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Silk Road Energy ( (TSE:REC) ) has issued an announcement.
Record Resources Inc. has formed a strategic joint venture with Reconnaissance Energy Africa Ltd. to enter the Gabonese oil and gas market, acquiring significant exploration and production assets. This partnership, underpinned by a production sharing contract with the Gabonese Republic and Gabon Oil Company, positions Record Resources as a notable player in West Africa’s energy sector. The venture includes a fully funded initial four-year exploration phase, with potential for near-term oil production from existing discoveries and a diverse portfolio of low-risk and high-impact exploration opportunities. This move is expected to enhance Record Resources’ operational capabilities and market position, providing a sustainable growth platform and potential cash flow from the development of the Loba field.
More about Silk Road Energy
Record Resources Inc. is involved in the oil and gas industry, focusing on exploration, appraisal, development, and production. The company is expanding its market focus to West Africa, particularly through a strategic joint venture aimed at acquiring and developing oil and gas assets.
Average Trading Volume: 356,516
Technical Sentiment Signal: Sell
Current Market Cap: C$2.28M
For detailed information about REC stock, go to TipRanks’ Stock Analysis page.