ReconAfrica signs JV in Gabon to becomes offshore operator on Block C-7 or Ngulu asset

Reconnaissance Energy Africa or ReconAfrica CEO Brian Reinsborough joined Steve Darling from Proactive to announce a transformational milestone for the company: the signing of a production sharing contract and joint venture agreement with the Republic of Gabon and the Gabon Oil Company (GOC) for the exploration, appraisal, development, and production of oil and gas on Offshore Block C-7, now officially renamed Ngulu. Under the terms of the agreement, ReconAfrica has been designated as operator with a 55% working interest. The Government of Gabon has emphasized its commitment to establishing a stable and attractive regulatory framework that supports investment and leverages the country’s abundant hydrocarbon resources to create lasting economic growth for its citizens. Reinsborough highlighted that this partnership marks ReconAfrica’s entry as an offshore operator in West Africa, a strategic shift that expands the company’s growth potential. Block C-7 (Ngulu) spans 1,214 km² of shallow water acreage offshore central Gabon, situated on trend and offset to a series of prolific producing fields in the region, which range in size from 38 million to 250 million barrels. One of the block’s key assets is the Loba oil discovery, drilled in 1976, which encountered 140 metres of gross hydrocarbon pay (70 metres net pay). This discovery provides low-risk appraisal and development opportunities and is estimated to hold the potential for ~20,000 barrels per day of production, comparable to nearby producing fields. Beyond near-term development, Ngulu offers significant exploration upside, with an inventory of 28 mapped prospects. These prospects are considered geologically analogous to successful Gulf of Mexico play types, opening the door to substantial resource additions. The company views Ngulu as a balanced project, combining short-cycle development potential with meaningful exploration upside—an alignment that could drive near-term cash flow while securing ReconAfrica’s role in one of Africa’s most prospective offshore basins. #proactiveinvestors #reconnaissanceenergyafricaltd #tsxv #reco #otcqx #recaf #NamibiaOil #ProspectI #OilExploration #EnergyUpdate #OnshoreDrilling #OilAndGasNews #AfricanEnergy #OilDiscovery #EnergyInvesting #OilExploration #NamibiaOil #EnergyInvesting #KavangoBasin #BrianReinsborough #OilAndGas #InvestorUpdate #ProactiveInvestors #AngolaEnergy #gabon #ngulu