The latest announcement is out from Trans Canada Gold ( (TSE:TTG) ).
Trans Canada Gold Corp. announced a new joint venture with Croverro Energy Ltd. to drill a third multi-lateral horizontal heavy oil well near Lloydminster, Alberta. The new well, expected to open 3000 meters of the Sparky formation, aims to replicate the success of their previous well, which produced over 85,000 barrels of oil. The project, set to commence in the third quarter of 2025, is fully funded out of production cash flow, minimizing financial risk and preventing share dilution. This strategic partnership and drilling initiative aim to boost production and support the company’s growth objectives amid stable global oil prices.
More about Trans Canada Gold
Trans Canada Gold Corp. operates in the energy sector, focusing on the exploration and production of heavy oil. The company is actively engaged in developing multi-lateral horizontal wells in the Sparky Oil Formation, with an emphasis on leveraging joint ventures to expand their oil production capabilities.
YTD Price Performance: -10.0%
Average Trading Volume: 25,656
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$2.31M
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