Strategic Development Agreement for Enhanced Production at Oza Field
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Strategic Earn-In Agreement on the Oza Field to Fund Production Growth
CALGARY, Alberta, Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) is pleased to announce the execution of a Strategic Development Agreement (“SDA”) with a consortium of technical and financial services providers (the “TSP”) to advance the development of the Oza Field in Nigeria.
Under the terms of the SDA, the TSP will earn up to a thirty-five percent (35%) economic interest in the Oza Field from Decklar’s economic interest by providing the necessary funding and technical services for the workover of the Oza-4 well, the side-tracking of the Oza-2 well, and the drilling of two new wells. The SDA is structured to align the interests of both parties, with the TSP’s earn-in phased and linked directly to the achievement of specific drilling work and production enhancements.
The TSP will work closely with Decklar and Millenium Oil & Gas Company Limited, the Operator of the Oza Field, to ensure that the development proceeds efficiently and effectively, leveraging the combined expertise and resources of all parties involved.
Decklar’s CEO, Sanmi Famuyide, commented: “We are excited to work with the technical service partners under this strategic earn-in agreement. This collaboration is expected to significantly enhance the Oza Field’s output, bringing forward its full potential.”
For further information about Decklar, see its disclosure documents on SEDAR+ or visit the company’s website.
For further information:
Sanmi Famuyide
Chief Executive Officer
Telephone: +234 703 332 2265
Email: sanmi@decklarresources.com
Investor Relations: info@decklarresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider 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 possible events that are based on assumptions about future conditions and courses of action, obtaining necessary approvals from regulatory authorities, and availability of services and personnel necessary to fulfill regulatory requirements in a timely manner.
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 are not statements of historical fact and may be "forward-looking statements". Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated.
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. 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.
Frequently Asked Questions
1. What is the Strategic Development Agreement announced by Decklar Resources?
The Strategic Development Agreement is a collaboration between Decklar Resources and a consortium of technical and financial service providers aimed at enhancing production at the Oza Field.
2. What percentage of interest will the technical service providers earn?
The technical service providers will earn up to a thirty-five percent (35%) economic interest in the Oza Field as part of the agreement.
3. What kind of work will the technical service providers perform?
They will provide funding and technical services for workover operations on the Oza-4 well, side-tracking of the Oza-2 well, and drilling of two new wells.
4. Who is the operator of the Oza Field?
The Operator of the Oza Field is Millenium Oil & Gas Company Limited, which will work closely with Decklar and the technical service providers.
5. How can investors contact Decklar Resources for more information?
Investors can contact Sanmi Famuyide, the CEO, at +234 703 332 2265 or via email at sanmi@decklarresources.com for further inquiries.
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