New geological and geophysical analysis of the Loba oil discovery in Gabon suggests that the planned first production well could flow at more than 5,000 barrels of oil per day — a projection that, if confirmed, would mark a significant upstream breakthrough in a basin that has historically yielded prolific results.
Canadian exploration company Record Resources has released updated technical findings indicating that the planned Loba Marine 2 well, equipped with frac-pack completion technology and an electric submersible pump, is expected to achieve initial production rates above 5,000 barrels per day. The estimate is anchored in the performance of the same Batanga reservoir at the neighbouring Barbier Southwest field — a directly analogous asset recently brought into production by operator Perenco.
The Loba field complex holds far greater long-term potential beyond a single well. Multi-well development of the full complex — which includes the primary Loba oil discovery, the Loba Deep prospect and the Loba East Batanga prospect — is projected to reach combined production of approximately 20,000 barrels per day. Wells in analogous fields within 40 kilometres of the Loba complex, targeting the same Batanga reservoir, have recorded initial production rates of up to 7,600 barrels per day from a single completion.
The Loba field was originally discovered by Elf-Gabon with its LOM-1 well, drilled in 60 metres of water targeting the Batanga and Anguille reservoirs. That well found a shallow oil zone of 27-degree API gravity crude in the Batanga reservoir with 140 metres of gross oil column and 70 metres of net pay — characteristics consistent with nearby producing fields such as Barbier, Barbier Southwest, and Grondin. Mean contingent resources at the Loba discovery were estimated by the previous operator at 11.9 million barrels, with the Loba Deep and Loba East prospects each carrying mean prospective resources of approximately 11 million barrels.
Record Resources holds its interest in the Loba complex through the Ngulu Block in central Gabon, where it operates as a carried partner in a newly formed consortium. Under the existing arrangement, Record is fully carried financially through the first phase of exploration and appraisal expenditures — including all seismic reprocessing activities and the drilling of the first well to total depth — meaning the company faces no cash calls until after the initial well result is in hand.
Record President and COO Alain Mizelle, who identified the neighbouring Barbier Southwest field as an attractive development candidate as far back as 2017, said the latest technical work reinforces confidence in the Loba complex as a commercially viable and potentially transformative project for the company.
Source: energy-pedia.com