A Canadian junior oil company has raised more than one billion CFA francs (US1.9 million) to advance its operations in Gabon, underlining continued foreign interest in the Central African country’s mature but strategic hydrocarbons sector.
Record Resources Inc. said in December that it had successfully closed a private placement worth US$1.9 million (over CFA1 billion), with the proceeds earmarked for the development of its existing oil assets and the exploration of new opportunities in Gabon.
The financing was completed at a price of US$0.06 per unit, resulting in the issuance of more than 31.6 million units. Each unit comprises one common share and one half-warrant, according to the company.
Record Resources said the funds would support ongoing work on its Gabonese portfolio at a time when the country is seeking to stabilise oil output and attract fresh investment into ageing fields. Gabon, once one of sub-Saharan Africa’s leading oil producers, has seen output decline steadily over the past two decades as mature fields wind down and new discoveries remain limited.
Despite the downturn, oil continues to play a central role in Gabon’s economy, accounting for a large share of export revenues and government income. Authorities have stepped up efforts to encourage investment by smaller, specialised operators capable of extending the life of mature assets through targeted redevelopment and improved recovery techniques.
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Industry analysts say junior oil companies have increasingly filled this niche, particularly as major international firms scale back exposure to smaller or higher-cost fields amid tighter capital discipline and growing pressure to align with global energy transition goals.
Record Resources said the latest capital raise would allow it to strengthen its position in Gabon, which remains one of Central Africa’s most established oil jurisdictions, with existing infrastructure and export routes. While the amount raised is modest by global industry standards, such private placements are typical for junior exploration and production companies and often serve as a bridge to further technical work or additional financing.
The investment comes as Gabon balances continued reliance on hydrocarbons with broader economic diversification and environmental commitments. The country has positioned itself as a leader in forest conservation and climate action, even as it maintains oil development as a key pillar of its medium-term economic strategy.
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For Record Resources, the fundraising marks a step toward consolidating its presence in Gabon’s oil sector, with investors watching closely to see whether the company can translate fresh capital into sustained production gains and new discoveries in a challenging but still commercially relevant market.
