Record Resources Inc. (TSXV: REC), a Calgary-based exploration and production company advancing oil and gas projects in Central Gabon, has announced that its bi-annual CTSOP technical committee meeting for the Ngulu Oil project will take place on October 26, 2026, in Libreville, Gabon. The meeting will bring together all consortium partners and Gabon government committee members to review exploration activities, ESG matters, and budget planning. The company also disclosed the issuance of 150,000 stock options to a consultant, exercisable at $0.10 per share for five years from the date of grant.

Key Points

  • Record Resources Inc. (TSXV: REC) is an E&P company operating in Central Gabon's Ngulu Block
  • The bi-annual CTSOP technical committee meeting for the Ngulu Oil project is scheduled for October 26, 2026, in Libreville, Gabon
  • The Ngulu Block covers 1,214 km² and contains the Loba oil discovery plus over 28 seismically identified prospects; the Loba Complex has potential production of approximately 20,000 Bbl/d based on offset fields
  • 150,000 stock options were issued to a consultant at an exercise price of $0.10 per share, valid for five years

CTSOP Meeting Agenda Covers 2026 Budget Close and 2027 Work Plans for Ngulu Block

The October 26 meeting agenda will address objectives for the Ngulu Block, a recap of ongoing exploration activities, ESG considerations, the 2027 work programme, approval of the closing budget for 2026, and the forecast budget for 2027. All consortium partners will participate alongside Gabon government committee members. The Ngulu Block covers 1,214 km², which the company states is equivalent to 54 Gulf of Mexico blocks, and is located in shallow water offshore central Gabon on trend with several sizable producing oil fields in the region.

Loba Oil Discovery and Ngulu Block Exploration Highlights

The Loba oil discovery, made by Elf-Gabon's LOM-1 well, encountered a shallow oil zone of 27 API gravity in the Batanga Formation, with 140 metres of gross oil column and 70 metres net pay, in 60 metres of water depth. The Loba Complex is located approximately 10 kilometres from Perenco-operated Barbier field infrastructure. Management states low-cost development options are available. The Loba Complex carries potential production of approximately 20,000 Bbl/d based on offset fields, with analogous wells reporting initial production rates of up to 7,600 Bbl/d from a single completion, located within 40 km of the Loba Oil Complex.

Stock Option Grant to Consultant Under Equity Incentive Plan

Separately, Record Resources disclosed the issuance of 150,000 stock options to a consultant. The options are exercisable at $0.10 per share for a period of five years from the date of grant. The release states all options remain subject to the terms of the company's equity incentive plan and applicable regulatory approvals. No additional financial terms were disclosed in the announcement. Record Resources also holds a natural hydrogen exploration interest in Ontario, Canada, offsetting recent discoveries in that sector.