Oza-1 Well Re-Entry and Testing Update
01 September 2021 - 10:00PM
Decklar Resources Inc. (DKL-TSX Venture)
(
the “Company” or “Decklar”) is pleased to
announce the following update on the Oza-1 well re-entry at the Oza
Oil Field in Nigeria, being performed by the Company’s wholly owned
Nigeria-based subsidiary, Decklar Petroleum Limited.
The Oza-1 well has been re-entered successfully
with the old tubing and completion equipment removed, all well
maintenance performed, and the deeper zones cemented off to isolate
them from the target reservoirs. A new wellhead has been installed,
the site prepared, and production testing equipment installed for
the re-completion of the target zones in the Oza-1 well.
During the initial flow testing of the L2.6
sand, the zone produced at multiple choke settings ranging from
16/64 inch to 32/64 inch over the 116 hour testing period. The L2.6
sand is the deepest target zone of the re-entry program on the
Oza-1 well and has 21 feet of gross hydrocarbon pay thickness. The
testing of the L2.6 sand yielded a stabilized flow rate of 2,463
barrels of oil per day (“bopd”) of 22 degree API sweet crude oil on
a 32/40 inch choke setting and flowing tubing head pressure of 450
psig during the last three hour period of the 22.5 hour flow test
at this choke setting. In all tests there was less than 0.05% basic
sediment and water (“BS&W”) and no gas production.
The foregoing test results should be considered
as preliminary. Readers are cautioned that the test results herein
are not necessarily indicative of long-term performance or of
ultimate recovery.
The perforation and testing of the two other
target zones is ongoing and expected to conclude in the coming
weeks. The Oza-1 well is expected to then be completed using a
dual-tubing completion string to produce from the best two zones
being tested and put on commercial production. The Oza Oil Field
has significant export and production capacity through processing
facilities and infrastructure already in place and operational,
which is anticipated to allow for the immediate export and sale of
crude oil from the Oza-1 well.
Duncan Blount, CEO of Decklar Resources, stated
“We are very pleased with these initial test results from the first
of the three target zones of the Oza-1 well re-entry. After such
promising well deliverability and commercial flow rates, we now
look forward completing the remaining Oza-1 well testing activities
and commencing commercial production.”
For further information:
Duncan T. BlountChief Executive Officer Telephone: +1 305 890
6516Email: dblount@decklarresources.com
David HalpinChief Financial Officer 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 foregoing test results should be considered as preliminary.
Readers are cautioned that the test results herein are not
necessarily indicative of long-term performance or of ultimate
recovery. 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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