Decklar Resources has made significant progress in preparation for the Oza-1 well re-entry, at the Oza Oil Field in Nigeria, with the arrival of the drilling rig, camp and all associated equipment at the site
The Oza Oil Field in Nigeria is being performed by the company’s wholly-owned Nigeria-based subsidiary Decklar Petroleum.
The drilling rig has been installed and is in the final rigging up stage, and initial operations on the Oza-1 well re-entry are anticipated to begin shortly, starting with functional testing of the rig and then initial work activities of pulling the existing tubing and running a cement bond log to confirm the integrity of the cement behind the casing.
Decklar anticipates that the operations for the re-entry of the Oza-1 well are on track for initial production testing to commence by approximately mid-July. The Oza Oil Field has significant export and production capacity through processing facilities and infrastructure already in place and operational, which will allow for the immediate export and sale of crude oil from the Oza-1 well.
In addition, Decklar continues to pursue and advance evaluations and negotiations for additional proven undeveloped oil and gas fields in Nigeria that have significant reserves and near-term production potential, including the recently announced Letter of Intent to acquire rights in the Asaramatoru oil field.
Duncan Blount, CEO of Decklar, stated, “This is a significant milestone for the company as we transition from a developer into a producing oil company. Thanks to the infrastructure already in place, the flow test from the Oza-1 will go directly into the pipeline to the Bonny Export Terminal to generate attractive cash flow. We look forward to ramping up production as we continue to progress full-field development at the Oza Field. The cash flow from this field will support Decklar’s strategy of consolidating and re-establishing production at this and other similar high-margin proven undeveloped conventional oil fields in Nigeria.”
