Record Resources Inc
REC.V
Toronto Stock Exchange Ventures0.05
CAD
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Record Resources Inc
REC.V
(Toronto Stock Exchange Ventures)
Recent
price
0.05
P/E
ratio
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div
yld
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- Record Resources Inc. is a Calgary, Alberta-headquartered oil and gas exploration and production company focused on the acquisition, appraisal, development and potential production of hydrocarbon assets, principally in Central Gabon, while retaining a portfolio of natural-hydrogen exploration properties in Ontario, Canada. Incorporated in 2010 and formerly known as Silk Road Energy Inc. until its April 2023 name change, the Company’s principal operating focus is the offshore Ngulu Block, formerly Block C-7, in Gabon. Its oil and gas activities include geological and geophysical studies; reprocessing and interpretation of legacy 3D seismic data; appraisal drilling; exploration drilling; development planning; evaluation of production tie-back alternatives; and the potential development of the Loba oil discovery and additional pre-salt and post-salt prospects. The 1,214-square-kilometre shallow-water Ngulu Block contains the historic Loba discovery and more than 28 identified exploration prospects, including the Lepidote Deep, Pompano Dentex and Palomite complexes, targeting reservoirs in the Batanga, Anguille, Cap Lopez, Gamba and Dentale formations. Record also holds natural-hydrogen exploration rights in Canada, including the Lorrain-Bucke property near Lake Temiskaming, Ontario; the Beauchamp property in the Lake Timiskaming Rift area; and the Paradis Bay property near Ville-Marie, Quebec, where it evaluates geological structures and hydrogen-bearing gas potential. Record operates in Gabon through a strategic joint venture and production sharing contract with Reconnaissance Energy Africa Ltd., the Republic of Gabon and Gabon Oil Company. Record holds a 20% working interest in the Ngulu Block for the initial four-year concession term; ReconAfrica holds a 55% operated interest and carries Record through the initial work commitments, including seismic reprocessing, technical studies and the drilling of an initial well, while Gabon Oil Company holds a 15% interest and the Republic of Gabon retains a 10% carried interest. The Company’s target markets comprise regional and international crude-oil buyers and energy-sector counterparties, with development plans centered on potential access to existing offshore infrastructure near the Loba field. Recent strategic developments include the September 2025 formation of the ReconAfrica joint venture and execution of the Gabon production sharing contract; receipt of government legacy 3D seismic data for Ngulu in April 2026; continued technical evaluation of the Loba discovery, which management has indicated could support an initial producing well; and the June 2026 sale to RJK Explorations Ltd. of diamond, precious-metal and base-metal rights associated with the Lorrain-Bucke property. Record retained 100% of the hydrogen and hydrocarbon rights on that property, as part of its strategy to divest non-core mineral interests and concentrate capital and operational efforts on the Ngulu oil and gas project in Gabon.