ReconAfrica enters offshore Gabon, secures significant oil opportunities

Reconnaissance Energy Africa Ltd. (ReconAfrica) announced on September 8, 2025, that it has signed a production sharing contract (PSC) and a joint venture agreement for Gabon offshore Block C-7, now named Ngulu. Recon will operate the block with a 55% working interest, alongside Record Resources Inc. (20%), Gabon Oil Company (15%), and the Republic of Gabon (10% carried interest). The PSC covers 1,214 km² in shallow water, positioning Recon as an offshore West Africa operator with a diversified portfolio.

The Ngulu block includes the existing Loba field, discovered in 1976, which offers low-risk appraisal and development opportunities, with potential production of approximately 20,000 Bbls/d. The company plans near-term oil production and identifies 28 mapped prospects with significant exploration upside, analogous to Gulf of Mexico plays.

ReconAfrica's four-year commitment includes detailed geological and geophysical studies, 3D seismic reprocessing, and drilling one well on the block. The transaction aims to provide near-term production potential and cash flow, complementing its existing exploration programs in Namibia and Angola.