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Decklar Resources Inc. (DKL-TSX Venture)
(the "Company") is pleased to provide an update to previously announced funding arrangements by its wholly-owned Nigeria-based subsidiary, Decklar Petroleum Limited, to develop the Oza Oil Field in Nigeria. When fully disbursed, these funds are expected to be sufficient to re-establish oil production and provide development funding for the Company's Oza Oil Field. The details of the funding plans are included in the Company's August 31, 2020 press release.
Update Regarding Funding Arrangements
The due diligence required to finalize the term debt arranged with a Nigerian bank and the trading subsidiary of a large multinational oil company active in Nigeria has progressed, and the final report by the independent technical consultant they contracted and based on review of reserve and production data and financial projections has been issued. The definitive loan documents are now being finalized and are anticipated to be issued by the end of the first week of February 2021. As previously announced, the remainder of the US$7,500,000 for the subscription agreement with San Leon Energy Plc remains in escrow and will be released upon satisfaction (or waiver) of the final conditions precedent contained in the agreement.