By Teddy Nwanunobi
San Leon Energy, a Nigeria-focused oil and gas exploration, development and production company, on Friday, said that its investee company, Decklar Resources, has contracted a drilling rig for re-entry and testing operations on the Oza-1 well.
The AIM-traded firm said mobilisation was expected to begin next week.
It said camp and logistics equipment required for the well re-entry was currently being staged on site.
It added that long-lead equipment items required to test and complete the Oza-1 well re-entry had been ordered, with service contractors sourced and secured.
“We are pleased with the progress being made and look forward with anticipation to the commencement of Oza-1 re-entry operations, testing, completion, and initial production at the Oza Field.
“These initial operations at the Oza Oil Field represent a milestone culminating from considerable effort and preparation for the initial development activities at the Oza Oil Field with (our partner) Millennium,” said Decklar, Chief Executive Officer Duncan Blount.
In an additional note, San Leon said that Decklar’s progress has pushed its current stock price of 40.00 pence to 0.6 per cent, with its year-to-date change going up by 65 per cent on Friday.
“Meanwhile, camp and logistics equipment required for Oza-1 well re-entry is currently being staged on site.
“Additionally, equipment and supplies with longer lead times that are needed to test and complete the Oza-1 well as part of the re-entry activities have been ordered, secured, and are expected to arrive in Nigeria over the next two to five weeks. Service contractors have been sourced and contracted for the near-term operational activities.
“Current stock price: 40.00 pence, up 0.6 per cent on Friday. Year-to-date change: up 65 per cent,” it said.