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ReconAfrica Announces Strategic Entry into Offshore Gabon and Signing of a Production Sharing Contract that Adds Significant Oil Appraisal, Development and Exploration Opportunities
CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the  ...
About this update from Record Resources Inc
[{"type":"text","content":"ReconAfrica Announces Strategic Entry into Offshore Gabon and Signing of a Production Sharing Contract that Adds Significant Oil Appraisal, Development and Exploration Opportunities\n\n\n\n CALGARY, Alberta, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Reconnaissance Energy Africa Ltd. (the “Company”, “ReconAfrica” or “Recon”) (TSXV: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) (NSX: REC) is pleased to announce that on September 8, 2025, it has entered into a production sharing contract (the “PSC”) and a joint venture agreement, led by Recon along with Record Resources Inc. (“Record”) (TSXV: REC), the Republic of Gabon and its national oil and gas company, Gabon Oil Company (“GOC”). 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, Recon will be the designated operator, with a 55% working interest, Record with a 20% working interest, the Gabon Oil Company with a 15% working interest and the Republic of Gabon with a 10% working interest (carried).\n \n\n\n Transaction and Asset Highlights\n \n\n\n\n Acquisition positions Recon as an offshore West Africa operator​.\n \n\n Diversified portfolio with low risk appraisal, development, and exploration assets​.\n \n\n Near-term oil production potential could provide cashflow to fund exploration growth​.\n \n\n Capital-efficient entry terms include a large concession with minimal work phased over a four-year commitment.\n \n\n Advanced seismic reprocessing to unlock exploration upside while de-risking prospects.​\n \n\n PSC agreement covers 1,214 Km\n \n 2\n \n in shallow water offshore central Gabon.\n \n\n Ngulu is located on trend and offset to a number of sizeable producing fields, which range in size from 38 MMBbls up to 250 MMBbls.\n \n\n 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. The Loba field complex has potential production of ~20,000 Bbls/d in line with offset fields.\n \n (1)(2)(3)\n \n\n\n Significant exploration upside from an inventory of 28 mapped prospects that ...