Business
Record Resources Forms Strategic Joint Venture with ReconAfrica to Enter Gabon, Africa, Acquiring Oil Development and Exploration Assets and Signs Production Sharing Contract
Calgary, Alberta--(Newsfile Corp. - September 9, 2025) - Record Resources Inc. (TSXV: REC) ("Reco...
About this update from Reconnaissance Energy Africa Ltd.
[{"type":"text","content":"Record Resources Forms Strategic Joint Venture with ReconAfrica to Enter Gabon, Africa, Acquiring Oil Development and Exploration Assets and Signs Production Sharing ContractCalgary, Alberta--(Newsfile Corp. - September 9, 2025) - Record Resources Inc. (TSXV: REC) (\"Record Resources\" or the \"Company\") is pleased to announce that on September 8, 2025, it has formed a strategic joint venture with Reconnaissance Energy Africa Ltd. (TSXV: RECO) (\"Recon\") and that the consortium has entered into a production sharing contract (the \"PSC\") today with the Gabonese Republic and Gabon Oil Company (\"GOC\"), the national oil and gas company. The PSC is for the exploration, appraisal, development and production of oil and gas on Gabon offshore Block C-7, renamed Ngulu (\"Ngulu\"). Under the terms of the joint venture, 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). Gabon Transaction and Asset HighlightsAcquisition 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 1...