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Decklar Resources Updates Crude Oil Injection Volumes From the Oza Oil Field Through the Trans Niger Pipeline and Sales to Local Refinery

  • Decklar Resources Inc. and its co-venturer Millenium Oil & Gas Company Limited announce continued crude oil injection volumes from the Oza Oil Field through the Trans Niger Pipeline to the Bonny Export Terminal.
  • Decklar and Millenium sell additional crude oil production from the Oza Oil Field to a local refinery in Edo State.

Calgary, Alberta -- Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) and its co-venturer Millenium Oil & Gas Company Limited (“Millenium”) are pleased to announce ongoing crude oil injection volumes into the Trans Niger Pipeline (“TNP”) for transport to and export from the Bonny Export Terminal from the Oza Oil Field and continued sales to a local refinery in Edo State.

Delivery of Crude Oil from the Oza Oil Field

Decklar and Millenium have injected over 18,400 barrels of crude oil (“bbls”) into the TNP for transport to the Bonny Export Terminal thus far in 2024. Decklar and Millenium have injected a total of 34,600 barrels of crude oil into the Bonny Export Terminal from commencement of TNP pipeline operation in late 2023. Crude oil production from the Oza Oil Field through the TNP to the Bonny Export Terminal is being sold to Shell Western Supply and Trading Limited (“Shell”). Crude oil held in storage at the Oza Oil Field and crude oil being produced into storage tanks from the Oza-1 and Oza-4 wells is being transported by truck a short distance in-field to the transfer pumping station at the Oza Oil Field for injection into the TNP. The first crude oil export cargo of 15,000 bbls to Shell was loaded on board a vessel with a bill of lading date of February 7, 2024, with sales proceeds expected in the last week of March. Decklar and Millenium are expecting another crude oil export nomination notice from Shell before the end of March 2024 for the export of another 15,000 barrels of crude oil currently held in the Bonny Export Terminal tanks.

In addition, total deliveries to date in 2024 to the Edo refinery totalled over 15,000 bbls.

Sanmi Famuyide, CEO of Decklar Resources, said, “We are very pleased to be announcing the significant milestone of the first crude oil exports from the Oza Oil Field through the TNP and Bonny Export Terminal. In addition, crude oil is still being trucked to the local refinery customer in Edo State. The restoration and continued operation and availability of the Trans Niger Pipeline connection between the Oza Oil Field and the Bonny Export Terminal and delivery and sales of crude oil to the local refinery has allowed Decklar and Millenium to deliver a steady stream of crude oil to market and to generate a continuing revenue stream. With continued revenues, the Company’s financial position will improve enabling progress with additional field development activities including re-entries and drilling plans. In addition, the approximately 8,000 barrels of crude oil Decklar and Millenium previously delivered to the Forcados export terminal is expected to have a vessel nomination in the next few weeks with export and sales coming thereafter.”

For further information:

Sanmi Famuyide
Chief Executive Officer    Telephone: +234 703 332 2265
Email: sanmi@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: obtaining and maintaining necessary permits and agreements to allow access and production into pipelines and deliveries of crude oil by truck, the timing for payment of crude oil sales, the final execution of necessary agreements to sell additional crude oil, the maintaining of stable crude oil production, the ability to transport crude oil by pipeline or truck, the continued access to functioning pipelines and the availability of export vessels. 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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