en.Wedoany.com Reported - Record Resources has made new progress in exploration of the Ngulu block in Gabon. Based on recent geological and geophysical studies, the company predicts that an initial single well in the area could produce up to 5,000 barrels per day, and plans to increase the daily output of the Loba oil field cluster to 20,000 barrels per day through multi-well development.
The company's current focus is on the planned Loba Marine 2 well. Record Resources expects that if this well is completed using frac-pack and electric submersible pump (ESP) technology, its production will exceed 5,000 barrels per day. This confidence stems from the proven performance of the Batanga reservoir in the adjacent Barbier Southwest field, which targets the same geological formation. Alain Mizelle, President and Chief Operating Officer of Record Resources, noted in 2017 that the Barbier Southwest field was a highly attractive development candidate, and it is now successfully producing under the operation of France's Perenco.
Broader regional data further supports this forecast. Analogous wells within 40 kilometers of the Loba field cluster, targeting the same Batanga reservoir, have achieved initial production (IP) rates of up to 7,600 barrels per day. Additionally, neighboring fields with similar geological characteristics have historically yielded substantial production, confirming the maturity and richness of the basin.
Current exploration efforts are based on solid historical discoveries. The Loba field was originally discovered by Elf-Gabon through the LOM-1 well, drilled in 60 meters of water. Data indicates that the well encountered a shallow oil zone containing 27° API crude oil within the Batanga reservoir, with a total oil column thickness of 140 meters, equivalent to 70 meters of net pay. Based on these indicators, the previous operator estimated average contingent resources of 11.9 million barrels for the Loba field discovery, while the adjacent Loba Deep and Loba East prospects each have average prospective resources estimated at 11 million barrels.
Notably, Record Resources benefits from a highly favorable financial structure. As a carried interest partner in the newly formed consortium, the company bears no significant upfront capital expenditures. Under the agreement with the Ngulu block operator, Record Resources receives full financial support during the critical first phase of exploration and evaluation, covering all seismic reprocessing activities and the drilling costs of the first well in the block. The company faces no funding requirements until the first well is successfully drilled to total depth, effectively mitigating early-stage financial risks.
Record Resources is committed to advancing overlooked energy sectors. While the company maintains interest in natural hydrogen exploration in Ontario, Canada, its current focus is firmly on Gabon. By leveraging historical data, proven adjacent production results, and a risk-mitigated financial structure, Record Resources is positioning the Ngulu block as a cornerstone asset capable of achieving near-term significant production increases and long-term regional development.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
