Record Resources Inc. (REC) has announced that 3D seismic reprocessing and a resource report for its 20-percent-owned Ngulu oil block in Gabon are expected to be completed by year-end 2026. The company's consortium partner, Reconnaissance Energy Africa Ltd., disclosed on September 28, 2026 that appraisal well locations targeting the Loba oil discovery will also be selected concurrently. The update signals a meaningful technical step forward for the block, which covers 1,214 km² and sits on trend with several sizable producing oil fields in offshore central Gabon.

Key Points

  • Record Resources Inc. (CSE: REC) is a Calgary-based exploration and production company with a 20-percent interest in the Ngulu oil block in Gabon
  • 3D seismic reprocessing using DUG's Full Waveform Inversion (MP-FWI) technology and a commissioned resource report are both targeted for completion before year-end 2026
  • The Loba oil discovery features 140 metres of gross oil column and 70 metres net pay; the broader Loba Complex has potential production of approximately 20,000 Bbl/d based on offset field analogues
  • Investors may be watching for appraisal well location selection and the commencement of well planning following reprocessing completion

Advanced Seismic Technology Applied to Ngulu Block's Loba Discovery

The reprocessing program is employing DUG's Full Waveform Inversion (MP-FWI) technology, described in the announcement as among the most current state-of-the-art methods available. The release states this approach is intended to better illuminate oil-bearing reservoirs within the Loba discovery and assess the salt-related exploration inventory identified by previous operators. Because prior operators before 1995 were limited to 2D seismic surveys, management considers the Ngulu block to remain relatively underexplored despite its location in a mature hydrocarbon basin, suggesting the 3D reprocessing could meaningfully refine the geological picture.

Loba Oil Complex Scale and Infrastructure Proximity

The Loba discovery was originally made by Elf-Gabon's LOM-1 well, which encountered a shallow oil zone of 27 API gravity in the Batanga Formation. The announcement notes the discovery sits in approximately 60 metres of water depth and is roughly 10 kilometres from the Barbier field infrastructure operated by Perenco. Management indicates low-cost development options may be available given this proximity. The broader Loba Complex — encompassing the initial discovery, Loba Deep, and Loba East — carries a potential production figure of approximately 20,000 Bbl/d based on offset field analogues, though the company cautions these figures are not confirmed resource estimates.

Over 28 Mapped Prospects Across Pre-Salt and Post-Salt Plays

Beyond the Loba complex, the Ngulu block contains over 28 seismically identified prospects across Pre-salt Gamba/Dentale and Post-salt plays. Marquee prospects cited in the release include Lepidote Deep, the Palomite Complex, and the Pompano Complex, each offering multiple play types. The 1,214 km² block is described as equivalent in size to 54 Gulf of Mexico blocks, underscoring the scale of the exploration opportunity the consortium is advancing. Record Resources also holds a natural hydrogen exploration interest in Ontario, Canada, providing additional portfolio diversification.