Calgary-based independent Record Resources Inc. is positioning its Loba oil discovery in Gabon’s offshore Ngulu Block as a potential production centrepiece, with fresh geological and geophysical analysis supporting a projection of 5,000 barrels per day (bpd) from a single initial well — and a multi-well development capable of reaching 20,000 bpd across the wider Loba field complex.
The company’s immediate focus is the planned Loba Marine 2 appraisal well, which is expected to flow at rates above 5,000 bpd assuming it is equipped with a frac-pack completion and an electric submersible pump. The projection is grounded in production data from the Batanga reservoir at the adjacent Barbier Southwest field — an analogue development recently brought into production by Perenco and targeting the exact same geological formation.
Regional precedents reinforce the case. Analogous wells located within 40 kilometres of the Loba complex and targeting the same Batanga reservoir have recorded initial production rates of up to 7,600 bpd from a single completion — a benchmark that lends credibility to Record’s projections.
The Loba discovery was originally made by Elf-Gabon via the LOM-1 well drilled in 60 metres of water, which encountered 140 metres of gross oil column and 70 metres of net pay in the Batanga formation, producing light 27-degree API gravity crude. The previous operator estimated mean contingent resources at the discovery at 11.9 million barrels, while the adjacent Loba Deep and Loba East prospects each carry an estimated 11 million barrels of prospective resources.
Record holds a 20 percent interest in the Ngulu Block, covering approximately 1,214 square kilometres in shallow water. The company recently received legacy 3D seismic datasets from Gabon’s hydrocarbons authority and has commenced reprocessing work across more than 28 identified prospects on the block.
Financially, Record is well-positioned. Under its agreement with the Ngulu block operator, the company is fully carried through the first phase of exploration and appraisal — covering all seismic reprocessing and the drilling of the first well to total depth — meaning no cash calls until after the initial well is complete.
Source: oilandgasonline.com | oilreviewafrica.com