Decklar Announces Resumption of Production From Oza-1 Well
July 25 2022 - 7:59AM
Decklar Resources Inc. (TSX-V: DKL) (OTCQX: DKLRF) (FSE:
A1U1) (
the “Company” or “Decklar”)
provides an update regarding the resumption of production from the
Oza-1 well at the Oza Oil Field in Nigeria.
Decklar and its co-venturer Millenium Oil &
Gas Company Limited have received the permits required to resume
production from the Oza-1 well at the Oza Oil Field. Production
from the well has begun at low volumes initially to reestablish oil
flow, with volumes to be increased steadily in order to establish a
long-term sustainable rate. Production of crude oil from the Oza-1
well will flow into storage tanks at the Oza Oil Field and then be
delivered by truck to the Umugini Pipeline Infrastructure Limited
crude handling facilities.
Duncan Blount, CEO of Decklar Resources, said
“The resumption of production from the Oza-1 well is the first step
to get Decklar back on track with plans to continue delivering oil
and working to improve logistics and increase oil deliveries in the
near future. Delays were experienced obtaining permits needed to
restart the Oza-1 well, but operations have now resumed, and oil is
being produced into onsite storage tanks. Decklar looks forward
positively to future development and drilling activities at the Oza
Field and continued progress on development activities at the
Company’s other fields.”
For further information:
Duncan T. BlountChief Executive OfficerTelephone: +1 305 890
6516Email: dblount@decklarresources.com
David HalpinChief Financial OfficerTelephone: +1 403 816
3029Email: 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 use of additional
trucks for the transport of oil to the export facilities, the
timing for cash flow and future development drilling activities at
the Oza Field . 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.
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.
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