Business
Trans Canada Gold Provides Operational Results Highlighted by Multilateral Drilling Success, Increased Crude Oil Production, and Higher Production Revenue
VANCOUVER, BC / ACCESSWIRE / November 27, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF)...
About this update from Trans Canada Gold Corp
[{"type":"text","content":"Trans Canada Gold Provides Operational Results Highlighted by Multilateral Drilling Success, Increased Crude Oil Production, and Higher Production RevenueVANCOUVER, BC / ACCESSWIRE / November 27, 2024 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) (\"Trans Canada\" or the \"Company\") is pleased to provide its Corporate Overview and Operational Results for the fiscal year ended June 30, 2024. The year was marked by robust oil production, significant revenue growth, and the achievement of new production benchmarks. The Company successfully met all drilling and operational milestones by employing its multilateral well drilling strategy, which targets proven Sparky and General Petroleum (GP) oil reservoirs.The Company's partnership with Croverro Energy Ltd. recognized for its technical expertise and operational excellence, has been instrumental in achieving and surpassing daily production benchmarks. With global oil prices expected to remain high and the TMX Pipeline fully operational, Trans Canada is well-positioned to pursue additional multilateral drilling opportunities in 2025.Operational HighlightsIn October 2023, Trans Canada successfully drilled its first multilateral well in the Sparky reservoir. This well featured seven lateral legs and encountered oil throughout 2,675 meters of lateral oil pay. The project was completed under budget at $2.2 million CAD ($412,500 net to Trans Canada).The Company drilled its second multilateral well in September 2024, targeting the GP reservoir. This well was drilled using advanced seismic data and surrounding well control and was completed within the $2.2 million CAD budget ($412,500 net to Trans Canada). These projects demonstrate the Company's commitment to efficient and cost-effective operations, which have been central to its growth strategy for 2024-2025.Trans Canada has implemented a responsible growth strategy, focusing on low-risk drilling locations in energy-stable jurisdictions like Alberta and Saskatchewan. This approach has allowed the Company to maintain a strong working capital position supported by multilateral well production and selective capital financing.Robust Oil ProductionThe Company's two multilateral wells combined produced over 85,610 barrels by the end of fiscal 2024, surpassing the 85,000-barrel production benchmark. In October 2024, the wells shipped 9,750 ba...