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Silk Road Energy ( (TSE:REC) ) has provided an announcement.
Record Resources Inc. has formed a strategic joint venture with Reconnaissance Energy Africa Ltd. to enter the Gabonese oil and gas market by acquiring exploration and development assets. The joint venture has secured a production sharing contract with the Gabonese Republic and Gabon Oil Company for offshore Block C-7, renamed Ngulu. This move positions Record Resources as a significant exploration and production company in West Africa, with potential near-term oil production and a diversified portfolio of low-risk and high-impact exploration opportunities. The partnership allows Record Resources to be fully funded through the initial four-year development phase, enhancing its operational capabilities and market positioning.
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 is expanding its market presence in West Africa through strategic partnerships and acquisitions, aiming to become a significant player in the region’s energy sector.
Average Trading Volume: 372,050
Technical Sentiment Signal: Sell
Current Market Cap: C$2.28M
See more data about REC stock on TipRanks’ Stock Analysis page.