Declar Resources to supply additional 150,000 barrels of crude

Decklar Resources Inc.and its co-venturer Millenium Oil & Gas Company Limited will deliver an additional 150,000 barrels of crude oil to the Edo Refinery and Petrochemicals Company Limited(ERPC), in Edo State.

This followed the duo’s announcement of execution of additional crude oil sale and purchase agreements and to provide updates regarding crude oil delivery operations at the Oza Oil Field in Nigeria.

Decklar and Millenium have also entered into a new sale and purchase agreement with Duport Midstream Company Limited(DMCL), to deliver an initial 5,000 bbls to the Duport refinery in Edo State, followed by a minimum of 2,500 bbls per month thereafter.

Trucking of crude oil has continued from the Oza Field to the ERPC refinery, and another delivery of 5,000 bbls to ERPC has been completed, for a total of approximately 17,000 bbls delivered under the 30,000 bbls crude sale agreement.

This agreement follows the 30,000 bbls agreement that Decklar and Millenium have been delivering on and extends the arrangement to continue to deliver and sell production from the Oza Oil Field after the 30,000 bbls contract has been fulfilled.

This agreement expands the customer base for the sale of crude oil from the Oza Oil Field and gives Decklar and Millenium an alternate delivery location for additional volume.

Trucking of oil from the Oza Field has continued to the ERPC facility in Edo State, and delivery of an additional batch of 5,000 bbls has been completed.

Total deliveries of approximately 17,000 bbls have been completed to date, with invoices issued for 15,000 bbls. Payment for the first 5,000 bbls invoice has been received, and payment for the subsequent invoices is expected in the next week under the terms of 30,000 bbls sales agreement.

Additional deliveries are anticipated to continue on an ongoing basis.

The current total available fleet of 20 contracted trucks is expected to consistently deliver approximately 5,000 bbls per week.

The CEO of Decklar Resources, Sanmi Famuyide, said: “we were very pleased to sign the new agreement with ERPC to deliver and sell another 150,000 bbls, and this arrangement extends the relationship between the companies and enables Decklar to continue to produce and deliver substantial volumes of crude oil from the Oza Oil Field.