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Trans Canada Gold Corp. Signs Agreement With Croverro Energy Ltd. to Drill a Third Multilateral Horizontal Heavy Oil Well, Adjacent to the Company's First Successful Lloyd 12-14 Heavy Oil Well
VANCOUVER, BC / ACCESS Newswire / February 13, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQ...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp. Signs Agreement With Croverro Energy Ltd. to Drill a Third Multilateral Horizontal Heavy Oil Well, Adjacent to the Company's First Successful Lloyd 12-14 Heavy Oil WellVANCOUVER, BC / ACCESS Newswire / February 13, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\") is pleased to announce it 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 well will be situated adjacent to the Company's 12-14 Multilateral Well near Lloydminster, Alberta. Trans Canada has an 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 85,000 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/ third quarter of 2025, subject to final permitting by the Alberta Energy Regulator.The company has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest now contains 1040 acres with potential in the Sparky and GP zones. This third multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation using surrounding well control and recently processed seismic lines. Croverro Energy Ltd., under the terms of the agreement, is the Operator.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.Commented Tim Coupland, \"We are excited to be drilling and advancing our third new well, the 5-23 multi-lateral oil well, adjacent to our first highly successful 12-14 Multilateral Well drilled in October 2023. This will be our third multi-lateral oil well drilled with Croverro, a reliable and experienced partner, a key step in advancing growth and production goals. Croverro has proven to be a very competent operator providing low operating cost and consistent production days. We believe drilling multi-lateral horizontal wells with good w...