Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment

v3.10.0.1
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2018
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
NOTE 2 — PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is comprised of fixed assets, proved properties and unproved properties, as shown below (in thousands):
 
September 30, 2018
 
December 31, 2017
Land
$
13,276

 
$
9,491

Proved properties
88,349

 
90,869

Unproved properties
10,000

 
13,000

Wells in progress
6,511

 
345

Corporate and other
2,265

 
2,693

Total property, plant and equipment at cost
120,401

 
116,398

Accumulated DD&A
(1,402
)
 
(542
)
Total property, plant and equipment, net
$
118,999

 
$
115,856


Land
We own land in Louisiana for the purposes of constructing the Driftwood Project.
Proved Properties
We own producing and non-producing acreage in northern Louisiana. In September 2018, we identified indicators of impairment related to certain non-producing acreage and, as a result of an impairment test performed, we have written off approximately $2.7 million of carrying value associated with those assets.
Unproved Properties
We own interests in unproved properties in the Weald Basin, United Kingdom through our holding of non-operating interests in two licenses which expire in June and September 2021. We previously held an operating interest in an exploration permit in the Bonaparte Basin, Australia; however, in May 2018, we transferred the permit to a third party for consideration of approximately $0.2 million in cash and the release of approximately $1.3 million in liabilities incurred in connection with a canceled 2017 seismic survey. As a result, we have recognized, within our Condensed Consolidated Statement of Operations, a loss on the transfer of the permit of approximately $1.0 million during the nine months ended September 30, 2018.