Record Resources advances Ngulu Oil Block plans in Gabon

Описание: Record Resources CEO Michael Judson joined Steve Darling from Proactive to discuss the company’s significant oil exploration and development strategy in Gabon, with a particular focus on the large-scale Ngulu block.

Judson described Gabon as one of Africa’s most established oil-producing nations, highlighting its long production history, supportive regulatory environment, and strong infrastructure. He pointed to the nearby oil services hub of Port-Gentil as a key strategic advantage, providing access to experienced service providers, logistics, and export infrastructure.

The Ngulu block, which Judson described as comparable in size to “50 or 60 blocks in the Gulf of Mexico,” represents a substantial exploration opportunity. Record Resources currently holds a 20% interest in the project after bringing in ReconAfrica as a joint venture partner. Judson explained that the decision to partner was strategic, noting that ReconAfrica brings a significantly stronger balance sheet and has committed to funding the first US$20 million of project development costs.

The initial phase of activity will focus on appraising the historical Loba discovery, originally drilled by French companies in the 1970s. That well encountered approximately 70 metres of oil pay, but was never fully developed. The current plan includes drilling two appraisal wells, with the goal of rapidly establishing production of up to 10,000 barrels per day, potentially scaling to 20,000 barrels per day within two years if results are successful.

Judson also emphasized the value of extensive historical seismic data provided by the Gabonese government. He estimated that replicating such a dataset today could cost in excess of US$50 million, underscoring the strategic and financial advantage this information provides as the company advances its exploration program.

Beyond the Loba discovery, the Ngulu block hosts 28 additional identified prospects that remain untested. Combined with its proximity to existing discoveries and infrastructure, Judson described the project as being positioned in what he called “the last oil frontier” in Africa, offering significant upside potential as development progresses.

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