Strategic Earn-In Agreement to Boost Production at the Oza Field
CALGARY, Alberta, Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) is excited to share that it has signed a Strategic Development Agreement (“SDA”) with a group of technical and financial service providers (the “TSP”) to promote the development of the Oza Field in Nigeria.
According to the terms of the SDA, the TSP can earn up to a thirty-five percent (35%) economic interest in the Oza Field from Decklar’s share by supplying the necessary funding and technical expertise for the workover of the Oza-4 well, the side-tracking of the Oza-2 well, and the drilling of two new wells. This agreement is designed to align the interests of both parties, with the TSP’s earn-in structured to be phased and directly tied to the successful completion of specific drilling activities and production improvements.
The TSP will collaborate closely with Decklar and Millenium Oil & Gas Company Limited, the Operator of the Oza Field, to ensure that the development is executed smoothly and effectively, utilizing the combined knowledge and resources of all involved parties.
Decklar’s CEO, Sanmi Famuyide, stated: “We are thrilled to partner with the technical service providers under this strategic earn-in agreement. This collaboration is anticipated to significantly boost the output of the Oza Field, unlocking its full potential.”
For more information about Decklar, please refer to its disclosure documents on SEDAR+ or visit the company’s website.
For more 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
This document contains certain statements and information that may be considered "forward-looking information" as defined by applicable Canadian securities legislation. This includes, but is not limited to, statements about potential future events based on assumptions regarding future conditions, obtaining necessary regulatory approvals, and the availability of services and personnel required to meet regulatory obligations in a timely manner.
All statements that do not pertain to historical facts may be forward-looking statements. Any expressions or discussions regarding predictions, expectations, beliefs, plans, projections, objectives, assumptions, or future events or performance are not historical facts and may be classified as "forward-looking statements." These statements carry known and unknown risks, uncertainties, and other variables that could cause actual results or events to differ significantly from those anticipated.
The Company does not guarantee that any forward-looking statements will be accurate, as actual results and future events may vary significantly from those expected. Therefore, readers should not place excessive reliance on these forward-looking statements. The Company does not take on the responsibility to revise or update any 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 partnership between Decklar Resources and a consortium of technical and financial service providers, aimed at boosting 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 this 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 collaborate closely with Decklar and the technical service providers.
5. How can investors contact Decklar Resources for more information?
Investors can reach out to Sanmi Famuyide, the CEO, at +234 703 332 2265 or via email at sanmi@decklarresources.com for any inquiries.
