Decklar Resources Inc. Announces Operations Update on Oza-1 Well Re-entry
09 April 2021 - 1:57AM
Decklar Resources Inc. (DKL-TSX Venture)
(the “Company” or “Decklar”) and its co-venturer
Millenium Oil & Gas Company Limited (“Millenium”) are pleased
to announce that activities for the Oza-1 well re-entry at the Oza
Oil Field have made significant progress. The Oza-1 re-entry
represents the start of an aggressive field development of the Oza
Oil Field through the Company’s wholly-owned Nigeria-based
subsidiary, Decklar Petroleum Limited, and Millenium, its Nigerian
co-venturer on the Oza Field.
Progress on Preparation for Oza-1 Well
Re-entry
Decklar has contracted a 1300 HP trailer-mounted
drilling rig that is currently located in Port Harcourt,
approximately 60 km from the Oza Oil Field in the Niger Delta. The
drilling rig will be used for the re-entry and testing of the Oza-1
well, then immediately followed by the drilling of a horizontal
development well from the Oza-1 drilling pad. Drilling of
additional development wells is planned after completion and
analysis of the re-entry and horizontal wells at the Oza-1
location. It is anticipated that the drilling rig will commence its
mobilization to the Oza Field next week, with the move expected to
take approximately seven days. Further, the camp to house the
personnel engaged to provide support for operations and related
logistics facilities is currently being moved and set up at the Oza
Oil Field. Additionally, equipment and supplies with longer lead
times that are needed to test and complete the Oza-1 well as part
of the re-entry activities have been ordered, secured, and are
expected to arrive in Nigeria over the next two to five weeks.
Service contractors have been sourced and contracted for the
near-term operational activities.
Decklar’s CEO, Duncan Blount commented, “We are
pleased with the progress being made and look forward with
anticipation to the commencement of Oza-1 re-entry operations,
testing, completion, and initial production at the Oza Field. These
initial operations at the Oza Oil Field represent a milestone
culminating from considerable effort and preparation for the
initial development activities at the Oza Oil Field with
Millenium.”
For further information:
Duncan T. BlountChief Executive Officer Telephone: +1 305 890
6516Email: dblount@decklarresources.com
David HalpinVP Finance, Decklar Petroleum Telephone: +1 403 816
3029Email:davidhalpin@decklarpetroleum.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). 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, changes in oil
prices, results of exploration and development activities,
uninsured 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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