Business
Trans Canada Gold Corp Surface and Pad Preparations and Pre-Setting Surface Casings Are Underway, Preparing to Begin Drilling Its Second Multilateral Horizontal Heavy Oil Well Near Lloydminster, Alberta
Permitting and Timeline: The Alberta Energy Regulator has issued drilling permits, with lease con...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Corp Surface and Pad Preparations and Pre-Setting Surface Casings Are Underway, Preparing to Begin Drilling Its Second Multilateral Horizontal Heavy Oil Well Near Lloydminster, AlbertaPermitting and Timeline: The Alberta Energy Regulator has issued drilling permits, with lease construction nearing completion. Drilling is set to begin.Operational and Financial Preparedness: The well's total costs are projected at $2.2 million, with Trans Canada's fully funded share at $412,500. Croverro Energy Ltd. will operate the project under the partnership agreement. VANCOUVER, BC / ACCESSWIRE / August 16, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\") is pleased to announce that the Alberta Energy Regulator has issued a drilling permit, and Croverro has started building the second multilateral drilling location on the project lands near Lloydminster, Alberta. The company expects drilling to commence shortly. Croverro Energy under the terms of the agreement, will be the Operator.Commented Tim Coupland, \"We are excited to be nearing completion of our surface and pad preparations and pre-setting surface casings on the project lands, and are excited to be drilling our second multilateral oil well with a reliable and experienced partner, who has consistently targeted and successfully drilled, completed and started production of several wells targeting different oil reservoirs. Croverro has proven to be a very competent operator providing low operating cost and consistent production days. We believe drilling multilateral horizontal wells with good well control and utilizing new computer modelling and seismic techniques will provide continued success. The partnership is allowing the Company to grow rapidly and prosper as world oil prices continue to remain high.\"\"Our team is fully prepared and excited to advance our second multilateral well near Lloydminster, marking another key step in our strategic growth and production goals,\" said Director Chris Timmins.The lands for the well are currently controlled by a partnership led by Croverro with the company holding 18.75% interest. This second multi-lateral horizontal well is based on similar wells drilled in the GP oil formation using surrounding well control combined with recently processed seismic lines. The new multilateral well i...