Record Resources Inc (TSX-V:REC) announced that it has received legacy 3D seismic data from the Directorate General of Hydrocarbons under Gabon's Ministry of Petroleum and Gas, covering the full extent of the Ngulu block offshore central Gabon, in which the company has a 20% working interest.
The datasets include the 1993 Mandaros 3D seismic survey over the eastern portion of the block, and the 2001 Moabi 3D seismic survey for the western portion, alongside existing well data and reports.
The company has commenced a reprocessing project of the seismic data in collaboration with its strategic partner. The reprocessing, led by DUG Technology’s Houston office using Multi-Parameter Full Wavefield Inversion technology, is expected to take over three months.
The initiative aims to support the selection of an appraisal or development location for the Loba oil discovery and to refine the mapping of more than 28 high-impact prospects across the Ngulu block.
Record Resources noted that leveraging existing seismic data significantly reduces costs, avoiding the need for new surveys, which could cost between US$10 million and $20 million for approximately 1,000 km² of coverage.
The application of advanced reprocessing algorithms is expected to improve imaging in both presalt and postsalt geological formations, enhancing prospect identification and evaluation.
The Ngulu block spans 1,214 km² in shallow offshore waters and includes the Loba oil discovery, alongside multiple other identified prospects in pre- and postsalt plays. The Loba field, discovered by Elf-Gabon’s LOM-1 well, contains shallow oil zones with a gross oil column of 140 meters in the Batanga Formation, comparable to nearby producing fields such as Barbier and Ablette. The company noted that low-cost development options are being evaluated, including follow-on appraisal targets at Loba Deep and Loba East.
The company also highlighted an inventory of high-impact prospects across the block, including the Lepidote Deep, Palomite Complex, and Pompano Dentex Complex. These areas contain multiple stacked reservoirs and channel systems that could be tested with limited drilling, with estimated sizes ranging from 35 million to 250 million barrels of oil equivalent per prospect.
Under its agreement with the Ngulu block operator, Record Resources is fully carried for the first phase of exploration and appraisal, including seismic reprocessing and the drilling of the initial well to total depth. The company will not incur costs until after the first well is drilled.
Alain Mizelle, Record Resources’ president and chief operating officer, stated that the reprocessing project represents a step forward in evaluating the full potential of the Ngulu block.
“The Operator's selection of DUG Technology as our reprocessing service provider for the Mandaros 3D seismic demonstrates their acute knowledge of the industry and the winning formula to extract maximum value from these legacy 3D seismic datasets,” Mizelle said.
“We are convinced that these reprocessed data will provide a far superior image of the Loba oil field Complex discovery, allowing rapid appraisal and development to be achieved with greatly reduced risk, and finally revealing the full prospectivity and upside of the Ngulu block.”
Michael Judson, Record’s CEO, added: "Record is on the cusp of unlocking transformational shareholder value, the months that lie ahead will unveil just that.”
Shares of Record Resources added over 7% at C$0.07 in Canada on Tuesday morning.