Record Resources Inc (TSX-V:REC) is doubling down on its Gabon oil and gas operations after selling mineral rights on an Ontario property, clearing the path for the company to concentrate resources on its flagship Ngulu block in West Africa.
The company sold diamond, precious and base metals rights on its Lorrain-Bucke property at Lake Timiskaming, Ontario, to Kirkland Lake-based RJK Explorations in a deal concluded June 8 valued at approximately $75,000 in favour of Record. Record retains 100% of all hydrogen and hydrocarbon rights on the property.
The Ngulu block, covering 1,214 square kilometres in Gabon, is situated on trend with several sizable producing oil fields and encompasses the Loba oil field discovery along with more than 28 seismically identified high-impact prospects across Pre-salt and Post-salt plays. The block is equivalent in size to 54 Gulf of Mexico blocks.
Record said the Ontario divestiture is part of a broader plan to shed non-core assets and redirect focus toward Gabon, where it sees its most significant near-term opportunity.
The company also holds a portfolio of natural hydrogen properties in the Lake Timiskaming region of Ontario and Quebec, including the Lorrain-Bucke, Paradis Bay and Beauchamp claims, all of which remain 100% in Record's hands following the RJK transaction.