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- Decklar and its co-venturer have commenced loading crude oil into trucks at the Oza Oil Field from storage tanks for delivery to the Umugini Pipeline Infrastructure Limited ("UPIL") crude handling facilities for further transfer to the Shell Petroleum Development Company of Nigeria Limited ("SPDC") Joint Venture Forcados Oil Export Terminal via the Umugini Pipeline.
- When loading of crude oil from storage has reached 5,000 barrels, production from the Oza-1 well will start in order to enable ongoing shipments by truck to UPIL.
Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DLKRF) (FSE: A1U1) ( the "Company" or "Decklar") is pleased to announce the commencement of the shipment of crude oil via trucks from the Oza Oil Field to the UPIL crude handling facilities for further transfer to the SPDC Joint Venture Forcados Oil Export Terminal via the Umugini Pipeline.
Oza Field Oil Export Operations
Decklar and its co-venturer Millenium Oil & Gas Company Limited ("Millenium") have commenced loading crude oil into trucks at the Oza Oil Field from storage tanks for delivery to the UPIL crude handling facilities for further transfer to the SPDC Joint Venture Forcados Oil Export Terminal via the Umugini Pipeline.
The trucks are currently being loaded from crude oil storage tanks at the Oza site that hold approximately 22,000 barrels of oil. When loading of crude oil from storage to the trucks has reached approximately 5,000 barrels, production from the Oza-1 well into the storage tank will be re-started in order to enable ongoing shipments by truck to UPIL.
As previously announced, 2022 development plans for the Oza Field include:
- continuing operations with local communities and contractors for construction of the access road and associated infrastructure for a new oil well drilling pad;
- drilling the first new development well;
- re-entry, re-completion, and flow testing of the other two existing wells (Oza-2 and Oza-4), including tie-in to existing production facilities;
- installation of a Central Production Facility and infrastructure tie-ins for new well locations to replace the current Early Production Facility; and
- drilling of additional development wells.
Development plans for the Oza Field beyond 2022 also include up to five additional development wells.
Duncan Blount, CEO of Decklar Resources, said "We are very pleased to announce the start of crude oil loading operations at the Oza Field, which will soon lead to the Company's first delivery of oil to market. This brings the Company to the brink of the significant milestone of commencing full time commercial production and the transformation of Decklar into a producing and cash flowing company. We look forward with anticipation to starting new development drilling activities at the Oza Field in the near future and to continued progress on development activities at the Company's other fields."
For further information:
Duncan T. Blount
Chief Executive Officer Telephone: +1 305 890 6516
Email: dblount@decklarresources.com
David Halpin
Chief Financial Officer Telephone: +1 403 816 3029
Email: david.halpin@decklarresources.com
Investor Relations: info@decklarresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Language
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: restarting production at the Oza-1 well and the timing thereof, the timing for export or sale of barrels of oil being held in storage, the future commercial production of the Oza-1 well, the Company's ability to finalize arrangements with local communities and contractors to start construction of the access road and associated infrastructure for a new oil well drilling pad, drilling a new development well on the Oza Field, the Company's plans for re-entry, re-completion, and flow testing of the other two existing wells on the Oza Field (Oza-2 and Oza-4), including tie-in to existing production facilities, the Company's plans for installation of a central production facility and infrastructure tie-ins for new well locations to replace the current early production facility, the potential of 5 new development wells in 2022 and the development plans for 2022. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, "forward looking statements") relate to future events or the Company's future performance, business prospects or opportunities. There is no certainty that definitive agreements in respect of the Transaction will be entered into, or that any conditions precedent contained therein will be satisfied on terms satisfactory to the parties or at all.
All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect, "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, counterparty risk, changes in oil prices, results of exploration and development activities, competition in the oil and gas industry, uninsured risks, energy transition risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual performance of facilities, availability of financing on reasonable terms, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual results may differ materially from those expressed or implied by such forward-looking statements.
The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
