Record Resources Expects to Complete Seismic Reprocessing and Resource Report by Year End
Record delays seismic reprocessing to year-end while Gabon appraisal drilling remains on paper.
Record Resources Inc. is a pre-revenue junior explorer pivoting toward oil and gas development in Gabon, West Africa, while maintaining a portfolio of natural hydrogen and mineral properties in Ontario and Quebec. The company’s flagship Ngulu Block, covering 1,214 km² in offshore Gabon, contains the Loba oil discovery and over 28 mapped prospects. Record holds a 20% working interest in the block, which is fully carried by strategic partner Reconnaissance Energy Africa Ltd., the 55% operator.
The company carries $300,000 in settled consultant debt that has been converted to equity and faces a $7.36 million accumulated deficit. Properties are royalty-free, except for a 1% gross overriding royalty on diamond-bearing kimberlite pipes retained on the Lorrain-Bucke property.
Outstanding warrants include approximately 18.4 million warrants issued in December 2025 at an exercise price of $0.09, expiring June 23, 2028, plus broker and advisory warrants on identical terms. No analyst coverage or target prices are provided in the materials.
Record Resources Inc. (REC) confirmed on September 30, 2026, that 3D seismic reprocessing and a third-party resource report for the Ngulu block are now expected by year-end 2026. This timeline represents a delay of approximately three months from the April 7, 2026 announcement, which had projected completion in roughly three months, or mid-2026.
Well planning for the Loba appraisal well has commenced, with the company remaining fully carried through the initial drilling phase. The delay is consistent with typical exploration timelines and does not alter the fundamental thesis or capital requirements. The news is incremental and expected, carrying no new market-moving information.
Record Resources Inc. (REC) is shifting its focus from mining and hydrogen exploration to oil and gas development after acquiring the Ngulu Block in Gabon. The block spans 1,214 km² in shallow waters offshore central Gabon and lies on trend with several producing fields.
The Loba discovery within the block features a 140-meter gross oil column, including 70 meters of net pay, containing oil with 27° API gravity. Analogous fields suggest the Loba complex could produce approximately 20,000 bbl/d, with initial well IPs reaching up to 7,600 bbl/d.
In addition to its Gabon assets, the company holds three natural hydrogen properties in Ontario and Quebec, located adjacent to known hydrogen anomalies.