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Oza-1 Well Re-Entry Update | Financial Post

  • The drilling rig and associated tools are arrange on location on the Oza-1 nicely web site. The rig has been examined and inspected and is at present pulling current tubing out of the nicely.
  • A cement bond log will then be accomplished to substantiate integrity of the cement behind casing, adopted by pulling of the 5 ½ inch casing that’s inside 9 ⅝ inch casing, operating cased gap reservoir nicely logs, and cleansing of the nicely.
  • Perforation operations will then start, and a testing tubing string might be run with straddle packers to check the three remoted particular person zones being examined.
  • It’s anticipated that preliminary oil manufacturing testing will then start, with all crude oil check volumes produced being instantly exported and bought via the prevailing manufacturing amenities and pipelines to the Bonny Export Terminal.
  • All approvals and permits have been obtained for the nicely re-entry, testing and completion.

TORONTO, July 15, 2021 (GLOBE NEWSWIRE) — Decklar Assets Inc. (DKL-TSX Enterprise) (the “Firm” or “Decklar”) is happy to announce an replace to operations on the Oza-1 nicely re-entry on the Oza Oil Discipline in Nigeria, being carried out by the Firm’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum Restricted.

Rig On-site at Oza-1 Getting ready to Begin Operations

Re-entry operations on the Oza-1 nicely web site are progressing with useful testing and inspection of the rig accomplished, all approvals granted and the preliminary work actions of pulling the prevailing tubing are below means. After the prevailing tubing has been faraway from the wellbore, a cement bond log might be run to substantiate the integrity of the cement behind the casing, adopted by pulling the 5 ½ inch casing that’s contained in the 9 ⅝ inch casing and operating cased gap reservoir logs. When the logging is full and has been analyzed, the nicely might be cleaned out and perforation and manufacturing testing operations will start on the three recognized oil-bearing zones (L2.2, L2.4 and L2.6). Every focused zone might be manufacturing move examined independently, and all check volumes produced might be exported and bought via the prevailing manufacturing amenities and pipelines. As soon as testing of all three zones is accomplished, it’s anticipated {that a} ultimate dual-tubing string completion might be put in, and the L2.2 and L2.6 zones positioned into manufacturing primarily based upon profitable testing.

When the Oza-1 re-entry is full, the drilling rig is then anticipated to be skidded on the identical drill pad because the Oza-1 nicely to a brand new drilling slot and a horizontal growth nicely might be drilled within the L2.4 zone. It’s anticipated that this nicely will then be positioned on manufacturing upon profitable testing and completion. The Oza-1 nicely and new horizontal growth nicely are anticipated to generate important manufacturing ranges and generate money move in a short while body using the prevailing infrastructure in place. The Oza Oil Discipline growth is deliberate to then proceed with one or two extra re-entries on different current wells and a further growth drilling program with a possible for eight to 10 wells to be drilled to attain full discipline growth. Extra early manufacturing and central processing amenities might be added as required to accommodate elevated manufacturing ranges from discipline growth actions.

The Firm anticipates that operations for the re-entry of the Oza-1 nicely are on monitor for preliminary manufacturing testing to start instantly following perforating and operating the testing string. The Oza Oil Discipline has important export and manufacturing capability via processing amenities and infrastructure already in place and operational, which can enable for the rapid export and sale of crude oil from the Oza-1 nicely.

Decklar additionally continues to pursue and advance evaluations and negotiations for extra confirmed undeveloped oil and gasoline fields in Nigeria which have important reserves and near-term manufacturing potential, together with the just lately introduced acquisition within the Asaramatoru oil discipline.

Duncan Blount, CEO of Decklar, acknowledged “As we progress the Oza-1 re-entry actions and the graduation of manufacturing testing, we’re on the forefront of transitioning the Firm from a developer right into a producing oil firm. Due to the infrastructure already in place, the move check from the Oza-1 nicely will go instantly into the pipeline to the Bonny Export Terminal to generate near-term money move. We stay up for ramping up manufacturing as we proceed in direction of full discipline growth on the Oza Discipline. The money move from the Oza Discipline will assist Decklar’s technique of consolidating and re-establishing manufacturing of high-margin, confirmed undeveloped typical oil fields in Nigeria.”

For additional data:

Duncan T. Blount
Chief Govt Officer Phone: +1 305 890 6516
Electronic mail: dblount@decklarresources.com

David Halpin
Chief Monetary Officer Phone: +1 403 816 3029
Electronic mail:davidhalpin@decklarpetroleum.com

Investor Relations: info@decklarresources.com

Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

Cautionary Language

Sure statements made and knowledge contained herein represent “forward-looking data” (throughout the which means of relevant Canadian securities laws). All statements on this information launch, apart from statements of historic details, are forward-looking statements. Such statements and knowledge (collectively, “ahead wanting statements”) relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives.

All statements apart from statements of historic reality could also be forward-looking statements. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims, assumptions or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases reminiscent of “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on, “could”, “will”, “mission”, “predict”, “potential”, “focusing on”, “intend”, “may”, “may”, “ought to”, “imagine” and related expressions) are usually not statements of historic reality and could also be “forward-looking statements”. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. The Firm believes that the expectations mirrored in these forward-looking statements are cheap, however no assurance may be on condition that these expectations will show to be right and such forward-looking statements shouldn’t be unduly relied upon. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines. These forward-looking statements contain dangers and uncertainties referring to, amongst different issues, adjustments in oil costs, outcomes of exploration and growth actions, uninsured dangers, regulatory adjustments, defects in title, availability of supplies and tools, timeliness of presidency or different regulatory approvals, precise efficiency of amenities, availability of financing on cheap phrases, availability of third get together service suppliers, tools and processes relative to specs and expectations and unanticipated environmental impacts on operations. Precise outcomes could differ materially from these expressed or implied by such forward-looking statements.

The Firm supplies no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking statements. The Firm doesn’t assume the duty to revise or replace these forward-looking statements after the date of this doc or to revise them to replicate the incidence of future unanticipated occasions, besides as could also be required below relevant securities legal guidelines.

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