Decklar Resources Inc V.DKL

lots going on behind the scenes

[minigoon]

28 March 2024

San Leon Energy plc

("San Leon")

 

Update on Oza field, Nigeria

 

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement made on 27 March 2024 by Decklar Resources Inc. ("Decklar") in Canada.  San Leon has a 11% shareholding in Decklar Petroleum Limited ("DPL"), the local subsidiary of Decklar operating in Nigeria, and has also made a US$5.5 million loan to DPL, via 10% per annum unsecured subordinated loan notes. 

 

As most recently stated in its announcement on 30 November 2023, San Leon continues to explore a potential sale of its non-core investments in DPL, although any completion remains subject to the proposed purchaser finalising its own funding arrangements. A further announcement will be made in relation to this at the appropriate time.

 

Part of the text of Decklar's announcement is set out below:

 

"- 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."

[nightshaft]

Well there might be stuff going on in the back ground. Decklar has failed to execute for 3 years now so I don't hold high hopes for them. It will be the same broken promises with no results as usual. I'm not sure why anyone would invest in this company, they have not given any reason to invest.

[billythekidd]

No doubt with production declining and non payment for previously delivered Oil. I would say lots going on behind the scenes that is not benefiting shareholders

[lutefish]

Must be lots going on  behind the scenes here . Missed out again  :-( :-(       UP 100 % in a week

[nightshaft]

Yep, lots going on behind the scene all right, none of it is good for the investor. The old Mart crew have a noose around their necks and it's getting tighter. We can only hope for a miracle now.

[billythekidd]

How do you survive when you can only get about 400 barrels a day to market  ? They have a well that should have been producing 1200 bopd for the last 20 months. Talk about needing vessel nominations to get paid seems a bit over the top. They would have about 600k cash injection if they ever got paid for the 8000 barrels pipelined to the Trans Forcados terminal

[lutefish]

Billy What is your take on   DKL  lateest NRS ?   "  Not subject to any insolvency procedures " Do not think i have seen anything like this before .

[billythekidd]

They either get granted additional time to file Financials or the exchange halts the stock for failure to file by  the required date.     Maybe this guy knows

[lutefish]

Many thanks Billy . We will see .

[nightshaft]

We can continue to trade. The management and insiders can not trade. Sounds like they can not even pay their accounting firm and apparently did not pay for last year either so that has to be cleared up as well. If they don't get funding they are done. So sad with so much potential. 

[billythekidd]

That 8000 barrels delivered to the Trans Forcados Terminal in Sept /2022 is still a payment that Decklar has never received. The  CEO does seem to be able to collect this A/R  They need to audit  this injection of OIl into the Umugini pipeline . With 85.00 brent that would pay some bills but maybe Sanmi and Wade have another plan.