Record Resources targets 5,000-Barrel-Per-Day well at Gabon’s Loba Oil discovery

Record Resources COO Alain Mizelle joined Steve Darling from Proactive to provide an update on the company’s offshore oil development plans in Gabon, highlighting encouraging geological and geophysical studies that suggest the first production well at the Loba oil discovery could deliver initial production rates exceeding 5,000 barrels of oil per day. Mizelle explained that recent technical evaluations of the Loba discovery, combined with analysis of nearby producing analogue fields, continue to strengthen confidence in the project’s development potential. The company’s planned Loba Marine 2 well is targeting the highly prospective Batanga reservoir and is expected to achieve production rates above 5,000 barrels per day if completed with modern production technologies, including a frac-pack completion and an electric submersible pump (ESP). The production forecast is supported by performance data from the nearby Barbier Southwest field, which was originally identified by the company in 2017 as a highly attractive development opportunity. Located adjacent to Record Resources’ Ngulu Block and now operated by Perenco, the Barbier Southwest field has recently entered production and serves as an important analogue for the Loba development because it produces from the same Batanga reservoir system. According to Mizelle, the broader Loba field complex offers considerably larger production potential beyond the initial well. Based on data from nearby offset fields and comparable multi-well developments, management believes the Loba complex could ultimately support production of approximately 20,000 barrels of oil per day. Several analogous wells drilled within 40 kilometres of the Loba discovery have delivered initial production rates as high as 7,600 barrels per day from single completions within the same reservoir interval. The Loba field complex encompasses multiple development opportunities, including the existing Loba oil discovery in the Batanga reservoir, the deeper Loba Deep prospect targeting the Anguille formation, and the Loba East Batanga prospect located on the eastern flank of the salt dome structure. Together, these targets provide the potential for a broader field development program that could significantly expand recoverable resources and future production capacity. A key advantage for Record Resources is the financial structure of its partnership on the Ngulu Block. Under the agreement with its strategic partner and operator, the company is fully carried through the first phase of exploration and appraisal expenditures. This arrangement includes all seismic reprocessing activities and the drilling of the first exploration well through to total depth. #proactiveinvestors #tsxv #rec #mining #recordresources #OilAndGas #NguluBlock #GabonOil #OilExploration #AfricanEnergy #Gabon #EnergySector #OilDiscovery #OffshoreDrilling #EnergyInvestment #Exploration #Petroleum #ResourceDevelopment #Batanga