Petroleum Africa
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Monday, October 31, 2022
Decklar Resources Inc, along with its co-venturer Millenium Oil & Gas Company have informed that the required permits have been obtained and loading of crude oil into trucks has recommenced at the Oza Oil Field in Nigeria.
The crude will be trucked to a crude processing and sales terminal in Nigeria with which the Company has entered into an agreement. As previously announced, the agreement with the company that owns the crude processing and sales facilities provides for an initial delivery of 10,000 barrels. The parties are also in advanced discussions to increase the initial sales quantity to 30,000 barrels and to possibly agree a minimum monthly quantity of barrels of Oza Oil Field crude to be sold.
Sanmi Famuyide, CEO of Decklar Resources, said “the deliveries of crude oil from the Oza Oil Field to one of four available crude export/sales terminals represent an important step in Decklar’s program to achieve stable, long-term transportation and crude oil sales. Once the initial 10,000 barrels have been delivered, it is anticipated that sales proceeds will be paid within 30 days after delivery based on the terms of the agreement. These first sales proceeds will mark a significant achievement for the Company and Millenium.”
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