INVESTMENT IN OIL AND GAS PROPERTIES (Details)
|
|
|
|
|
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
Mar. 01, 2017
USD ($)
|
Jan. 24, 2017
USD ($)
|
Sep. 15, 2016
USD ($)
km²
m
|
Aug. 19, 2016
USD ($)
km²
item
m
|
Jun. 30, 2016
USD ($)
km²
bbl
|
Dec. 31, 2012
USD ($)
|
Mar. 25, 2010
USD ($)
mi²
km²
m
|
Dec. 31, 2009 |
Sep. 30, 2013 |
Feb. 29, 2012
m
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
bbl
|
Mar. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
km²
bbl / d
m
bbl
|
Jun. 30, 2013
USD ($)
bbl
|
Jun. 30, 2015
USD ($)
|
Dec. 30, 2012 |
Dec. 27, 2012 |
Jun. 30, 2010 |
May 20, 2010 |
Mar. 25, 2010
$ / km²
|
Mar. 25, 2010 |
Mar. 25, 2010
km²
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reserves | bbl |
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
| Full impairment of unproved oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
$ 14,331,000
|
$ 753,000
|
$ 14,331,000
|
$ 14,331,000
|
|
|
|
|
|
|
|
|
|
| Oil and Gas Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unproved Oil and Gas Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 14,311,000
|
|
|
|
|
|
|
|
| Unproved properties not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,653,000
|
|
|
|
14,311,000
|
|
|
|
|
|
|
|
| Guinea concession |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest in Guinea Concession (as a percent) |
|
|
100.00%
|
|
37.00%
|
37.00%
|
|
|
|
|
|
|
|
|
|
37.00%
|
|
|
77.00%
|
|
|
|
|
|
|
| Contract area retained (in square kilometers/square miles) |
|
|
5,000
|
5,000
|
|
|
9,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,000
|
| Contract area retained as percentage of original contract area |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30.00%
|
|
| Relinquishment of contract area retained as percentage of original contract area |
|
|
|
|
|
|
|
70.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract area retained as percentage of original contract area, required to be relinquished under PSC |
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current contract area | km² |
|
|
|
|
18,750
|
|
|
|
|
|
|
|
|
|
|
18,750
|
|
|
|
|
|
|
|
|
|
| Depth below seabed required to be drilled of an exploration well (in meters) | m |
|
|
2,500
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum depth to be reached to satisfy work requirement | m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
| Guinea's share of cost and profit oil (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62.50%
|
|
| Annual training budget to be established, for the benefit of Guinea's oil industry personnel |
|
|
|
|
|
|
$ 200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annual surface tax, obligated to pay (in dollars per square kilometers) | $ / km² |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.00
|
|
|
| Royalty interest to Guinea as percentage of production |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
| Percentage of revenue after royalty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90.00%
|
|
|
|
|
|
|
|
|
|
| Guinea's share in revenue, during the first production, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
|
|
|
|
|
| Contractor share in revenue, during the first production, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
| Gross expenditure cap |
|
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
100,000,000
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
| Gross expenditure for an appraisal well to be paid by Tullow as additional consideration |
|
|
|
|
100,000,000
|
|
|
|
|
|
|
|
|
|
|
100,000,000
|
|
|
|
|
|
|
|
|
|
| Threshold gross expenditure cap for well to be paid by the entity |
|
|
|
|
100,000,000
|
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
| Period through which additional consideration is to be paid by Tullow |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90 days
|
|
|
|
|
|
|
|
|
|
| Transaction costs |
|
|
|
|
|
$ 3,300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reserves | bbl |
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
0
|
|
|
|
|
|
|
|
|
| Full-Cost Ceiling Test written-down |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 116,800,000
|
|
|
|
|
|
|
|
|
| Full impairment of unproved oil and gas properties |
|
|
|
|
$ 14,300,000
|
|
|
|
|
|
$ 800,000
|
$ 200,000
|
|
|
|
$ 14,331,000
|
|
|
|
|
|
|
|
|
|
| Increase in property balance resulting from capitalized cost adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,700,000
|
|
$ 20,000
|
|
|
|
|
|
|
|
|
|
| Oil and Gas Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unproved Oil and Gas Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,311,000
|
|
|
|
|
|
|
|
| Unproved properties not subject to amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
4,653,000
|
|
|
|
$ 14,311,000
|
|
|
|
|
|
|
|
| Extension period for second exploration (in years) |
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of exploratory well in extension period | item |
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount receivable, if extension well not drilled |
|
|
|
$ 46,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notice period for termination (in days) |
|
|
|
30 days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mutually acceptable security |
$ 5,000,000
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated amount to limit cost recovery to share of expenditures |
|
|
|
$ 165,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agreed amount in training budget |
|
|
$ 250,000
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated amount of unused portion of training program |
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
$ 400,000
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest (as a percent) |
|
|
100.00%
|
|
37.00%
|
37.00%
|
|
|
|
|
|
|
|
|
|
37.00%
|
|
|
77.00%
|
|
|
|
|
|
|
| Guinea concession | Tullow Guinea Ltd |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest sold (as a percent) |
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
| Consideration of sale of interest in PSC |
|
|
|
|
|
$ 27,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea concession | Dana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest sold (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.00%
|
|
|
|
| Guinea concession | Dana |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest in Guinea Concession (as a percent) |
|
|
|
|
23.00%
|
|
|
|
|
|
|
|
|
|
|
23.00%
|
|
|
|
|
23.00%
|
|
|
|
|
| Oil and Gas Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest (as a percent) |
|
|
|
|
23.00%
|
|
|
|
|
|
|
|
|
|
|
23.00%
|
|
|
|
|
23.00%
|
|
|
|
|
| Guinea concession | Tullow Guinea Ltd |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest in Guinea Concession (as a percent) |
|
|
|
|
40.00%
|
40.00%
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
| Oil and Gas Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest (as a percent) |
|
|
|
|
40.00%
|
40.00%
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
| Guinea concession | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depth below seabed required to be drilled of an exploration well (in meters) | m |
|
|
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenditure required on each exploration well |
|
|
|
|
|
|
$ 15,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate expenditure required on exploration wells |
|
|
|
|
|
|
$ 30,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Area of 3D seismic required to be acquired (in square kilometers) | km² |
|
|
|
|
|
|
2,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Expenditure on acquisition of 3D seismic required to be acquired |
|
|
|
|
|
|
$ 12,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea concession | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extension of exploration period allowable to allow the completion of a well in process |
|
|
|
|
|
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extension of exploration period allowable to allow the completion of appraisal of discovery made |
|
|
|
|
|
|
|
|
2 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea's participating interest in development of discovery as percentage of costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15.00%
|
|
| Guinea concession | Subsequent event |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest in Guinea Concession (as a percent) |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract area retained (in square kilometers/square miles) | km² |
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depth below seabed required to be drilled of an exploration well (in meters) | m |
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oil and Gas Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Extension period for second exploration (in years) |
|
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of exploratory well in extension period | item |
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount receivable, if extension well not drilled |
|
|
|
$ 46,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notice period for termination (in days) |
|
|
|
30 days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mutually acceptable security |
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated amount to limit cost recovery to share of expenditures |
|
|
|
150,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Agreed amount in training budget |
|
|
|
250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Estimated amount of unused portion of training program |
|
|
|
$ 500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ownership interest (as a percent) |
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 0 to 2,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea's share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
|
|
|
|
|
|
|
|
|
| Contractor share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75.00%
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 0 to 2,000 | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 0 to 2,000 | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 2,001 to 5,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea's share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30.00%
|
|
|
|
|
|
|
|
|
|
| Contractor share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70.00%
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 2,001 to 5,000 | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,001
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 2,001 to 5,000 | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 5,001 to 100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea's share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41.00%
|
|
|
|
|
|
|
|
|
|
| Contractor share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59.00%
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 5,001 to 100,000 | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,001
|
|
|
|
|
|
|
|
|
|
| Guinea concession | From 5,001 to 100,000 | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
| Guinea concession | Over 100,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Guinea's share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60.00%
|
|
|
|
|
|
|
|
|
|
| Contractor share in revenue, after recovery cost of operations (as a percent) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40.00%
|
|
|
|
|
|
|
|
|
|
| Guinea concession | Over 100,001 | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Daily production (in barrels per day) | bbl / d |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,001
|
|
|
|
|
|
|
|
|
|
| Sabu-1 well | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments in oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depth below seabed required to be drilled of an exploration well (in meters) | m |
|
|
|
|
|
|
|
|
|
2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|