Production / Operations
Record Announces that a Single Loba Well Could Produce 5,000 bbl/d in Gabon; Paving the Way for 20,000 bbl/d Development
Record Resources Confirms High-Flow Potential in Gabon's Loba Field, Maintaining Fully-Carried Development Path
Executive Summary
- Record Resources Inc. released geological and geophysical findings on June 1, 2026, indicating its Loba oil discovery in Gabon's Ngulu block could support a first production well yielding over 5,000 bbl/d.
- The broader Loba field complex is projected to produce approximately 20,000 bbl/d through a multi-well development program.
- Production modeling relies on performance data from the adjacent Batanga reservoir at Perenco's producing Barbier Southwest field, with offset wells demonstrating initial production (IP) rates up to 7,600 bbl/d.
- The planned Loba Marine 2 well will utilize frac-pack and ESP pump completions to maximize flow.
- The company remains fully carried through the initial exploration and appraisal phase by its strategic partner, Reconnaissance Energy Africa, meaning no cash calls will be issued until the first well reaches total depth.
- Historic resource estimates place mean contingent resources at 11.9 MMbbls for the Loba discovery, with additional prospective resources of 11 MMbbls each for the Loba Deep and Loba East prospects.
Material Impact
- The June 1, 2026 update is a direct follow-up to the April 7, 2026 announcement regarding the receipt and reprocessing of legacy 3D seismic data. The April release explicitly stated that an appraisal/development well would be selected in H2 2026 following data review.
- This news confirms the geological viability of the planned appraisal well and aligns with the company's previously stated production targets (~20,000 bbl/d field potential).
- The carry terms remain unchanged, preserving the company's cash position through the initial drilling phase.
- The information is incremental and expected within the context of the September 2025 Production Sharing Contract (PSC) and subsequent operational updates. It does not introduce new strategic shifts, unexpected financial terms, or surprise valuation changes.
- Consequently, the market impact is routine. It validates management's narrative but does not alter the fundamental risk/reward profile or immediate capital requirements.
REC · Price
Company Overview
- Record Resources Inc. is a pre-revenue junior exploration company transitioning from Canadian mineral assets to West African oil and gas development.
- Flagship Project: Ngulu Block (Block C-7), offshore Gabon. Covers 1,214 km² in shallow waters (~60m depth).
- The block contains the historic Loba oil discovery (1976) with a 140m gross oil column (70m net pay) and 27° API gravity oil.
- The company holds a 20% working interest, carried by operator Reconnaissance Energy Africa (55%) for the initial four-year term.
- Additional assets include three natural hydrogen properties in Ontario and Quebec, positioned to potentially supply baseload power for AI data centers.
More from Record Resources Inc.
Jun 17, 2026 · 08:30