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Trans Canada Gold Corp. Receives Well License-Drill Permit for Its New Lloyd 5-23-29-1W4 Multilateral Well From Alberta Energy and Prepares for Summer Drilling
VANCOUVER, BC / ACCESS Newswire / May 27, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTG...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Receives Well License-Drill Permit for Its New Lloyd 5-23-29-1W4 Multilateral Well From Alberta Energy and Prepares for Summer DrillingVANCOUVER, BC / ACCESS Newswire / May 27, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\"), is pleased to announce that the Company has now received formal approval for its new Lloyd 5-23-29-1W4 Well with the issuance of its well license and drill permit for the new 7 leg-multilateral well and drill program situated near Lloydminster, Alberta.The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 multilateral well will be situated adjacent to the Company's successful 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 100,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer.Drilling, completion and equipping costs are expected to be $1.9 million ($350,000 net to Trans Canada). The well costs are fully funded out of production cash flow thereby preventing any share dilution.MULTILATERAL DRILLING IN 2025The Company now has an interest in 1040 acres in the AMI, led by the Croverro Partnership Group, which will allow the drilling of up to two (2) additional multilateral wells targeting the Sparky Zone for 2025-2026. The 320-acre parcel offset our existing lands to the south were acquired by the Croverro Energy Group. The company interest in the lands is 18.75% with all wells to be drilled on a non-promoted basis (pay 18.75% to earn 18.75%).Our operator, Croverro Energy, has acquired and processed 2 additional seismic lines, which combined together with existing well control will allow the more precise targeting in the Sparky Zone when drilling the horizontal wells in the oil resource reservoirs.Commented Tim Coupland, \"We are expecting increased additional oil production for 2025, ...