Drill Results
Record Resources Receives Key 3D-Seismic Dataset and Commences Reprocessing Project for Selection of Drilling Location on Existing Loba Oil Discovery and Mapping of Over 28 Identified High Impact Marquee Prospects Across the Ngulu Block in Gabon, Africa
Record taps legacy 3D seismic to fast‑track Ngulu appraisal, slashing costs and sharpening upside
Executive Summary
- On 2026‑04‑07 Record announced receipt of two legacy government‑owned 3‑D seismic volumes (1993 Mandaros & 2001 Moabi) for its Ngulu block in Gabon.
- The data will be reprocessed by DUG Technology using Multi‑Parameter Full‑Wavefield Inversion (MP‑FWI). Reprocessing is slated to finish in ~3 months.
- Completion will enable selection of an appraisal/development well on the Loba oil discovery for H2 2026, with the first well cash‑called only after drilling.
- The company also plans a third‑party resource report to quantify contingent resources at Loba and prospective resources across 28 identified prospects (35‑250 MMboe each).
- Cost saving: avoiding a new 1,000 km² 3‑D acquisition worth US$10‑20 million.
Material Impact
- New, material information: The receipt of legacy seismic and the fast‑track reprocessing plan were not previously disclosed; they materially improve the technical picture of Ngulu and remove a major capital outlay.
- Cost efficiency: $10‑20 m saved directly improves near‑term cash position and reduces financing needs for the upcoming appraisal well.
- Timeline acceleration: Targeting an H2 2026 appraisal well shortens the path to production (estimated 20,000 bbl/d) and could unlock early cash flow, de‑risking the block for investors.
- Resource upside: The prospect inventory (28 marquee prospects, up to 250 MMboe each) gains a higher confidence level after MP‑FWI reprocessing, potentially increasing future valuation.
- Overall materiality: While significant, the news does not yet constitute a “game changer” because production is still years away and financing remains required for drilling. It is therefore classified as Material – Positive.
REC · Price
Company Overview
- Record Resources Inc. focuses on early‑stage oil & gas exploration in offshore West Africa (Ngulu block, Gabon) and natural hydrogen projects in Ontario/Quebec.
- Flagship asset: Ngulu PSC – 1,214 km² offshore block with the Loba oil discovery (≈ 20,000 bbl/d potential) and > 28 mapped prospects ranging from 35‑250 MMboe. The project is 20 % working interest, fully carried by partner Reconnaissance Energy Africa for the first four years.
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Jun 17, 2026 · 08:30