Decklar Resources Announces Asaramatoru Proved Reserves

Source: 12/13/2021, Location: Africa

Decklar Resources Inc. announces the results of independent reserve evaluations of the Asaramatoru field reserves effective October 31, 2021. The Company’s share of reserves relates to the Risk Finance and Technical Services Agreement (“RFTSA”) with respect to the 51% of the Asaramatoru Field owned by Prime Exploration and Production Limited (“Prime”). Advanced commercial discussions with the owners of the remaining 49% to extend the RFTSA to include their share of the field are ongoing.

October 31, 2021 Reserve Highlights of Decklar’s Interest:
- Decklar’s total gross proved (“1P”) oil reserves in the Asaramatoru field totaled approximately 4.1 million barrels of oil (“bbls”);
- Decklar’s total gross proved plus probable (“2P”) oil reserves in the Asaramatoru field totaled approximately 6.5 million bbls;
- Decklar’s total gross proved plus probable plus possible (“3P”) oil reserves in the Asaramatoru field totaled approximately 9.7 million bbls;
- The 1P, 2P and 3P reserves figures provided above have been calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51- 101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”).

The October 31, 2021 reserves evaluation report for the Asaramatoru field was prepared by McDaniel & Associates (the “Oct 2021 McDaniel Report”).

Duncan Blount, CEO of Decklar Resources, Inc., said “We are very pleased with the Asaramatoru reserve report and the addition of the Asaramatoru field RFTSA to Decklar's project portfolio in Nigeria. In 2022, Decklar and our co-venturers will be focused on operations to resume production and grow reserves through development and appraisal drilling and reservoir management in the Asaramatoru field.”

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