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Silk Road Energy ( (TSE:REC) ) has issued an update.
Record Resources Inc. has announced a $500,000 brokered private placement offering to support its strategic growth initiatives in Gabon, Africa. The funds will be used for working capital and to advance the company’s existing oil development and exploration assets, particularly in the Ngulu block. This move positions Record as a significant player in West Africa’s exploration and production sector, with the potential for near-term oil production and cash flow to fund further exploration growth. The company’s joint venture in Gabon includes a production sharing contract with the Gabonese Republic and Gabon Oil Company, providing a diversified portfolio with low-risk appraisal and development opportunities.
More about Silk Road Energy
Record Resources Inc. operates in the oil and gas industry, focusing on exploration, appraisal, development, and production activities. The company has formed a strategic joint venture in Gabon, Africa, with a significant interest in offshore oil and gas blocks, aiming to expand its exploration and production capabilities in the region.
Average Trading Volume: 670,735
Technical Sentiment Signal: Buy
Current Market Cap: C$7.97M
For detailed information about REC stock, go to TipRanks’ Stock Analysis page.