Shares of Decklar Resources (OTCMKTS:DKLRF) (CVE:DKL) have been moving within a narrow range over the past few sessions.
Market Reaction
On Friday, DKLRF stock ended flat at $0.46 with 28k shares, compared to its average volume of 2.7K shares. The stock moved within a range of $0.4600 – 0.4600 after opening trade at $0.46.
Decklar Resources Inc. Provides Development and Progress Update on Nigerian Operations
Decklar Resources (OTCMKTS:DKLRF) CVE:DKL) on February 11, 2022 provided development and progress update on the firm’s Nigerian operations across the Oza Field, Asaramatoru Field as well as Emohua Field.
Risk Finance and Technical Services Agreement between Decklar Petroleum Limited and Millenium Oil and Gas Company Limited will cover 100% operations at the field.
As confirmed in January 2022, Decklar will get US$4,750,000 with an additional US$2,000,000 due by April 30, 2022 from San Leon Energy PLC.
The company finalised re-completion, re-entry as well as flow testing of Oza-1 well in November 2021. Crude oil storage tanks now have about 20,000 barrels of oil, awaiting export and sale. Decklar is in process of finalising logistics and export activities. This will include harnessing Shell-operated Trans Niger Pipeline to the Bonny Export Terminal. Furthermore, the next step will be trucking to a storage facility tied to an operational associated pipeline network and export terminal.
Core elements of 2022 development plans include finalising arrangements with communities for commencing construction, drilling first well and Installation of Central Production Facility.
At the Asaramatoru Field, the RFTSA between Prime Exploration and Purion Energy covers 51% of field while the rest is held by Suffolk Petroleum. For the Emohua Field, the RFTSA between Westfield Exploration and Production Limited and Erebiina Energy Resources Limited covers 60.13%. Remaining has been awarded to two local Nigerian firms in the recent Marginal Field bid round.
