Ngulu Oil block, Gabon

Record Resources and Recon have formed a joint venture whereby each party will acquire a working interest of 20% and 55%, respectively. Recon is designated as the operator under the PSC and fully carries and funds Record Resources through the commitments on the Ngulu block for the initial four-year concession period, including the drilling of a well to total depth (TD). The remaining working interests are held by the GOC with a 15% working interest and the Republic of Gabon with a 10% working interest (carried). 

  • Acquisition positions Record Resources as a significant West Africa E&P company.
  • Fully carries Record Resources through the commitments on the Ngulu block through the initial four year concession period, including the drilling of a well to TD.
  • Diversified portfolio with low-risk appraisal, development and exploration assets​.
  • Near-term oil production potential could provide cashflow to fund exploration growth​.
  • Capital-efficient entry terms include a large concession with minimal work phased over a four-year commitment.
  • Advanced seismic reprocessing to unlock exploration upside while de-risking prospects.​
  • PSC agreement, which covers 1,214 square kilometres and is roughly equivalent to 54 Gulf of Mexico blocks, is located in shallow offshore water in central Gabon.
  • Ngulu is located on trend and offset to a number of sizeable producing fields, which range in size from 38 MMbbl up to 250 MMbbl.
  • Existing oil discovery, the Loba field, was drilled in 1976 with 140 metres gross pay (70 metres net pay) provides for low-risk appraisal and development opportunities and near-term production. 
  • Loba field complex has potential production of ~20,000 Bbl/d (1)(2)(3)(4) based on offset fields.
  • Significant exploration upside from an inventory of 28 mapped prospects (Lepidote Deep, Pompano Dentex Complex and the Palomite Complex) that are analogous to play types found in the Gulf of Mexico.
  • Seismic reprocessing project to be undertaken to enhance imaging of prospects and reduce drilling risk. 
  • The consortium has committed during the initial four-year term to execute detailed geological and geophysical studies, advance 3D seismic reprocessing on an existing database and drill one well on the block.