Record Resources Targets 5,000-Barrel-Per-Day Well at Gabon’s Loba Oil Discovery

Why It Matters

A successful Loba well would transform Record Resources from an exploration‑only play to a cash‑generating producer, reshaping its market valuation and boosting Gabon's oil output potential.

Key Takeaways

• Ngulu block hosts Loba discovery, not just greenfield exploration
• Loba well targets >5,000 barrels per day production
• Prospective resources exceed one billion barrels in Ngulu block
• Petrophysical studies confirm commercial viability of Batanga reservoir
• Market undervalues discovery; Record Resources seeks investor recognition

Summary

Record Resources highlighted its Loba field discovery within Gabon's Ngulu block, emphasizing that the acreage is more than a greenfield prospect. The company’s COO, Alain Mizelle, underscored that the block already contains a proven discovery in the Batanga reservoir and is now targeting a well capable of delivering over 5,000 barrels per day. The announcement cites petrophysical analyses and prior studies indicating over one billion barrels of prospective resources across the Ngulu block. Those data points suggest the Loba well could achieve commercial rates well above the 5,000‑bpd threshold, positioning the asset as a significant oil play rather than a speculative exploration target. Mizelle warned that the market has not yet priced in the discovery’s value, stating, “the market doesn’t seem to recognize the fact that the Ngulu block is not just an exploration block… it’s got a discovery on the inside of it.” He described the Loba well as “all marks for success” and a catalyst for future development. If the well meets expectations, Record Resources could see a sharp uplift in its valuation, attract new capital, and strengthen Gabon’s production profile. The outcome will also inform regional investors about the upside potential of under‑explored West African basins.

Original Description

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.

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