Decklar Resources Announces Receipt of Final Approval and Commences Production and Sale of Crude Oil From the Oza Oil Field Through the Trans Niger Pipeline - Seite 2

Re-Establishing Pipeline Access

The TNP flows into the SPDC-operated Bonny Export Terminal and had been shut down for over one year due to damage, vandalism and high line losses. The TNP was reopened in April 2023, with efforts and support from the Nigerian government credited to a great degree for the resumption of operations.

Sanmi Famuyide, CEO of Decklar Resources, said, “We are very pleased to have received the final necessary approval to re-establish pipeline access to ship and sell crude oil from the Oza Oil Field, and have now commenced crude oil production through the TNP. This is a significant milestone, and the Company will soon be realizing its first export sales proceeds. The restoration of the Trans Niger Pipeline connection between the Oza Oil Field and the export terminal is a significant positive event for Decklar, and the reopening of the pipeline system will enable Decklar and Millenium to deliver higher volumes of crude oil to market, with initial injection of production volumes into the pipeline expected to be approximately 750 bopd. A steady flow of crude to market will help to get Decklar into a stronger position where the Company can actively pursue increasing production volumes from Oza and resumption of additional field development drilling plans.”

For further information:

Sanmi Famuyide
Chief Executive Officer Telephone: [phone]
Email: [e-mail]

David Halpin
Chief Financial Officer Telephone: [phone]
Email: [e-mail]

Investor Relations: [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Language

Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable Canadian securities legislation), including, but not limited to, statements regarding: obtaining and maintaining necessary permits and agreements to allow access and production into pipelines, the timing for payment of crude oil sales, the final execution of necessary agreements to sell additional crude oil, the maintaining of stable crude oil production, the ability to transport crude oil, and the continued access to functioning pipelines. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such statements and information (together, "forward-looking statements") relate to future events or the Company's future performance, business prospects or opportunities. There is no certainty that definitive agreements in respect of the Transaction will be entered into, or that any conditions precedent contained therein will be satisfied on terms satisfactory to the parties or at all.