18 June, 2025 – TheNewswire - Calgary, Alberta – Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) (“Decklar or the “Company”) is pleased to provide an update on production, financial filings, regulatory milestones, and development activities in respect of the Oza Oil Field, located onshore Nigeria.

  

Key Highlights

• Ongoing Production at Oza-1: The Oza-1 well continues to produce at a steady net rate of c.340 barrels of oil per day (bopd). 

 

• Crude Oil Evacuation and Sales: Decklar and Millenium Oil & Gas Company Limited (“Millenium”) have year to date (end of April, 2025) injected a total of 39,000 barrels of crude oil into the Trans Niger Pipeline (“TNP”) for delivery to the Bonny Export Terminal.. Losses attributable to line losses and reconciliation adjustments have now reduced to approximately 5%, continuing the downward trend from the previously reported six-month average of approximately 13% and three-month average of 10%. This reflects improving operational efficiency and reduced system losses in our crude oil lifted by Shell Western Supply and Trading Limited (“Shell”).  

 

• Oza-4 Re-completion and Testing Update: SLB (formerly Schlumberger) has successfully completed the zone change from the M3000 zone to the L7000 zone in the Oza-4 well and handed over the well to the production operations team. Decklar and Millenium have received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to conduct requisite Maximum Efficient Rate (MER) test on the well. The well is currently being produced at different choke sizes to determine optimal production performance, further updates will be announced in the ear future.. 

Oza Field Development and Expansion Plans

 

Following the successful completion of re-entry and re-completion activities at the Oza-4 well, Decklar is encouraged by initial production results from the newly perforated L7000 reservoir. As this is a previously non-produced and unproven zone within the Oza structure, its success will unlock additional hydrocarbon-bearing intervals and reserves in the Oza field.

 

Decklar and its strategic development partner, Onyxx Resource Development Limited (“Onyxx”), are progressing to the next phase of the field development. Subsurface interpretation and well design are being finalized, including  detailed cost and schedule planning for drilling a sidetrack in the existing Oza-2 Well into the crest of the main Oza Field structure. A suitable drilling rig has been identified. Initial civil works at the well site will commence in late June/early July 2025, including location survey, site clearing, and layout planning to accommodate rig positioning and support infrastructure. The application for the drilling permit is being finalized for submission to the NUPRC. Rig contracting and mobilisation planning will proceed upon receipt of the necessary approvals and permits.

 

These activities form part of Decklar’s broader phased development plan for the Oza Field, designed to increase production and reserves while maintaining operational and capital discipline. Decklar and partners, Millenium and Onyxx, anticipate drilling a new vertical development well in the Oza Field following the drilling, completion and testing of the Oza-2 sidetrack well.

 

Re-listing and Audited Financial Statements

In parallel, Decklar continues to work with its auditors and is advancing to finalize its audited financial statements and financial quarterly reports. Upon completion and filing of the required financial statements, disclosures and related documentation with the applicable regulatory authorities, the Company intends to apply for re-listing and the resumption of trading, subject to regulatory review and approval.

Sanmi Famuyide, CEO of Decklar Resources, commented:

“We are pleased with the consistent performance of the Oza-1 well and the significantly reduced loss factor on the TNP, which together enhance our operational reliability. The successful re-completion and handover of Oza-4, combined with early results from the new L7000 reservoir, give us confidence in our phased development strategy. We remain focused on maintaining momentum into the next stage of development, including the sidetracking of Oza-2 and unlocking additional upside across the Oza Field”

 

Resignation of Director

The Company announces the Mr. Duncan Blount has resigned from Decklar’s board of Directors effective immediately to pursue and spend more time on other business activities in the mining sector. The Company would to thank Mr. Blount for all his valuable contribution to the Company throughout the years of his active involvement and wishes him well in his new business ventures.

 

For further details, visit Decklar’s website at www.decklarresources.com or refer to the Company’s filings on SEDAR+ at www.sedarplus.ca.

For Further Information:

Sanmi Famuyide

Chief Executive Officer

Phone: +234 703 332 2265

Email: sanmi@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: disclosure regarding possible events, that are based on assumptions about future economic conditions and courses of action, obtaining necessary approvals from regulatory authorities, availability of services and personnel necessary to complete required tasks in order to fulfill regulatory requirements in a timely manner, 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; and projected or estimated production levels, including anticipated increases from planned development activities . 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, particularly with respect to production volumes or anticipated productions increases which may differ due to unforeseen technical, operational, or regulatory challenges. 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.