ReconAfrica PSC, JV agreement with Gabon
ReconAfrica entered into a production sharing contract (PSC) and joint venture (JV) agreement with Record Resources and Gabon Oil Company (GOC) for the exploration, appraisal, development and production of oil and gas on Gabon offshore Block C-7, renamed Ngulu. Under the terms of the JV, Recon will be the designated operator.
The PSC agreement, which covers 1,214 sq km, is in shallow water offshore central Gabon. The key aspects of the Ngulu Block include the Loba oil field discovery made by Elf-Gabon in 1976 and over 28 seismically identified prospects in the pre-salt Gamba/Dentale and post-salt plays.
The Loba Field was discovered by Elf-Gabon’s LOM-1 well, which targeted the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27º API gravity oil) in the Batanga Formation with 140 m of gross oil column (70 m net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Ablette. The Loba oil discovery was made in 60 m of water depth and is approximately 10 km from existing infrastructure, operated by Perenco.
