Record Resources reports that further geological and geophysical study of the Loba oil discovery and nearby analogue fields in Gabon is suggesting that a first oil well there could produce 5,000 barrels of oil per day (bbl\/d).<\/p>\n\n\n\n
In 2017, Alain Mizelle, President & COO, Record Resources Inc., identified the nearby Barbier Southwest as an attractive oil field development candidate, which is adjacent to Record\u2019s Ngulu block. Barbier Southwest was recently brought into production and is operated by Perenco, Paris, France.<\/p>\n\n\n\n
Record\u2019s planned Loba Marine 2 well is expected to flow at a rate above 5,000 barrels per day (bbl\/d) assuming it is equipped with frac-pack and an ESP pump. This projection is partly based on the performance from the Batanga reservoir at the Barbier Southwest field, the same reservoir that Record is targeting.<\/p>\n\n\n\n
The Loba field complex, as a whole, has the potential to produce ~20,000 bbl\/d\u00a0(1)(2)(3)(4)<\/sup>\u00a0based on offset fields from multi-well development program.\u00a0Wells in analogous fields have shown Initial production rates (\u201cIP rates\u201d) up to 7,600 Bbl\/d of oil with a single completion\u00a0(1)(2)(3)(4)<\/sup>.\u00a0These analogous wells are located within 40 km from the Loba Oil Complex and are in the same targeted Batanga reservoir.<\/p>\n\n\n\n As previously disclosed, the Loba Field was discovered by Elf-Gabon with its LOM-1 well drilled in 60 metres of water targeting the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27o<\/sup> API gravity oil) in the Batanga reservoir with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Grondin. <\/p>\n\n\n\n The Loba field complex includes the Loba oil discovery at the Batanga reservoir level, the Loba Deep prospect at the Anguille and the Loba East Batanga prospect on the Eastern side of the salt dome. <\/p>\n\n\n\n Mean contingent resources at the Loba oil discovery were estimated by the previous operator at 11.9MMbbls, whereas the Loba Deep and Loba East carried respective mean prospective resources of 11 MMbbls each. <\/p>\n\n\n\n Under the deal signed with its strategic partner and Operator of the Ngulu block, Record Resources is fully carried financially through the first phase of exploration\/appraisal expenditures including all seismic reprocessing activities and the drilling of the first well on the block to total depth. As such the Company will not be cash-called until after the first well is drilled to its total depth.<\/p>\n","protected":false},"excerpt":{"rendered":"