Website: www.recordresourcesinc.com
Record Resources is a Canadian-based global energy exploration company (TSXV-REC). The company is primarily focused on acquiring and developing international and national energy projects, most recently, a 20% interest in the exploration, appraisal, development and production of oil and gas on Gabon offshore Block C-7, renamed Ngulu. Record Resources is operated by a highly experienced and well connected management team which has access to extraordinary exploration opportunities and technical expertise. The company is also backed by an accomplished group of capital markets professionals.
Ngulu Oil block, Gabon:
• Record Resources and Recon have formed a joint venture whereby each party will acquire a working interest of 20% and
55%, respectively. Recon is designated as the operator under the PSC and fully carries and funds Record Resources
through the commitments on the Ngulu block for the initial four-year concession period, including the drilling of a
well to total depth (TD). The remaining working interests are held by the GOC with a 15% working interest and the Republic
of Gabon with a 10% working interest (carried).
• Acquisition positions Record Resources as a significant West Africa E&P company.
• Fully carries Record Resources through the commitments on the Ngulu block through the initial four year concession period,
including the drilling of a well to TD.
• Diversified portfolio with low-risk appraisal, development and exploration assets.
• Near-term oil production potential could provide cashflow to fund exploration growth.
• Capital-efficient entry terms include a large concession with minimal work phased over a four-year commitment.
• Advanced seismic reprocessing to unlock exploration upside while de-risking prospects.
• PSC agreement, which covers 1,214 square kilometres and is roughly equivalent to 54 Gulf of Mexico blocks, is located in shallow offshore water in central Gabon.
• Ngulu is located on trend and offset to a number of sizeable producing fields, which range in size from 38 MMbbl up to
250 MMbbl.
Existing oil discovery, the Loba field, was drilled in 1976 with 140 metres gross pay (70 metres net pay) provides for low-risk appraisal and development opportunities and near-term production.
Loba field complex has potential production of ~20,000 Bbl/d (1)(2)(3)(4) based on offset fields.
Significant exploration upside from an inventory of 28 mapped prospects (Lepidote Deep, Pompano Dentex Complex and the Palomite Complex) that are analogous to play types found in the Gulf of Mexico.
Seismic reprocessing project to be undertaken to enhance imaging of prospects and reduce drilling risk.
The consortium has committed during the initial four-year term to execute detailed geological and geophysical studies, advance 3D seismic reprocessing on an existing database and drill one well on the block.
Non-Oil Assets:
Natural Hydrogen, Lorrain-Bucke Property, ON
Option agreement for Lorrain-Bucke, a key property in the Temiskaming hydrogen camp, directly adjacent to Quebec Innovative Materials Corporation (QIMC)’s significant hydrogen discovery.
The Lorrain-Bucke claim blocks are underlain by Huronian Group sedimentary and volcanic formations that unconformably overlie Archean metavolcanic and metasedimentary units of the Superior Province rocks.
The Huronian Supergoup, in turn, is overlain by a thick succession of Ordovician limestone, dolostone and lesser amount of interbedded sandstone and local conglomerate. This is a geological setup associated with significant natural hydrogen resource potential.
These blocks are strategically located, between major rift faults in the Lake Temiskaming Graben structure, a tectonic feature recognized for its potential to host deep mantle-derived volatile-rich sources, including hydrogen.
Claims’ potential is further enhanced by the presence of ultramafic rocks exposed on the northern and eastern portions of the Rift basin in neighboring Quebec. These units exhibit a distinctive magnetic response that extends into Ontario, which suggests the presence of basement ultramafic rocks at the base of the Rift basin.
A prominent gravity low coincides with a large granitic intrusion mapped in the western Lorrain Township (see QIMC press release December 5, 2024). This gravity low anomaly is shown to extend westward into Lake Temiskaming and potentially marks the location of thick Paleozoic cover, which is a positive indication for deeper natural hydrogen resource potential.
Natural Hydrogen, Paradis Bay Project, ON
100 percent interest in 27 mineral claims, known as the Paradis Bay property, in the Timiskaming area of Ontario near recent hydrogen discoveries, located along the eastward dipping Lake Timiskaming West Shore Fault system.
Preliminary examination of the geological, structural and tectonic setting of the Lake Timiskaming claims indicates that the area of the claims may satisfy all parameters required to contain economic native hydrogen reservoirs.
Discovery of natural hydrogen gas seeps in the Lake Timiskaming area located on the border of Ontario and Quebec.
Lake Timiskaming is located on the eastern boundary of a rift zone approximately 50 kilometres wide bounded by a series of northwest-southeast trending faults.
Sedimentary and volcanic formations dip westward and potentially create structural and hydrological conditions that can trap the accumulation of gases that contain hydrogen.
The Timiskaming Graben Rift System is a long lived pre-existing basement structure associated with crustal extension over the past 700 million years. Down-dropped outlier blocks of Ordovician-Silurian limestone are preserved within the graben at the northern and eastern margin of Lake Timiskaming.
Seismic reflection data within the area of Lake Timiskaming graben indicate that sedimentary formations even as young as the glacially deposited units are now deformed to form narrow horst and graben structures and a general subsidence over the adjacent area bounded by parallel faults now expressed on land as topographic scraps.
Being a young active tectonic system reactivated during the Mesozoic Ottawa- St. Lawrence rifting episode, it is probable that temperatures at the base of the Timiskaming graben will be substantial, enough to promote the production of hydrogen at the required rates.
GOLD PROPERTIES:
Grenfell Gold Exploration Property, Kirkland Lake, ON
• Joint Venture partnership with Pelangio Exploration Inc.
• Located in Grenfell Township approximately 10 km northwest of the Town of Kirkland Lake, Ontario.
• Comprised of a series of contiguous mining leases and mining claims covering about 6.7 km2.
• Majority of work took place in the 1930’s to early 1940’s when bulk sampling of some high-grade gold veins occurred in
conjunction with diamond drilling, shaft sinking and substantial lateral development on two underground levels.
Amikougami + Otto Gold Exploration Property, Kirkland Lake, ON
• 16 patented mining claims including 5 mining licenses of occupied claims. Amikougami block consists of 7 full and 6 partial patented claims (144 hectares). The Otto block consists of 3 full new claims (48.56 hectares). Combined total for both
properties is 192.56 hectares.
• Amikougami Property is 4000 metres from Agnico Eagle’s Macassa Mine (2.4 million ounces at 22 grams per tonne.
• Amikougami property is adjacent to Agnico Eagle exploration claims (some are shared with Kirkland Lake Gold).