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. 

[baranja]

I think this is all politics. The company is not allowed to extract oil, simply as that.

[nightshaft]

Well they have no money, they have stated that. If there is more than funding issue shouldn't they state that,  they are a publicly traded company and the share holders have a right to know what is going on with our money! If the top guys would get their heads out of the mining sector and focus on the oil sector perhaps this could be a company but for now it's all lost money. Decklar.

[baranja]

I am so positive they are not welcomed by that coutry any more.  Lack of money will just force them to give up on it.  i will not be surprised if Russian or Chines company takes over those fields. It is quite obvous that since day one, somebody was messin with the project. Money wasted here, big time.

[billythekidd]

This started to smell right from the length of time it took for the OZA 1 Well  re-entry to be completed. The company mentioned after that they would be ready for pipeline injection. As it turned out they did not even have a crude handling agreement to move the Oil and it took months and months for that too get signed and then shortly after no pipeline availability. They switched to what was

[nightshaft]

Billy you are 100% right. They probably knew a lot of this information but failed to tell the share holders. Instead they pumped it up to $1.00  and issued some shares then let it slowly sink with the promis of tiny bits of optimistic news that had no real future. We were all duped on this one. In the future you know the names of the people involved and they are the ones to stay away from

[nightshaft]

This is supposed to be how a publicly traded company works, dose Decklar not know the basics. We deserve to know more about what is going on. Ownership of a public company is distributed among general public shareholders through the free trade of shares of stock on stock exchanges or over-the-counter (OTC) markets. A public company is required to disclose its financial and business information

[billythekidd]

https://africaoilgasreport.com/2022/08/farm-in-farm-out/with-oza-back-onstream-wade-cherwayko-returns-to-nigerian-activity/

[nightshaft]

That was August 2022, things have gone down hill since that press release.  Looks like they are getting their financial reports done so perhaps there is a light at the end of this dark tunnel. 

[billythekidd]

Yah according to that article Cherwayko is the spine behind Decklar Resources and this is what we got two years later. Hanging on by a thumbnail and no disclosure for two months on current Oil sales and or Daily production. So you have a cash strapped company and shareholders supposed to guess if monthly cash flow is increasing enough to keep the Wolf away from us Guinea Pigs

[nightshaft]

No update on production must mean no production at all otherwise wouldn't they have given some update? No oil equals no cash. 

[billythekidd]

Very troubling that Decklar never got paid for the 7800 barrels deilvered via the Umugini pipeline to the Trans Forcados terminal in September of 2022.  That was a pipeline that Cherwaykos Mart Resources helped build years ago and was part of the sale on the .25 cent offer Mart took despite having over 20000 barrels of possibly daily production with Nigerian partner Midwestern.

[nightshaft]

There needs to be a forensic audit on this company to find out where the oil and money have gone.

[nightshaft]

Are they not past the 2 week limit for updates. Just another failure to comply!

[billythekidd]

Not sure how this continues going forward? You have a guy running the Company making around 30 k a month who chooses not to even give a production update. It s now like 105 days since the last one was released to the market. So they way past releasing financials plus they do not even give shareholders the decency of any information on Oil sales since March. They never got paid for Oil delivered to

[nightshaft]

It has turned out to be a joke. Wade has lost all credibility and can no longer raise the funds required to go forward. It's so sad and it's a loss for all the share holders. Remember the names and do not follow them into any other investing scams.

[billythekidd]

Perfect scenario for these venture start ups as these guys paint a great picture and get money in on the ground floor with Shell companies and early PP. So they build the hype and exit out the back door with other coming in the front.