MON, MAY. 08 2023-theGBJournal| Decklar Resources Inc. and its co-venturer Millenium Oil announced today that trucking of crude oil from the Oza Oil Field to the Edo Refinery and Petrochemicals Company (ERPC) facility in Edo State, Nigeria has reached a cumulative volume of over 41,000 bbls, with 10,000 bbls delivered in 2022 under the initial sale and purchase agreement and over 31,000 bbls delivered so far in 2023.
”Deliveries under the 30,000 bbls contract have now been completed and invoiced, and deliveries will continue under the new 200,000 bbls contract,” Decklar said in a statement.
The company said the terms of the 200,000 bbls agreement include an invoicing and payment cycle that is triggered as each 5,000 bbls batch is delivered and offloaded at the Edo refinery.
The Edo State Governor, Godwin Obaseki also revealed today that the order for the 200,000 barrels has been placed for the Edo Refinery.
Meanwhile, Decklar Resources Inc said trucking of crude oil has also continued to the Duport Midstream Company Limited (DMCL) refinery in Edo State, with over 7,500 bbls delivered to date.
In late March, delivery of crude oil commenced from the Oza Oil Field to DMCL and over 7,500 bbls have been delivered to date.
Under the sale and purchase agreement with DMCL, Decklar and Millenium initially delivered 5,000 bbls to the Duport refinery in March and early April, followed by an additional 2,500 bbls in the last half of April.
Deliveries of an estimated 5,000 bbls per month will continue going forward, and DMCL has agreed to purchase up to 100,000 bbls over the next 12 months. The agreement with DMCL has added a new customer for the sale of crude oil from the Oza Oil Field and gives Decklar and Millenium an expanded base to deliver and sell additional crude oil volume.
Decklar Resources Inc is a TSX-V listed oil and gas exploration and development company focused on the West Africa region, and engaged in providing funding and technical advisory services to companies in Nigeria involved in the exploration and development of oil and gas properties in the country.
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