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Trans Canada Gold Corp. Prepares For Drilling Its Second Multilateral Well with Croverro Energy Ltd. in Mid July and Expecting to Contact 3000 Meters of Oil Reservoir in the General Petroleum Sand
Preparation for Second Multilateral Well: The Company is preparing to drill its second mult...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Prepares For Drilling Its Second Multilateral Well with Croverro Energy Ltd. in Mid July and Expecting to Contact 3000 Meters of Oil Reservoir in the General Petroleum SandPreparation for Second Multilateral Well:The Company is preparing to drill its second multilateral well in mid-July.This follows the successful drilling and completion of the first seven-leg multilateral well, the Croverro 7HZ Well, in October 2023.Successful First Well:The Croverro 7HZ Well encountered oil throughout the entire 2,675 meters of lateral oil pay in the Sparky formation.Since its completion, it has produced over 45,236 barrels of consistent oil production. VANCOUVER, BC / ACCESSWIRE / June 5, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:RCTRF) (\"Trans Canada\" or the \"Company\"), is pleased to announce that the Company is now preparing to drill its second multilateral well in mid-July. In October 2023, the Company successfully drilled and completed its first seven (7) multilateral leg multilateral well. The Company successfully encountered oil throughout the entire 2675 meters of lateral oil pay in the Sparky formation. Since drilling the Company's first Multilateral well, the Croverro 7HZ Well has now produced over 50, 000 barrels of consistent steady oil production. Croverro Energy Ltd. under the terms of the agreement is the Operator.The Company has strengthened its land position, and completed the purchase of two land and lease acquisitions pursuant to an AMI (\"Area of Mutual Interest\") in a Farmout Agreement (\"Farmout\") dated November 1, 2022. This new multilateral well is expected to contact over 3000 meters of oil reservoir in the General Petroleum sand. The spud date will be announced once final permitting has been received from the Alberta AERCommented, President & CEO Tim Coupland, \"We now have eight steady months of steady robust oil production and oil revenue, and now we are now delighted to be drilling our second multilateral well, after the completion of multiple recent strategic land acquisitions. Drilling preparation and pre-planning are in full progress, we now look forward to drilling our second large multilateral well on schedule for mid-summer. With global oil and energy prices remaining steady, and the recent successful startup of the TMX pipeline, oil prices are forecasted to remain rela...