Revised Announcement Regarding Application for Management Cease Trade Order - Seite 2

1. Kickoff meeting between the Company and the reporting reserve engineering company (“reporting engineers”) to update and provide production data including production volumes produced since the December 31, 2022 reporting period as well as an update on work program activities, costs and schedule;
2. Reports will include;
   1. A reserves and contingent resources evaluation for the Oza Field as of December 31, 2023
   2. A reserves evaluation for the Asaramatoru Field as of December 31, 2023
   3. A contingent resources evaluation for the Emohua Field as of December 31, 2023
3. Future production and revenue forecasts will be prepared for the proved producing, proved developed, total proved, proved + probable and the proved + probable + possible reserves cases and for the low, best and high estimate contingent resources cases. One price case will be prepared based on the latest reporting engineers price forecast;
4. All the data for the evaluation is expected to be provided to reporting engineers in Calgary thus no travel to Nigeria is anticipated as part of their work scope;
5. The results of the evaluation will be presented in a detailed property report and will include discussions of the geological interpretations, geological mapping, a discussion of the methodology for estimating the reserves and resources and revenue forecasts and tabulations of the economic parameters for the evaluation. The reporting engineers will also prepare sub-reports for each of the three fields.

The Company will work closely with its auditor and independent reserve engineer to complete the Annual Filings and expects to file the Annual Filings on or about June 20, 2024.

If an MCTO is granted, the Company's directors and senior officers and other insiders will not be able to trade the Company's securities while the MCTO is in effect. The Company confirms that it will comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as the default remains in effect, including the issuance of bi-weekly default status reports by way of news release.

The Company confirms, as of the date hereof, that: (i) it is not subject to any insolvency proceeding; and (ii) except as set forth below, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Decklar also announces the immediate resignation of its Chief Financial Officer, David Halpin. David will continue to support and assist Decklar as a consultant in the preparation of the Annual Filings. The Company would like to thank David for his contribution and wish him well in all his future endeavors. The Company intends to seek a replacement Chief Financial Officer on an interim basis while it searches for a new full-time permanent Chief Financial Officer.