.84 Net income per share $ 0.53 $ 0.84 Diluted weighted average shares outstanding 58,916 58,654 (a) The pro forma net income for the nine September 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 nine September 30, 2022 2021 not

Note 4 - Segment Information

Note 4 - Segment Information	9 Months Ended
	Sep. 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 nine September 30, 2022 2021 September 30, 2022 December 31, 2021 Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating expense, net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Bad debt expense and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating expense, net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 Three Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 55,899 $ — $ — $ 55,899 Operating costs and expenses: Production expense 24,967 229 12 25,208 Exploration expense 479 — — 479 Depreciation, depletion and amortization 6,953 — 17 6,970 General and administrative expense 394 42 2,504 2,940 Bad debt expense and other 318 — — 318 Total operating costs and expenses 33,111 271 2,533 35,915 Other operating expense, net 46 — — 46 Operating income 22,834 (271 ) (2,533 ) 20,030 Other income (expense): Derivative instruments loss, net — — (5,147 ) (5,147 ) Interest (expense) income, net — — 3 3 Other (expense) income, net (318 ) (1 ) (9 ) (328 ) Total other expense, net (318 ) (1 ) (5,153 ) (5,472 ) Income from continuing operations before income taxes 22,516 (272 ) (7,686 ) 14,558 Income tax (benefit) expense 839 — (18,022 ) (17,183 ) Income from continuing operations 21,677 (272 ) 10,336 31,741 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 21,677 $ (272 ) $ 10,316 $ 31,721 Consolidated capital expenditures (1) $ 6,696 $ — $ — $ 6,696 ( 1 Nine Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 142,696 $ — $ — $ 142,696 Operating costs and expenses: Production expense 57,478 261 21 57,760 Exploration expense 1,286 — — 1,286 Depreciation, depletion and amortization 16,860 — 68 16,928 General and administrative expense 885 244 11,092 12,221 Bad debt expense and other 814 — — 814 Total operating costs and expenses 77,323 505 11,181 89,009 Other operating expense, net (87 ) — (353 ) (440 ) Operating income 65,286 (505 ) (11,534 ) 53,247 Other income (expense): Derivative instruments loss, net — — (21,070 ) (21,070 ) Interest (expense) income, net — — 9 9 Other (expense) income, net 6,854 (2 ) (2,764 ) 4,088 Total other expense, net 6,854 (2 ) (23,825 ) (16,973 ) Income from continuing operations before income taxes 72,140 (507 ) (35,359 ) 36,274 Income tax (benefit) expense 10,318 1 (21,591 ) (11,272 ) Income from continuing operations 61,822 (508 ) (13,768 ) 47,546 Loss from discontinued operations, net of tax — — (72 ) (72 ) Net income $ 61,822 $ (508 ) $ (13,840 ) $ 47,474 Consolidated capital expenditures (1) $ 10,993 $ — $ — $ 10,993 ( 1 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Long-lived assets from continuing operations: As of September 30, 2022 $ 184,484 $ 10,000 $ 227 $ 194,711 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 September 30, 2022 $ 313,746 $ 10,689 $ 70,338 $ 394,773 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 was previously party to a COSPA with ExxonMobil Sales and Supply LLC (“Exxon”) that covered sales from February 2020 July 2022 As discussed further in Note 11, May 16, 2022, G4 160 August 1, 2022 During the three nine September 30, 2022 2021 January 2021 July 2022 August September 2022.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 6,894 $ 31,741 $ 34,194 $ 47,546 Income from continuing operations attributable to unvested shares (75 ) (404 ) (457 ) (755 ) Numerator for basic 6,819 31,337 33,737 46,791 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,819 $ 31,337 $ 33,740 $ 46,791 Loss from discontinued operations, net of tax $ (26 ) $ (20 ) $ (58 ) $ (72 ) Income from discontinued operations attributable to unvested shares — — 1 1 Numerator for basic (26 ) (20 ) (57 ) (71 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (26 ) $ (20 ) $ (57 ) $ (71 ) Net Income $ 6,868 $ 31,721 $ 34,136 $ 47,474 Net income attributable to unvested shares (75 ) (404 ) (456 ) (754 ) Numerator for basic 6,793 31,317 33,680 46,720 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,793 $ 31,317 $ 33,683 $ 46,720 Weighted average shares (denominator): Basic weighted average shares outstanding 59,068 58,586 58,900 58,102 Effect of dilutive securities 382 330 435 552 Diluted weighted average shares outstanding 59,450 58,916 59,335 58,654 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 388 138 195 282

Note 6 - Revenue

Note 6 - Revenue	9 Months Ended
	Sep. 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 i.e., taking crude oil barrels, rather than with cash payments. 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., the period in which it lifts the crude oil. The Company has a $28.1 million foreign income tax payable as of September 30, 2022 . As of 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA or COSMA $ 87,661 $ 42,056 $ 289,290 $ 136,693 Other items reported in revenue not associated with customer contracts: Gabonese government share of Profit Oil taken in-kind — 20,103 — 20,103 Carried interest recoupment 2,360 1,794 5,843 5,948 Royalties (11,924 ) (8,054 ) (37,395 ) (20,048 ) Crude oil and natural gas sales $ 78,097 $ 55,899 $ 257,738 $ 142,696

Note 7 - Crude Oil and Natural

Note 7 - Crude Oil and Natural Gas Properties and Equipment	9 Months Ended
	Sep. 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 September 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 $ 556,973 $ 488,756 Work-in-progress 60,749 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 28,641 23,478 670,098 549,484 Accumulated depreciation, depletion, amortization and impairment (475,387 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 194,711 $ 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 nine September 30, 2022 third 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, September 30, 2022 July 15, 2022 not September 26, 2022, 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, September 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 nine September 30, 2022 2021

Note 8 - Derivatives and Fair V

Note 8 - Derivatives and Fair Value	9 Months Ended
	Sep. 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 Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) October 2022 to December 2022 Collars Dated Brent 109,000 $ 70.00 $ 122.00 While these derivative instruments 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 derivative instruments 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 September 30, Nine Months Ended September 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (9,124 ) $ (4,186 ) $ (42,683 ) $ (10,189 ) Unrealized gain (loss) 12,902 (961 ) 5,161 (10,881 ) Derivative instruments gain (loss), net $ 3,778 $ (5,147 ) $ (37,522 ) $ (21,070 ) Subsequent Event On October 26, 2022, first 2023. elow: Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price January 2023 to March 2023 Collars Dated Brent 101,000 $ 65.00 $ 120.00

Note 9 - Accrued Liabilities an

Note 9 - Accrued Liabilities and Other	9 Months Ended
	Sep. 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 September 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 21,703 $ 11,967 FPSO demobilization 8,867 — Gabon DMO, PID and PIH obligations 10,803 9,465 Derivative liability - crude oil swaps — 4,806 Capital expenditures 26,516 11,327 Stock appreciation rights – current portion 544 609 Accrued wages and other compensation 2,676 2,124 ARO Obligation 6,701 6,745 Other 5,338 2,401 Total accrued liabilities and other $ 83,148 $ 49,444

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 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, September 30, 2022, On March 5, 2019, one six three nine September 30, 2022, three nine September 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. September 9, 2022, October 4, 2022 Pursuant to the addendum, VAALCO Gabon agreed to pay the charterer day rate of $150,000 from August 20, 2022 October 4, 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 October 19, 2022, Dividend Policy On November 3, 2021, March 18, 2022 February 18, 2022 June 24, 2022 May 25, 2022 September 23, 2022 August 25, 2022 Payment of future dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. Other contractual commitments In June 2021, three 1HB ST2 November 2022. Subsequent Event On October 31, 2022, $0.0325 fourth December 22, 2022 November 22, 2022 Payment of future dividends, if any, will be at the discretion of the board of directors after taking into account various factors, including current financial condition, the tax impact of repatriating cash, operating results and current and anticipated cash needs. On November 1, 2022, August 8, 2022 10b5 1 10b 18 1934. 20 The actual timing, number and value of shares repurchased under the share buyback program will depend on a number of factors, including constraints specified in the Plan, the Company's stock price, general business and market conditions, and alternative investment opportunities. Under the Plan, the Company’s third

Note 11 - Debt

Note 11 - Debt	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	11. As of September 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 no 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 September 30, 2022 September 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 $1.4 Subsequent Event In connection with the Arrangement with TransGlobe in October 2022, CAD$4.1

Note 12 - Leases

Note 12 - Leases	9 Months Ended
	Sep. 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 The Company elected to use all the practical expedients, effectively carrying over its previous identification and classification of leases that existed as of 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 equipment and the FPSO. The duration for these agreements ranges from 9 to 30 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. On September 9, 2022, September 2022 October 4, 2022 842, The 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 The Company is currently a party to several financing lease agreements for the FSO and generators used in the operations of the Etame Marin block. On February 15, 2022, The related ROU asset and lease liability was recorded on the lease commencement date of February 15, 2022. September 30, 2022. In August 2021, October 2022. third August 2022. October 19, 2022, All leases For all leases that contain an option to extend the initial lease term, the Company has evaluated whether it will extend the lease beyond the initial lease term. When the Company believes it will utilize these leased assets beyond the initial lease term, those payments have been included in the calculation of 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 nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 97 $ — $ 261 $ — Operating lease cost 2,547 4,386 11,008 13,266 Short-term lease cost (2) 3,115 585 4,328 1,828 Variable lease cost (3) 1,264 1,584 4,511 4,645 Total lease expense 7,023 6,555 20,108 19,739 Lease costs capitalized 1,877 — 3,300 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 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) 4.92 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 19,243 $ 18,018 Weighted-average remaining lease term (in years) 1.51 1.0 Weighted-average discount rate 5.12 % 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 165 $ — $ 261 $ — Production expense 4,049 3,827 11,607 10,328 General and administrative expense 48 49 111 145 Lease costs billed to the joint venture owners 3,441 2,679 9,327 9,266 Total lease expense 7,703 6,555 21,306 19,739 Lease costs capitalized 1,197 — 2,102 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 The following table describes the future maturities of the Company’s lease liabilities at September 30, 2022 Operating Leases Finance Leases (in thousands) Year 2022 $ 185 $ 92 2023 1,339 368 2024 197 368 2025 33 368 Thereafter — 537 1,754 1,733 Less: imputed interest 33 165 Total lease liabilities $ 1,721 $ 1,568 Under the joint operating agreements, other joint venture owners are obligated to fund $1.4 million of the $3.5 million in future lease liabilities.

Note 13 - Asset Retirement Obli

Note 13 - Asset Retirement Obligations	9 Months Ended
	Sep. 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 September 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 1,434 1,627 Additions — 14,564 Revisions — 7,169 Settlements (180 ) — Ending balance $ 41,948 $ 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. September 30, 2022

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	14. EQUITY Subsequent Event On October 13, 2022, Preferred stock Authorized preferred stock consists of 500,000 shares with a par value of $25 per share. No shares of preferred stock were issued and outstanding as of September 30, 2022 December 31, 2021. Treasury stock For the majority of restricted stock awards granted by the Company, the number of shares issued to the participant on the vesting date are net of shares withheld to meet applicable tax withholding requirements. In addition, when options are exercised, the participant may Although these withheld shares are not 15

Note 15 - Stock-based Compensat

Note 15 - Stock-based Compensation and Other Benefit Plans	9 Months Ended
	Sep. 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 September 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 nine September 30, 2022 nine September 30, 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 541 $ 327 $ 1,560 $ 767 Stock-based compensation - liability awards (505 ) (302 ) 740 1,331 Total stock-based compensation $ 36 $ 25 $ 2,300 $ 2,098 Subsequent Event In connection with the Arrangement with TransGlobe and pursuant to the Arrangement Agreement, at the effective time of the Arrangement, certain awards previously issued to TransGlobe’s key employees and board members who continued their relationship as employees or board members of VAALCO following the Arrangement, will continue to be governed by the applicable TransGlobe plan, provided that each such applicable plan has been amended to provide that VAALCO common stock shall be issuable in lieu of TransGlobe common stock with respect to TransGlobe’s deferred share units (“DSU”s), performance share units (“PSU”s) and restricted stock units (“RSU”s), in each case, based on the exchange ratio in the Arrangement. For the PSUs that will remain outstanding following the effective time of the Arrangement as described in the immediately preceding sentence, the applicable vesting percentage was determined by the TransGlobe board of directors to be 200% for PSUs granted in 2020 2021; 2022. 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 nine September 30, 2022 2021 Nine Months Ended September 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 nine September 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 September 30, 2022 600 $ 3.75 8.59 $ 861 Exercisable at September 30, 2022 194 $ 1.68 7.90 $ 518 Stock option activity associated with the Black-Scholes model for the nine September 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 September 30, 2022 386 $ 1.86 1.21 $ 968 Exercisable at September 30, 2022 386 $ 1.86 1.21 $ 968 During the nine September 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 nine September 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 (32 ) 3.69 Non-vested shares outstanding at September 30, 2022 759 $ 4.48 During the nine September 30, 2022 Stock appreciation rights ( SARs ) SARs may 2016 2020 may not During the nine September 30, 2022 not SAR activity for the nine September 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 September 30, 2022 209 $ 1.88 1.11 $ 517 Exercisable at September 30, 2022 209 $ 1.88 1.11 $ 517 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	9 Months Ended
	Sep. 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 nine September 30, 2022 2021 Provision for income taxes related to income from continuing operations consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 461 (17,619 ) (9,408 ) (19,668 ) Foreign: Current (1,165 ) 5,516 24,928 15,099 Deferred 23,547 (5,080 ) 48,947 (6,703 ) Total $ 22,843 $ (17,183 ) $ 64,467 $ (11,272 ) The Company’s effective tax rate for the nine September 30, 2022 2021 nine September 30, 2022 nine September 30, 2022 three September 30, 2022, $1.2 $8.7 nine September 30, 2022, $4.4 As of September 30, 2022 no In connection with the Arrangement with TransGlobe, the Company anticipates that a Section 382 not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 On October 13, 2022, July 13, 2022 ( 3 As of September 30, 2022
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. October 5, 2022, 2 November 2022. not The average Brent crude oil price for the three December 31, 2021, March 31, 2022, June 30, 2022 September 30, 2022 During the nine September 30, 2022, While the current commodity price environment is still favorable and the Company has not 19 may
Consolidation, Policy [Policy Text Block]	Principles of consolidation – The accompanying condensed consolidated financial statements (“Financial Statements”) include the accounts of VAALCO and its wholly owned subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. All intercompany transactions within the consolidated group have been eliminated in 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 September 30, 2022 2021 September 30, 2022 2021 10 As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953 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 September 30, 2022 September 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 )
Other Receivables [Policy Text Block]	Other receivables, net 2021, not third September 30, 2022 130 August September 2022, 65 August 65 September 2022.
Inventory, Policy [Policy Text Block]	Crude oil inventory
Prepayments and Other [Policy Text Block]	Prepayments and Other nine September 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 i.e., not June 20, 2026 may i.e., 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 September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 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 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)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Cash, Cash Equivalents and Restricted Cash [Table Text Block]	As of September 30, 2022 2021 (in thousands) Cash and cash equivalents $ 69,289 $ 52,839 Restricted cash - current 203 81 Restricted cash - non-current 1,755 1,752 Abandonment funding 18,838 22,281 Total cash, cash equivalents and restricted cash $ 90,085 $ 76,953
Accounts Receivable, Allowance for Credit Loss [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Allowance for bad debt Balance at beginning of period $ (6,389 ) $ (5,575 ) $ (5,741 ) $ (2,273 ) Bad debt charge, net of receipts (1,020 ) (318 ) (2,083 ) (814 ) Adjustment associated with Sasol Acquisition — — — (2,879 ) Foreign currency gain (loss) 355 117 770 190 Balance at end of period $ (7,054 ) $ (5,776 ) $ (7,054 ) $ (5,776 )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of September 30, 2022 Balance Sheet Line Level 1 Level 2 Level 3 Total (in thousands) Assets Derivative asset Prepayments and other $ — $ 348 $ — $ 348 $ — $ 348 $ — $ 348 Liabilities SARs liability Accrued liabilities and other $ — $ 544 $ — $ 544 $ — $ 544 $ — $ 544 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 Accrued liabilities and other — 4,806 — 4,806 $ — $ 5,415 $ — $ 5,415

Note 3 - Acquisitions and Dis_2

Note 3 - Acquisitions and Dispositions (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2021 2021 (in thousands - unaudited) Pro forma (unaudited) Crude oil and natural gas sales $ 55,899 $ 160,469 Operating income 20,030 63,929 Net income 31,721 49,341 (a) Basic net income loss per share: Income from continuing operations $ 0.53 $ 0.85 Net income per share $ 0.53 $ 0.85 Basic weighted average shares outstanding 58,586 58,102 Diluted net income per share: Income from continuing operations $ 0.53 $ 0.84 Net income per share $ 0.53 $ 0.84 Diluted weighted average shares outstanding 58,916 58,654

Note 4 - Segment Information (T

Note 4 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 78,097 $ — $ — $ 78,097 Operating costs and expenses: Production expense 22,828 484 — 23,312 FPSO demobilization 8,867 — — 8,867 Exploration expense 56 — — 56 Depreciation, depletion and amortization 8,940 — 23 8,963 General and administrative expense 915 120 944 1,979 Bad debt expense and other 681 339 — 1,020 Total operating costs and expenses 42,287 943 967 44,197 Other operating expense, net — — — — Operating income 35,810 (943 ) (967 ) 33,900 Other income (expense): Derivative instruments loss, net — — 3,778 3,778 Interest (expense) income, net (351 ) — 117 (234 ) Other (expense) income, net (1,305 ) 1 (6,403 ) (7,707 ) Total other expense, net (1,656 ) 1 (2,508 ) (4,163 ) Income from continuing operations before income taxes 34,154 (942 ) (3,475 ) 29,737 Income tax (benefit) expense 25,415 — (2,572 ) 22,843 Income from continuing operations 8,739 (942 ) (903 ) 6,894 Loss from discontinued operations, net of tax — — (26 ) (26 ) Net income $ 8,739 $ (942 ) $ (929 ) $ 6,868 Consolidated capital expenditures $ 51,610 $ — $ 53 $ 51,663 Nine Months Ended September 30, 2022 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 257,738 $ — $ — $ 257,738 Operating costs and expenses: Production expense 66,269 878 — 67,147 FPSO demobilization 8,867 — — 8,867 Exploration expense 250 — — 250 Depreciation, depletion and amortization 21,766 — 61 21,827 General and administrative expense 2,073 329 8,105 10,507 Bad debt expense and other 1,744 339 — 2,083 Total operating costs and expenses 100,969 1,546 8,166 110,681 Other operating expense, net (5 ) — — (5 ) Operating income 156,764 (1,546 ) (8,166 ) 147,052 Other income (expense): Derivative instruments loss, net — — (37,522 ) (37,522 ) Interest (expense) income, net (515 ) — 160 (355 ) Other (expense) income, net (2,799 ) (1 ) (7,714 ) (10,514 ) Total other expense, net (3,314 ) (1 ) (45,076 ) (48,391 ) Income from continuing operations before income taxes 153,450 (1,547 ) (53,242 ) 98,661 Income tax (benefit) expense 74,671 1 (10,205 ) 64,467 Income from continuing operations 78,779 (1,548 ) (43,037 ) 34,194 Loss from discontinued operations, net of tax — — (58 ) (58 ) Net income $ 78,779 $ (1,548 ) $ (43,095 ) $ 34,136 Consolidated capital expenditures $ 121,492 $ — $ 120 $ 121,612 Three Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 55,899 $ — $ — $ 55,899 Operating costs and expenses: Production expense 24,967 229 12 25,208 Exploration expense 479 — — 479 Depreciation, depletion and amortization 6,953 — 17 6,970 General and administrative expense 394 42 2,504 2,940 Bad debt expense and other 318 — — 318 Total operating costs and expenses 33,111 271 2,533 35,915 Other operating expense, net 46 — — 46 Operating income 22,834 (271 ) (2,533 ) 20,030 Other income (expense): Derivative instruments loss, net — — (5,147 ) (5,147 ) Interest (expense) income, net — — 3 3 Other (expense) income, net (318 ) (1 ) (9 ) (328 ) Total other expense, net (318 ) (1 ) (5,153 ) (5,472 ) Income from continuing operations before income taxes 22,516 (272 ) (7,686 ) 14,558 Income tax (benefit) expense 839 — (18,022 ) (17,183 ) Income from continuing operations 21,677 (272 ) 10,336 31,741 Loss from discontinued operations, net of tax — — (20 ) (20 ) Net income $ 21,677 $ (272 ) $ 10,316 $ 31,721 Consolidated capital expenditures (1) $ 6,696 $ — $ — $ 6,696 Nine Months Ended September 30, 2021 (in thousands) Gabon Equatorial Guinea Corporate and Other Total Revenues: Crude oil and natural gas sales $ 142,696 $ — $ — $ 142,696 Operating costs and expenses: Production expense 57,478 261 21 57,760 Exploration expense 1,286 — — 1,286 Depreciation, depletion and amortization 16,860 — 68 16,928 General and administrative expense 885 244 11,092 12,221 Bad debt expense and other 814 — — 814 Total operating costs and expenses 77,323 505 11,181 89,009 Other operating expense, net (87 ) — (353 ) (440 ) Operating income 65,286 (505 ) (11,534 ) 53,247 Other income (expense): Derivative instruments loss, net — — (21,070 ) (21,070 ) Interest (expense) income, net — — 9 9 Other (expense) income, net 6,854 (2 ) (2,764 ) 4,088 Total other expense, net 6,854 (2 ) (23,825 ) (16,973 ) Income from continuing operations before income taxes 72,140 (507 ) (35,359 ) 36,274 Income tax (benefit) expense 10,318 1 (21,591 ) (11,272 ) Income from continuing operations 61,822 (508 ) (13,768 ) 47,546 Loss from discontinued operations, net of tax — — (72 ) (72 ) Net income $ 61,822 $ (508 ) $ (13,840 ) $ 47,474 Consolidated capital expenditures (1) $ 10,993 $ — $ — $ 10,993
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 September 30, 2022 $ 184,484 $ 10,000 $ 227 $ 194,711 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 September 30, 2022 $ 313,746 $ 10,689 $ 70,338 $ 394,773 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)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Net income (numerator): Income from continuing operations $ 6,894 $ 31,741 $ 34,194 $ 47,546 Income from continuing operations attributable to unvested shares (75 ) (404 ) (457 ) (755 ) Numerator for basic 6,819 31,337 33,737 46,791 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,819 $ 31,337 $ 33,740 $ 46,791 Loss from discontinued operations, net of tax $ (26 ) $ (20 ) $ (58 ) $ (72 ) Income from discontinued operations attributable to unvested shares — — 1 1 Numerator for basic (26 ) (20 ) (57 ) (71 ) Reallocation of earnings to participating securities for considering dilutive securities — — — — Numerator for dilutive $ (26 ) $ (20 ) $ (57 ) $ (71 ) Net Income $ 6,868 $ 31,721 $ 34,136 $ 47,474 Net income attributable to unvested shares (75 ) (404 ) (456 ) (754 ) Numerator for basic 6,793 31,317 33,680 46,720 Reallocation of earnings to participating securities for considering dilutive securities — — 3 — Numerator for dilutive $ 6,793 $ 31,317 $ 33,683 $ 46,720 Weighted average shares (denominator): Basic weighted average shares outstanding 59,068 58,586 58,900 58,102 Effect of dilutive securities 382 330 435 552 Diluted weighted average shares outstanding 59,450 58,916 59,335 58,654 Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive 388 138 195 282

Note 6 - Revenue (Tables)

Note 6 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Revenue from customer contracts: Sales under the COSPA or COSMA $ 87,661 $ 42,056 $ 289,290 $ 136,693 Other items reported in revenue not associated with customer contracts: Gabonese government share of Profit Oil taken in-kind — 20,103 — 20,103 Carried interest recoupment 2,360 1,794 5,843 5,948 Royalties (11,924 ) (8,054 ) (37,395 ) (20,048 ) Crude oil and natural gas sales $ 78,097 $ 55,899 $ 257,738 $ 142,696

Note 7 - Crude Oil and Natura_2

Note 7 - Crude Oil and Natural Gas Properties and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of September 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 $ 556,973 $ 488,756 Work-in-progress 60,749 13,515 Undeveloped acreage 23,735 23,735 Equipment and other 28,641 23,478 670,098 549,484 Accumulated depreciation, depletion, amortization and impairment (475,387 ) (455,160 ) Net crude oil and natural gas properties, equipment and other $ 194,711 $ 94,324

Note 8 - Derivatives and Fair_2

Note 8 - Derivatives and Fair Value (Tables)	9 Months Ended
	Sep. 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 Put Price Weighted Average Call Price (Bbls) (per Bbl) (per Bbl) October 2022 to December 2022 Collars Dated Brent 109,000 $ 70.00 $ 122.00 Settlement Period Type of Contract Index Average Monthly Volumes Weighted Average Put Price Weighted Average Call Price January 2023 to March 2023 Collars Dated Brent 101,000 $ 65.00 $ 120.00
Schedule of Derivative Instruments [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, Derivative Item Statement of Operations Line 2022 2021 2022 2021 (in thousands) Commodity derivatives Cash settlements paid on matured derivative contracts, net $ (9,124 ) $ (4,186 ) $ (42,683 ) $ (10,189 ) Unrealized gain (loss) 12,902 (961 ) 5,161 (10,881 ) Derivative instruments gain (loss), net $ 3,778 $ (5,147 ) $ (37,522 ) $ (21,070 )

Note 9 - Accrued Liabilities _2

Note 9 - Accrued Liabilities and Other (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of September 30, 2022 As of December 31, 2021 (in thousands) Accrued accounts payable invoices $ 21,703 $ 11,967 FPSO demobilization 8,867 — Gabon DMO, PID and PIH obligations 10,803 9,465 Derivative liability - crude oil swaps — 4,806 Capital expenditures 26,516 11,327 Stock appreciation rights – current portion 544 609 Accrued wages and other compensation 2,676 2,124 ARO Obligation 6,701 6,745 Other 5,338 2,401 Total accrued liabilities and other $ 83,148 $ 49,444

Note 12 - Leases (Tables)

Note 12 - Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Lease cost: Finance lease cost (1) $ 97 $ — $ 261 $ — Operating lease cost 2,547 4,386 11,008 13,266 Short-term lease cost (2) 3,115 585 4,328 1,828 Variable lease cost (3) 1,264 1,584 4,511 4,645 Total lease expense 7,023 6,555 20,108 19,739 Lease costs capitalized 1,877 — 3,300 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739 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) 4.92 — Weighted-average discount rate 3.54 % — Operating cash flows attributable to operating leases $ 19,243 $ 18,018 Weighted-average remaining lease term (in years) 1.51 1.0 Weighted-average discount rate 5.12 % 6.09 %
Summary of Lease Costs in Consolidated Statements of Operations [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Finance lease cost $ 165 $ — $ 261 $ — Production expense 4,049 3,827 11,607 10,328 General and administrative expense 48 49 111 145 Lease costs billed to the joint venture owners 3,441 2,679 9,327 9,266 Total lease expense 7,703 6,555 21,306 19,739 Lease costs capitalized 1,197 — 2,102 — Total lease costs $ 8,900 $ 6,555 $ 23,408 $ 19,739
Lessee, Operating and Finance Lease Liability, Maturity [Table Text Block]	Operating Leases Finance Leases (in thousands) Year 2022 $ 185 $ 92 2023 1,339 368 2024 197 368 2025 33 368 Thereafter — 537 1,754 1,733 Less: imputed interest 33 165 Total lease liabilities $ 1,721 $ 1,568

Note 13 - Asset Retirement Ob_2

Note 13 - Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	(in thousands) As of September 30, 2022 As of December 31, 2021 Beginning balance $ 40,694 $ 17,334 Accretion 1,434 1,627 Additions — 14,564 Revisions — 7,169 Settlements (180 ) — Ending balance $ 41,948 $ 40,694

Note 15 - Stock-based Compens_2

Note 15 - Stock-based Compensation and Other Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Stock-based compensation - equity awards $ 541 $ 327 $ 1,560 $ 767 Stock-based compensation - liability awards (505 ) (302 ) 740 1,331 Total stock-based compensation $ 36 $ 25 $ 2,300 $ 2,098
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 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 September 30, 2022 600 $ 3.75 8.59 $ 861 Exercisable at September 30, 2022 194 $ 1.68 7.90 $ 518 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 September 30, 2022 386 $ 1.86 1.21 $ 968 Exercisable at September 30, 2022 386 $ 1.86 1.21 $ 968
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 (32 ) 3.69 Non-vested shares outstanding at September 30, 2022 759 $ 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 September 30, 2022 209 $ 1.88 1.11 $ 517 Exercisable at September 30, 2022 209 $ 1.88 1.11 $ 517

Note 16 - Income Taxes (Tables)

Note 16 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) U.S. Federal: Current $ — $ — $ — $ — Deferred 461 (17,619 ) (9,408 ) (19,668 ) Foreign: Current (1,165 ) 5,516 24,928 15,099 Deferred 23,547 (5,080 ) 48,947 (6,703 ) Total $ 22,843 $ (17,183 ) $ 64,467 $ (11,272 )

Note 1 - Organization and Acc_3

Note 1 - Organization and Accounting Policies (Details Textual) $ in Thousands	3 Months Ended				9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) $ / item	Jun. 30, 2022 $ / item	Mar. 31, 2022 $ / item	Dec. 31, 2021 USD ($) $ / bbl	Sep. 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)	100	113	100	79
Payments for Abandonment Funding						$ 0	$ 0	$ 0
Abandonment Funding Payment Due	$ 4,300				$ 4,300
Value Added Tax Receivable	$ 11,200			$ 9,600	$ 11,200	$ 9,600
Foreign Currency Exchange Rate, Translation	669.4			578.2	669.4	578.2
Other Receivables	$ 12,100				$ 12,100
Accounts Payable, Other, Current	6,700				6,700
Other Accrued Liabilities, Current	6,100				6,100
Prepayments for Fixed Assets	$ 7,900				$ 7,900
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
Purchase Commitment [Member]
Number of Contracts Entered Into						2
Vaalco Energy Inc. and Other Etame Marin Block Owners [Member]
Value Added Tax Receivable	$ 19,200			$ 14,500	$ 19,200	$ 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	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Cash and cash equivalents	$ 69,289		$ 52,839
Restricted cash	203	$ 79	81
Restricted cash - non-current	1,755	1,752	1,752
Abandonment funding	18,838	$ 21,808	22,281
Total cash, cash equivalents and restricted cash	$ 90,085		$ 76,953

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Balance at beginning of period	$ (6,389)	$ (5,575)	$ (5,741)	$ (2,273)
Bad debt charge, net of receipts	(1,020)	(318)	(2,083)	(814)
Adjustment associated with Sasol Acquisition	0	0	0	(2,879)
Foreign currency gain (loss)	355	117	770	190
Balance at end of period	$ (7,054)	$ (5,776)	$ (7,054)	$ (5,776)

Note 1 - Organization and Acc_6

Note 1 - Organization and Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure, Total	$ 348
Liabilities, Fair Value Disclosure, Total	544	$ 5,415
Derivative liability - crude oil swaps	0	4,806
Prepayments and Other [Member]
Derivative asset	348
Accrued Liabilities and Other [Member]
SARs liability	544	609
Derivative liability - crude oil swaps		4,806
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total	0
Liabilities, Fair Value Disclosure, Total	0	0
Fair Value, Inputs, Level 1 [Member] | Prepayments and Other [Member]
Derivative asset	0
Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities and Other [Member]
SARs liability	0	0
Derivative liability - crude oil swaps		0
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total	348
Liabilities, Fair Value Disclosure, Total	544	5,415
Fair Value, Inputs, Level 2 [Member] | Prepayments and Other [Member]
Derivative asset	348
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities and Other [Member]
SARs liability	544	609
Derivative liability - crude oil swaps		4,806
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total	0
Liabilities, Fair Value Disclosure, Total	0	0
Fair Value, Inputs, Level 3 [Member] | Prepayments and Other [Member]
Derivative asset	0
Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities and Other [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, shares in Millions				3 Months Ended						6 Months Ended	9 Months Ended
	Oct. 13, 2022 $ / shares shares	Apr. 29, 2021 USD ($)	Feb. 25, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 $ / shares	Feb. 24, 2021	Nov. 30, 2006
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares				$ 0.10							$ 0.10		$ 0.10
Business Combination, Bargain Purchase, Gain Recognized, Amount											$ 0	$ 7,651
Revenues, Total				$ 78,097			$ 55,899				257,738	142,696
Net Income (Loss) Attributable to Parent, Total				6,868	$ 15,104	$ 12,164	31,721	$ 5,884	$ 9,869		34,136	47,474
Block 5 PSA [Member]
Equity Method Investment, Ownership Percentage															40%
Equity Method Investment, Additional Working Interest Percentage															10%
TransGlobe Shareholders [Member]
Business Combination, Acquisition Related Costs				6,400							7,600
Etame Marine Block [Member]
Noncontrolling Interest, Ownership Percentage by Parent			58.80%											31.10%
Subsequent Event [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares	$ 0.10
Subsequent Event [Member] | VAALCO Energy [Member] | VAALCO Stockholders [Member]
Noncontrolling Interest, Ownership Percentage by Parent	54.50%
Subsequent Event [Member] | VAALCO Energy [Member] | TransGlobe Shareholders [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	45.50%
TransGlobe [Member] | Subsequent Event [Member]
Business Acquisition, Exchange Ratio	0.6727
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares	49.3
Etame Marine Block [Member]
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)
Revenues, Total				36,900			26,400				121,600	58,000
Net Income (Loss) Attributable to Parent, Total				$ 3,300			$ 10,200				$ 16,100	$ 20,100
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	9 Months Ended
		Sep. 30, 2021	Sep. 30, 2021
Crude oil and natural gas sales		$ 55,899	$ 160,469
Operating income		20,030	63,929
Net income	[1]	$ 31,721	$ 49,341
Income from continuing operations (in dollars per share)		$ 0.53	$ 0.85
Net income per share (in dollars per share)		$ 0.53	$ 0.85
Basic weighted average shares outstanding (in shares)		58,586	58,102
Income from continuing operations (in dollars per share)		$ 0.53	$ 0.84
Net income per share (in dollars per share)		$ 0.53	$ 0.84
Diluted weighted average shares outstanding (in shares)		58,916	58,654
[1]The pro forma net income for the nine months ended September 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	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2022	Sep. 30, 2022	Sep. 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%
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Glencore [Member] | Oil and Gas [Member]
Concentration Risk, Percentage		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							9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021		Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues, Total	$ 78,097			$ 55,899				$ 257,738	$ 142,696
Production expense	23,312			25,208				67,147	57,760
Other Demobilization Fees, Net	8,867			0				8,867	0
Exploration expense	56			479				250	1,286
Depreciation, depletion and amortization	8,963			6,970				21,827	16,928
General and administrative expense	1,979			2,940				10,507	12,221
Bad debt expense and other	1,020			318				2,083	814
Total operating costs and expenses	44,197			35,915				110,681	89,009
Other operating expense, net	0			46				(5)	(440)
Operating income	33,900			20,030				147,052	53,247
Derivative instruments loss, net	3,778			(5,147)				(37,522)	(21,070)
Interest (expense) income, net	(234)			3				(355)	9
Other (expense) income, net	(7,707)			(328)				(10,514)	4,088
Total other expense, net	(4,163)			(5,472)				(48,391)	(16,973)
Income from continuing operations before income taxes	29,737			14,558				98,661	36,274
Income tax (benefit) expense	22,843			(17,183)				64,467	(11,272)
Income from continuing operations	6,894			31,741				34,194	47,546
Loss from discontinued operations, net of tax	(26)			(20)				(58)	(72)
Net Income (Loss) Attributable to Parent, Total	6,868	$ 15,104	$ 12,164	31,721		$ 5,884	$ 9,869	34,136	47,474
Consolidated capital expenditures	51,663			6,696	[1]			121,612	10,993	[1]
Corporate, Non-Segment [Member]
Revenues, Total	0			0				0	0
Production expense	0			12				0	21
Other Demobilization Fees, Net	0							0
Exploration expense	0			0				0	0
Depreciation, depletion and amortization	23			17				61	68
General and administrative expense	944			2,504				8,105	11,092
Bad debt expense and other	0			0				0	0
Total operating costs and expenses	967			2,533				8,166	11,181
Other operating expense, net	0			0				0	(353)
Operating income	(967)			(2,533)				(8,166)	(11,534)
Derivative instruments loss, net	3,778			(5,147)				(37,522)	(21,070)
Interest (expense) income, net	117			3				160	9
Other (expense) income, net	(6,403)			(9)				(7,714)	(2,764)
Total other expense, net	(2,508)			(5,153)				(45,076)	(23,825)
Income from continuing operations before income taxes	(3,475)			(7,686)				(53,242)	(35,359)
Income tax (benefit) expense	(2,572)			(18,022)				(10,205)	(21,591)
Income from continuing operations	(903)			10,336				(43,037)	(13,768)
Loss from discontinued operations, net of tax	(26)			(20)				(58)	(72)
Net Income (Loss) Attributable to Parent, Total	(929)			10,316				(43,095)	(13,840)
Consolidated capital expenditures	53			0	[1]			120	0	[1]
Gabon Segment [Member] | Operating Segments [Member]
Revenues, Total	78,097			55,899				257,738	142,696
Production expense	22,828			24,967				66,269	57,478
Other Demobilization Fees, Net	8,867							8,867
Exploration expense	56			479				250	1,286
Depreciation, depletion and amortization	8,940			6,953				21,766	16,860
General and administrative expense	915			394				2,073	885
Bad debt expense and other	681			318				1,744	814
Total operating costs and expenses	42,287			33,111				100,969	77,323
Other operating expense, net	0			46				(5)	(87)
Operating income	35,810			22,834				156,764	65,286
Derivative instruments loss, net	0			0				0	0
Interest (expense) income, net	(351)			0				(515)	0
Other (expense) income, net	(1,305)			(318)				(2,799)	6,854
Total other expense, net	(1,656)			(318)				(3,314)	6,854
Income from continuing operations before income taxes	34,154			22,516				153,450	72,140
Income tax (benefit) expense	25,415			839				74,671	10,318
Income from continuing operations	8,739			21,677				78,779	61,822
Loss from discontinued operations, net of tax	0			0				0	0
Net Income (Loss) Attributable to Parent, Total	8,739			21,677				78,779	61,822
Consolidated capital expenditures	51,610			6,696	[1]			121,492	10,993	[1]
Equatorial Guinea Segment [Member] | Operating Segments [Member]
Revenues, Total	0			0				0	0
Production expense	484			229				878	261
Other Demobilization Fees, Net	0							0
Exploration expense	0			0				0	0
Depreciation, depletion and amortization	0			0				0	0
General and administrative expense	120			42				329	244
Bad debt expense and other	339			0				339	0
Total operating costs and expenses	943			271				1,546	505
Other operating expense, net	0			0				0	0
Operating income	(943)			(271)				(1,546)	(505)
Derivative instruments loss, net	0			0				0	0
Interest (expense) income, net	0			0				0	0
Other (expense) income, net	1			(1)				(1)	(2)
Total other expense, net	1			(1)				(1)	(2)
Income from continuing operations before income taxes	(942)			(272)				(1,547)	(507)
Income tax (benefit) expense	0			0				1	1
Income from continuing operations	(942)			(272)				(1,548)	(508)
Loss from discontinued operations, net of tax	0			0				0	0
Net Income (Loss) Attributable to Parent, Total	(942)			(272)				(1,548)	(508)
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	Sep. 30, 2022	Dec. 31, 2021
Long-lived assets from continuing operations	$ 194,711	$ 94,324
Total assets from continuing operations	394,773	263,090
Operating Segments [Member] | Gabon Segment [Member]
Long-lived assets from continuing operations	184,484	84,156
Total assets from continuing operations	313,746	201,748
Operating Segments [Member] | Equatorial Guinea Segment [Member]
Long-lived assets from continuing operations	10,000	10,000
Total assets from continuing operations	10,689	10,548
Corporate, Non-Segment [Member]
Long-lived assets from continuing operations	227	168
Total assets from continuing operations	$ 70,338	$ 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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income from continuing operations	$ 6,894			$ 31,741			$ 34,194	$ 47,546
Income from continuing operations attributable to unvested shares	(75)			(404)			(457)	(755)
Numerator for basic	(6,819)			(31,337)			(33,737)	(46,791)
Reallocation of earnings to participating securities for considering dilutive securities	0			0			(3)	0
Numerator for dilutive	6,819			31,337			33,740	46,791
Loss from discontinued operations, net of tax	(26)			(20)			(58)	(72)
Income from discontinued operations attributable to unvested shares	0			0			1	1
Numerator for basic	(26)			(20)			(57)	(71)
Numerator for dilutive	(26)			(20)			(57)	(71)
Net Income	6,868	$ 15,104	$ 12,164	31,721	$ 5,884	$ 9,869	34,136	47,474
Net income attributable to unvested shares	(75)			(404)			(456)	(754)
Numerator for basic	6,793			31,317			33,680	46,720
Reallocation of earnings to participating securities for considering dilutive securities	0			0			3	0
Numerator for dilutive	$ 6,793			$ 31,317			$ 33,683	$ 46,720
Basic weighted average shares outstanding (in shares)	59,068			58,586			58,900	58,102
Effect of dilutive securities (in shares)	382			330			435	552
Diluted weighted average shares outstanding (in shares)	59,450			58,916			59,335	58,654
Stock options and unvested restricted stock grants excluded from dilutive calculation because they would be anti-dilutive (in shares)	388			138			195	282

Note 6 - Revenue (Details Textu

Note 6 - Revenue (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Jun. 20, 2026	Dec. 31, 2021
Taxes Payable, Current, Total	$ 28,056		$ 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]
Taxes Payable, Current, Total	$ 28,100		$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Crude oil and natural gas sales	$ 78,097	$ 55,899	$ 257,738	$ 142,696
Crude Oil Sales and Purchase Agreements [Member]
Sales under the COSPA or COSMA	87,661	42,056	289,290	136,693
Gabonese Government Share of Profit Oil [Member]
Other items reported in revenue not associated with customer contracts	0	20,103	0	20,103
Carried Interest Recoupment [Member]
Other items reported in revenue not associated with customer contracts	2,360	1,794	5,843	5,948
Oil and Gas [Member]
Royalties	(11,924)	(8,054)	(37,395)	(20,048)
Crude oil and natural gas sales	$ 78,097	$ 55,899	$ 257,738	$ 142,696

Note 7 - Crude Oil and Natura_3

Note 7 - Crude Oil and Natural Gas Properties and Equipment (Details Textual) $ in Millions			9 Months Ended
	Jun. 20, 2026	Sep. 25, 2018	Sep. 30, 2022 USD ($)	Sep. 16, 2028	Apr. 12, 2021	Feb. 25, 2021 USD ($)	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%
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%
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

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	Sep. 30, 2022	Dec. 31, 2021
Gross crude oil and natural gas properties, equipment and other	$ 670,098	$ 549,484
Accumulated depreciation, depletion, amortization and impairment	(475,387)	(455,160)
Net crude oil and natural gas properties, equipment and other	194,711	94,324
Wells and Related Equipment and Facilities [Member]
Gross crude oil and natural gas properties, equipment and other	556,973	488,756
Construction in Progress [Member]
Gross crude oil and natural gas properties, equipment and other	60,749	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	$ 28,641	$ 23,478

Note 8 - Derivatives and Fair_3

Note 8 - Derivatives and Fair Value (Details Textual) $ in Millions	Oct. 26, 2022 USD ($)
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member]
Payments for Derivative Instrument, Financing Activities	$ 26

Note 8 - Derivatives and Fair_4

Note 8 - Derivatives and Fair Value - Unexpired Barrels (Details)		6 Months Ended
	Oct. 26, 2022 $ / bbl bbl	Jun. 30, 2022 $ / bbl $ / item bbl
Commodity Contract, October 2022 to December 2022 [Member]
Barrels (Barrel of Oil) | bbl		109,000
Commodity Contract, October 2022 to December 2022 [Member] | Short [Member]
Weighted average price put price (in USD per Barrel of Oil)		70
Commodity Contract, October 2022 to December 2022 [Member] | Long [Member]
Weighted average price call price (in USD per Per Share) | $ / item		122
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member]
Barrels (Barrel of Oil) | bbl	101,000
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | Short [Member]
Weighted average price put price (in USD per Barrel of Oil)	65
Commodity Contract, January 2023 to March 2023 [Member] | Subsequent Event [Member] | Long [Member]
Weighted average price call price (in USD per Per Share)	120

Note 8 - Derivatives and Fair_5

Note 8 - Derivatives and Fair Value - Loss on Derivative Instruments (Details) - Crude Oil Swaps [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative instruments loss, net	$ 3,778	$ (5,147)	$ (37,522)	$ (21,070)
Cash Settlements Not Paid on Matured Derivative Contracts, Net [Member]
Derivative instruments loss, net	(9,124)	(4,186)	(42,683)	(10,189)
Unrealized Gain (Loss) [Member]
Derivative instruments loss, net	$ 12,902	$ (961)	$ 5,161	$ (10,881)

Note 9 - Accrued Liabilities _3

Note 9 - Accrued Liabilities and Other - Schedule of Accrued Liabilities and Other Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued accounts payable invoices	$ 21,703	$ 11,967
FPSO demobilization	8,867	0
Gabon DMO, PID and PIH obligations	10,803	9,465
Derivative liability - crude oil swaps	0	4,806
Capital expenditures	26,516	11,327
Stock appreciation rights – current portion	544	609
Accrued wages and other compensation	2,676	2,124
ARO Obligation	6,701	6,745
Other	5,338	2,401
Total accrued liabilities and other	$ 83,148	$ 49,444

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual)						1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended		36 Months Ended
	Oct. 31, 2022	Sep. 22, 2022 USD ($)	Aug. 05, 2022 $ / shares	Jun. 24, 2022 $ / shares	Mar. 18, 2022 $ / shares	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2022 USD ($) bbl	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) bbl	Sep. 30, 2021 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2016	Dec. 31, 2021 USD ($)	Dec. 31, 2023 $ / shares	Oct. 13, 2022 USD ($)	Aug. 20, 2022 USD ($)	Nov. 30, 2021 USD ($)	Nov. 03, 2021 $ / shares	Aug. 31, 2021 USD ($)
Abandonment Funding								$ 18,838,000	$ 22,281,000	$ 18,838,000	$ 22,281,000			$ 21,808,000
Other Demobilization Fees, Net								8,867,000	0	8,867,000	0
Dividends Payable, Amount Per Share (in dollars per share) | $ / shares			$ 0.0325	$ 0.0325	$ 0.0325														$ 0.0325
Dividends Payable, Date to be Paid			Sep. 23, 2022	Jun. 24, 2022	Mar. 18, 2022
Dividends Payable, Date of Record			Aug. 25, 2022	May 25, 2022	Feb. 18, 2022
Subsequent Event [Member]
Dividends Payable, Date to be Paid	Dec. 22, 2022
Dividends Payable, Date of Record	Nov. 22, 2022
Subsequent Event [Member] | Share Buyback Program [Member]
Stock Repurchase Program, Authorized Amount																$ 30,000,000
Forecast [Member]
Annualized Dividend Target, Per Share (in dollars per share) | $ / shares															$ 2,022
Borr Drilling Limited [Member]
Number of Drilled Wells Required by Agreement						3
Etame Marine Block [Member]
Contractual Obligation, to be Paid, Year One								3,200,000		3,200,000										$ 1,300,000
Etame Marine Block [Member] | Minimum [Member]
Estimated Field Level Capital Conversion								45,000,000		45,000,000
Etame Marine Block [Member] | Maximum [Member]
Estimated Field Level Capital Conversion								$ 55,000,000		$ 55,000,000
Foreign Tax Authority [Member] | Tax Administration of Gabon [Member]
Income Tax Examination, Year under Examination													2013 2014	2015 2016
FPSO Charter [Member]
Number of Charter Extension Periods							2
Charter Day Rates																	$ 150,000
Other Demobilization Fees, Gross		$ 15,300,000
Other Demobilization Fees, Net		$ 8,900,000
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
Etame Marine Block [Member]
Estimated Abandonment Costs																		$ 47,900,000
Abandonment Funding								$ 18,800,000		$ 18,800,000
Foreign Currency Transaction Gain (Loss), before Tax, Total								(1,300,000)	$ (600,000)	3,000,000	$ 1,100,000
Payment of Joint Venture Audit Settlement												$ 800,000
Contractual Obligation, to be Paid, Year One								5,000,000		5,000,000										$ 2,000,000
Contractual Obligations, Amount Recoverable								6,000,000		6,000,000
Etame Marine Block [Member] | Minimum [Member]
Estimated Field Level Capital Conversion								70,000,000		70,000,000
Etame Marine Block [Member] | Maximum [Member]
Estimated Field Level Capital Conversion								86,000,000		86,000,000
Etame Marine Block [Member]
Estimated Abandonment Costs																		$ 81,300,000
Abandonment Funding								$ 32,000,000		$ 32,000,000

Note 11 - Debt (Details Textual

Note 11 - Debt (Details Textual) $ in Thousands, $ in Millions				9 Months Ended
	May 16, 2025	Oct. 13, 2022 CAD ($)	May 16, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long-Term Debt, Total				$ 0	$ 0
Subsequent Event [Member] | TransGlobe [Member] | ATB Financial [Member]
Repayments of Debt		$ 4.1
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
Amortization of Debt Issuance Costs				$ 100
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	Sep. 30, 2022 USD ($)
Oil and Gas Joint Interest Billing Receivables	$ 1.4
Lessee, Operating And Finance Lease Liability, Payments Due	$ 3.5
Minimum [Member]
Lessee, Operating Lease, Term of Contract (Month)	9 months
Lessee, Finance Lease, Remaining Lease Term (Month)	59 months
Maximum [Member]
Lessee, Operating Lease, Term of Contract (Month)	30 months

Note 12 - Leases - Components o

Note 12 - Leases - Components of Lease Costs and Supplemental Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finance lease cost (1)	[1]	$ 97	$ 0	$ 261	$ 0
Operating lease cost		2,547	4,386	11,008	13,266
Short-term lease cost (2)	[2]	3,115	585	4,328	1,828
Variable lease cost (3)	[3]	1,264	1,584	4,511	4,645
Total lease expense		7,023	6,555	20,108	19,739
Lease costs capitalized		1,877	0	3,300	0
Total lease costs		$ 8,900	$ 6,555	23,408	19,739
Operating cash flows attributable to finance leases				$ 26	$ 0
Weighted-average remaining lease term (in years) (Year)		4 years 11 months 1 day		4 years 11 months 1 day
Weighted-average discount rate		3.54%	0%	3.54%	0%
Operating cash flows attributable to operating leases				$ 19,243	$ 18,018
Weighted-average remaining lease term (in years) (Year)		1 year 6 months 3 days	1 year	1 year 6 months 3 days	1 year
Weighted-average discount rate		5.12%	6.09%	5.12%	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total lease expense	$ 7,703	$ 6,555	$ 21,306	$ 19,739
Lease costs capitalized	1,197	0	2,102	0
Total lease costs	8,900	6,555	23,408	19,739
Finance Lease Cost [Member]
Total lease expense	165	0	261	0
Production Expense [Member]
Total lease expense	4,049	3,827	11,607	10,328
General and Administrative Expense [Member]
Total lease expense	48	49	111	145
Lease Costs Billed to Joint Venture Owners [Member]
Total lease expense	$ 3,441	$ 2,679	$ 9,327	$ 9,266

Note 12 - Leases - Future Matur

Note 12 - Leases - Future Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022, operating leases	$ 185
2022, finance leases	92
2023, operating leases	1,339
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	1,754
Total due, finance leases	1,733
Less: imputed interest, operating leases	33
Less: imputed interest, finance leases	165
Total lease liabilities, operating leases	1,721
Total lease liabilities, finance leases	$ 1,568

Note 13 - Asset Retirement Ob_3

Note 13 - Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2022
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				$ 6,700
Sasol Gabon S.A. [Member]
Asset Retirement Obligation, Liabilities Incurred			14,600
Etame Marine Block [Member]
Asset Retirement Obligation, Revision of Estimate			$ 7,200

Note 13 - Asset Retirement Ob_4

Note 13 - Asset Retirement Obligations - Summary of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Beginning balance	$ 40,694	$ 17,334	$ 17,334
Accretion	1,434		1,627
Asset Retirement Obligation, Liabilities Incurred	0	$ 14,564	14,564
Revisions	0		7,169
Settlements	(180)		0
Ending balance	$ 41,948		$ 40,694

Note 14 - Shareholders' Equity

Note 14 - Shareholders' Equity (Details Textual) - $ / shares	Oct. 13, 2022	Sep. 30, 2022	Dec. 31, 2021
Common Stock, Shares Authorized (in shares)		100,000,000	100,000,000
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
Subsequent Event [Member]
Common Stock, Shares Authorized (in shares)	160,000,000
Subsequent Event [Member] | TransGlobe [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares)	49,300,000

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			9 Months Ended
	Oct. 22, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 25, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Share-Based Liabilities Paid					$ 0.8	$ 3.1
Proceeds from Stock Options Exercised					$ 0.3	$ 1.3
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%
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
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2020 [Member] | TransGlobe [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage	200%
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2022 [Member] | TransGlobe [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage	64.40%
Subsequent Event [Member] | Performance Share Units (PSUs) [Member] | Granted in 2021 [Member] | TransGlobe [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Applicable Vesting Percentage	200%
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)					6,645,319

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total stock-based compensation	$ 36	$ 25	$ 2,300	$ 2,098
Equity Awards [Member]
Total stock-based compensation	541	327	1,560	767
Liability Awards [Member]
Total stock-based compensation	$ (505)	$ (302)	$ 740	$ 1,331

Note 15 - Stock-based Compens_5

Note 15 - Stock-based Compensation and Other Benefit Plans - Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 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	9 Months Ended
	Mar. 31, 2022	Sep. 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 7 months 2 days
Outstanding, aggregate intrinsic value		$ 861
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)		7 years 10 months 24 days
Exercisable, aggregate intrinsic value		$ 518
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 2 months 15 days
Outstanding, aggregate intrinsic value		$ 968
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 2 months 15 days
Exercisable, aggregate intrinsic value		$ 968

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]	9 Months Ended
	Sep. 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	(32)
Awards forfeited, weighted average grant date fair value (in dollars per share) | $ / shares	$ 3.69
Non-vested shares outstanding (in shares) | shares	759
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] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Outstanding, number of underlying shares (in shares) | shares	362
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.81
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	0
Granted, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Exercised, number of underlying shares (in shares) | shares	(153)
Exercised, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.71
Unvested SARs forfeited, number of underlying shares (in shares) | shares	0
Unvested SARs forfeited, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Vested SARs expired, number of underlying shares (in shares) | shares	0
Vested SARs expired, weighted average exercise price per share (in dollars per share) | $ / shares	$ 0
Outstanding, number of underlying shares (in shares) | shares	209
Outstanding, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.88
Outstanding, weighted average remaining contractual term (Year)	1 year 1 month 9 days
Outstanding, aggregate intrinsic value | $	$ 517
Exercisable, number of underlying shares (in shares) | shares	209
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 1.88
Exercisable, weighted average remaining contractual term (Year)	1 year 1 month 9 days
Exercisable, aggregate intrinsic value | $	$ 517

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Percent, Total			90.30%	37.50%
Valuation Allowance, Deferred Tax Asset, Change in Amount, Discrete Item			$ 20,200
Current Foreign Tax Expense (Benefit)	$ (1,165)	$ 5,516	24,928	$ 15,099
Income Tax Expense (Benefit), Favorable (Unfavorable) Oil Price Adjustment	8,700		4,400
Current Foreign Income Tax Expense (Benefit), Net Of Oil Price Adjustment	7,500		29,300
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Current	$ 0	$ 0	$ 0	$ 0
Deferred	461	(17,619)	(9,408)	(19,668)
Current Foreign Tax Expense (Benefit)	(1,165)	5,516	24,928	15,099
Deferred	23,547	(5,080)	48,947	(6,703)
Total	$ 22,843	$ (17,183)	$ 64,467	$ (11,272)