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TRILLION ENERGY PROVIDES UPDATED SASB 3D SEISMIC WITH NEW STRATIGRAPHIC GAS PROSPECTS
December 20, 2023 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the completion of its 3D seismic reprocessing for the SASB gas field. The Company is now in the process of interpreting the results and tying the results into the existing drilled wells.
Significant improvements in seismic technology since the initial processing of the 2004 seismic data offer enhanced data imaging for reservoir characterization, faults, and reservoir layers. Additionally, the new PSDM seismic volumes & velocity model has uncovered:
Continuous reflectors
Much clearer fault cuts
Amplitude preservation
Improved imaging of subsurface geology and enhanced results of attributes, inversion, and AVO
Higher quality data, allowing for clear visibility of both previously and newly discovered gas channels, revealing thin sand bodies
Validation of the presence of hydrocarbons using different AVO attributes, such as intercepts, gradients, fluid factors, and gas indicators
Detection of sweet spots for new gas prospects.
Arthur Halleran CEO of Trillion stated:
"In the dynamic landscape of energy exploration, our reprocessed seismic data has unveiled a promising chapter for the SASB gas field. The revelation of extensive channel sands, particularly in the D and De-E zones, surpasses our earlier understanding of the field. This transformative breakthrough marks a clearer and more expansive vision of our gas prospects. The excitement is palpable as we witness the emergence of previously unseen gas-charged sand channels throughout, setting the stage for a future defined by enhanced exploration success."
Images of the new seismic compared to old seismic as well as an in depth overview can be found here:
https://mailchi.mp/trillionenergy/trillions-sasb-seismic-studies-update
TRILLION ENERGY ANNOUNCES CHANGES TO BOARD OF DIRECTORS
December 5, 2023 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) announces that, subject to regulatory approval, Jay Park KC has been appointed to the board of directors of the Company. Mr. Park is a renowned energy lawyer with a particular focus on upstream oil and gas transactions. He has worked on energy projects in more than fifty countries, including Turkey. He has advised international energy companies, including oil and gas explorers, producers, marketers, pipeline companies, state oil companies, governments, banks and multilateral agencies such as the World Bank. Mr. Park was formerly CEO (April 2018- September 2020) and then Chairman (September 2020-January 2022) of ReconAfrica (TSXV: RECO) exploring for oil & gas in Namibia and Botswana. During this period ReconAfrica was twice named to the TSX Venture 50 and was the top performing 2021 TSX Venture 50 company from the energy sector. Mr. Park is currently Executive Chairman of MCF Energy Ltd. (TSX.V: MCF) exploring for gas in Europe.
"The petroleum regime of Turkiye is designed to strongly encourage oil & gas exploration, development and production. So, I am excited to join Trillion to participate in the growing opportunities and success in developing these important resources," said Jay Park KC.
Trillion also announces the resignation and retirement of Dr. Barry Wood from its board of directors. Dr. Wood has served Trillion well with his extensive international geological experience and research in reservoir formation, and knowledge formed over decades of exploration across Asia and Africa. The directors and management of Trillion extend their deepest gratitude to Dr. Wood for his contributions to the Company and wish him all the best in his retirement.
Discounted & Misunderstood Story Creates Deep Value Setup
SPECULATIVE BUY - C$0.75 Target Price
High-Level View: Trillion is a Tu¨rkiye-focused producer, with its main development asset being the South Akcakoca Sub-Basin (“SASB”) offshore Black Sea gas field, and a potentially high impact oil exploration opportunity in the southeast part of the country in the Cudi-Gabar region. The team is led by seasoned oilman, Dr. Arthur Halleran, who has over 40 years of experience across various countries and was a founder of Colombia producer Canacol Energy (CNE-TSX, NR). Overall, we believe that if the team can deliver on volumes at SASB, which have been challenged but resolutions are being implemented, the stock will look deeply discounted on valuation with substantial upside for potential for investors today.
Trillion has successfully drilled five new wells and one recompletion well in the SASB field with 100% success rate. As the wells came onstream in Q223, volumes in the field increased by 42% from 5.74 MMcf/d in Q123 to 8.16 MMcf/d in Q223 (100% WI). That said, the Company faced substantial production constraints on two new wells which resulted in volumes being below near-term expectations.
Trillion kicked off a resolution program in Q323 to resolve these issues, which had nothing to do with the rock but with water loading being an issue in the new wells in the Akcakoca field. This resulted in a successful update on October 30, with production increasing to 14.4 MMcf/d (7.056 MMcf/d net to TCF) on a temporary basis, and the Company is looking at installing pumping to get production from the initial six wells to ~15 MMcf/d (gross – expected in Q124). We saw this as a solid update but due to unforeseen challenges at a institution likely involved with the stock, TCF was under substantial undue pressure.
2024. Given the current valuation in the stock, we see this potential as a free option. producers and Trillion can earn-in a 50% WI in three blocks with drilling expected to start in southeast Tu¨rkiye. The Cudi-Gabar region has seen successful exploration results by other Outside of SASB, the Company secured a farm-in opportunity for oil exploration in
Company Thesis: With the recent equity raise of C$10.8M (Echelon led financing), we believe commentary about funding and the 2024 capital program misplaced. Trillion has flexibility on the program, mainly from how many exploration wells at Cudi-Gabar (we are currently forecasting one well in 2024) On our 2024 forecast on strip pricing, we see funds flow of $30.1M and with the raise, we believe the Company is in solid position to execute on a forecasted $29M capital program. That said, we do believe that continued success on rampingup production from the current wells will be key to making this funding go around but given the recent success we believe management is on track to deliver.
Valuation: Given the issues around Q223 production and the market anomaly impacting the stock in late October, Trillion has given a lot back in valuation. Currently, we see a great riskreward setup in TCF, with our 2024 valuation standing at 1.3x EV/DACF and a substantial discount to our 2P NAVPS of C$2.24. With that, we are initiating on Trillion with a Speculative Buy rating and C$0.75 price target for a 159% return potential based on a 2.5x 2024 target multiple. We highlight key milestones that would support a more aggressive PT range of $0.95-$1.25 on page 5. Given that we have already seen some success on the SASB turnaround, we believe that hitting 15 MMcf/d at SASB and solid Q124 on volumes will be a key catalyst for the market, and if successful, we believe that TCF will recoup that valuation deterioration over H223.
To view the full coverage on Trillion Energy, click the button below:
https://mcusercontent.com/5e269838a16742a97c90596c2/files/ea742003-22e9-0c15-20e0-590e5bf36c28/tcf11282023.01.pdf
I like that.
I'm sticking with Trillion through this bear market. I think the company is going through some tough times with the NG price, although the USA us much cheaper than Europe. I think the energy crisis there will last and the pain is yet to hit them. That, plus any potential oil discovery should be what Trillion needs for a large exit or to get some respect from markets.
Insiders bought $164,499.90 which is 1-1/2% of the new shares.
Insiders bought $164,499.90 which is 1-1/2% of the new shares.
TRILLION ENERGY ANNOUNCES CLOSING OF $10.8 MILLION MARKETED PUBLIC OFFERING
November 28, 2023 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that, further to the Company's press releases dated November 9, 2023 and November 10, 2023, it has closed its previously announced best efforts marketed public offering of common shares (the "Offering"). Pursuant to the Offering, the Company issued and sold a total of 36,057,934 common shares ("Common Shares") at a price of $0.30 per Common Share for gross proceeds of approximately $10,817,380, including the partial exercise of the over-allotment option. The Offering was conducted pursuant to an agency agreement with Echelon Wealth Partners Inc. (the "Agent") as sole agent and bookrunner.
The net proceeds from the Offering will be used to fund a portion of the Company’s 2023-2024 capital programs, the payment of certain accounts payable related to the drilling at SASB, repayment of loans, and for general working capital purposes.
The Company filed a final short form prospectus (the "Prospectus") in all provinces of Canada, except Québec, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions to qualify for distribution the Common Shares offered pursuant to the Offering. Copies of the Prospectus and documents incorporated by reference therein are available electronically on SEDAR+ (www.sedarplus.ca).
Certain insiders of the Company participated in the Offering and subscribed for an aggregate of 548,333 shares for gross proceeds of $164,499.90 (the “Insider Subscriptions”). The Insider Subscriptions constitute “related party transactions” within the meaning of Multilateral Instrument 61-101 –Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, for the insider participation in the Offering, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The Corporation did not file a material change report more than 21 days before the closing of the Offering as required by MI 61-101 as the details of the participation by the insiders in the Offering were settled only recently.
Art Halleran CEO stated:
“We are pleased to have successfully closed our financing and would like to express our appreciation to the markets and our supportive shareholders. Our focus now will be on producing positive results in our production focused operations over the short term to create long-term value for shareholders.”
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
TRILLION ENERGY PROVIDES OPERATIONAL UPDATE
November 27, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”)(CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an operational update for the SASB gas field. The Company is holding a workshop in Ankara, Turkey between December 4 and 8th the subject being boosting production from its existing six wells as well as the 2024 work program planning.
The Company has received a report from Frontier Project Solutions, a Calgary based engineering company founded in 1977, to assist in facilitating artificial lift solutions to curtail water loading issues. Frontier has over 50 years of hands-on experience with well pumps, how to install them and where to procure these items in a fast and timely manner. Initially 2 to 3 different artificial lift solutions will be implemented starting with the Akcakoca platform.
2024 Work Program Updates
The next phase of SASB development includes bringing on production from 5 additional wells next year bringing the total producing wells to 11, targeting gas reserves in existing wells on the three tripods. Preliminary indications suggest that at least two of the future sidetrack wells would benefit from artificial lift and may not have to be re-drilled. Artificial lift would result in an 85% cost savings over redrilling representing a savings net to Company of about US$4 million per well. The other proposed sidetracks are also being evaluated for cost savings.
In addition to SASB, the Company receives about US $300,000 per month from the Cendere oil field.
Nice, some bills will be paid and aggressive development can forge ahead. Hydro carbon prices are expected to remain high throughout 2024. PPS should return to levels seen before this dumping from the Canadian hedge fund fraudster. Looks like his days came to an abrupt close.
Glad to see you read Mises. Smart man.
TRILLION ENERGY ANNOUNCES $10 MILLION MARKETED PUBLIC OFFERING
November 9, 2023 - Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) (FSE: Z62) ("Trillion", or the "Company") is pleased to announce that it has filed a preliminary short form prospectus with the securities commissions or similar regulatory authorities in each of the provinces of Canada, other than Quebec (the "Canadian Jurisdictions"), in connection with a best efforts marketed public offering (the "Offering") of common shares (the "Common Shares") of the Company for gross proceeds of up to $10 million. In connection with the Offering, the Company intends to provide a president's list of purchasers for up to $3 million (the "President's List").
The Offering will be conducted by Echelon Wealth Partners Inc. ("Echelon") as lead agent and sole bookrunner, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the Canadian Securities Exchange (the "CSE").
The Offering will be completed (i) by way of a short form prospectus to be filed in the Canadian Jurisdictions; and (ii) on a private placement basis in the United States pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"); and (iii) outside Canada and the United States on a basis which does not require the qualification or registration of any of the Company's securities under domestic or foreign securities laws.
Trillion intends to use the net proceeds from the Offering to fund its 2023-2024 capital program, the payment of certain accounts payable related to the drilling at SASB, and for general working capital purposes.
The Offering is expected to close on or about November 24, 2023, or such other date as the Company and Echelon may agree.
The ultimate size and price of the Offering will be determined in the context of the market.
The Company has granted Echelon an option to purchase up to an additional 15% of the Common Shares sold under the Offering, at the Issue Price. The Over-Allotment Option may be exercised in whole or in part to purchase Common Shares as determined by Echelon upon written notice to the Company at any time up to 30 days following the closing date of the Offering (the "Over-Allotment Option").
The preliminary short form prospectus is available on SEDAR+ at www.sedarplus.ca.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Existing shareholders who would like to participate are encouraged to contact the company at info@trillionenergy.com with indications of interest.
LAST BID was 33
then it was halted...................maybe had to circle the wagons .....fearing an attack by Indians
der I vas surrounded by da Cherrokeeses indianz, vat a poor guy, beink US guy
This is incredible. I assumed the drop was due to Erdogan's statements about Israel/Palestine since it was during the same week last week.
reason for recent dump was a bankrupt fund!
not complaining about bought shares at MC = 7x monthly rev.. talk about cheap
https://www.bnnbloomberg.ca/hedge-fund-executive-s-sudden-death-exposes-a-firm-deep-in-trouble-1.1993169.amp.html" rel="nofollow" target="_blank" >https://www.bnnbloomberg.ca/hedge-fund-executive-s-sudden-death-exposes-a-firm-deep-in-trouble-1.1993169.amp.html
https://finance.yahoo.com/news/hedge-fund-executive-sudden-death-153055194.html" rel="nofollow" target="_blank" > https://finance.yahoo.com/news/hedge-fund-executive-sudden-death-153055194.html
Trillion Energy may help offset Turkey's inflation https://mises.org/wire/turkey-sustaining-major-inflation-something-has-give
That's a solid 8+years out for that pipe dream.
Germany wants a dozen too. LOL
Uranium will be the next Nat gas play maybe in the next 15-20 years.
And there is a new fuel out that you can hold in your hand without getting burned. They look like silver base balls. Totally safe till you introduce them to some other metal and then you got unlimited heat.
Oak ridge has it.
Oh well. Some do work, some don't. It is what it is. Tomorrow is always new. And Uranus will go nuts as natgas/ World is changing.
IMO
https://twitter.com/SStapczynski/status/1719324947720614055
Eight Capital with a BUY - C$4.00 Target Price
TCF announced results from its first two of three well perforations. We view the update as positive on production rates tracking to meet the company's exit 2023 production guidance of 7.5 MMcf/d and is currently in-line with our Q4/23 production estimate of 7.1 MMcf/d. However, we believe the positive news is slightly offset by the company having to deal with handling pressure across the field which is causing delays to the perforations at Guluc-2. We look forward to a future update with all three wells flowing from the re-perforated zones.
Production is ramping and tracking guidance: two of the total three planned well perforations have been commenced or completed at Guluc-2 and West Akcakoca-2 which has increased SASB field production to 7.1 MMcf/d, net to TCF, which is tracking to meet the company's exit 2023 guidance of 7.5 MMcf/d and is already in-line with our Q4/23 production estimate of 7.1 MMcf/d. We note that the company has one more perforation to start at Akcakoca-3 and is working to fully complete perforations at Guluc-2 and West Akcakoca-2. TCF is expecting to receive more information on stabilized production rates in the coming week as the perforation program is completed.
Highlights of the program to-date:
Guluc-2: The company perforated the top three "C" sands, which resulted in pressure increasing to 1,735 psi and caused the company to delay perforating the "B", "A" and "AA" sands until the West Akcakoca-2 perforations are fully completed. The perforation program at Guluc-2 will target 30 meters of gas pay over five sand intervals.
West Akcakoca-2: The company has perforated the "A" and "B" sands, totaling 6 meters of gas pay, causing pressure to increase to 1,742 psi, and the perforation of two additional zones is ongoing.
Akcakoca-3: This is the final well to be perforated, with TCF targeting the "C" and "E" sands, which will allow for an additional 19 meters of gas pay to be produced.
Finally, TCF has recently installed a new compressor at the Cayagzi gas field to reduce back pressure from the field into the gas processing plant. Installation of well pumps and reduced tubing sizes will come at a later date.
Our price target reflects a 50/50 blend of 5.0x EV/2024E DACFs and 1x our risked NAVPS of C$3.15 which factors in a 60% chance of success in development. Risks to our price target include foreign currency exchange risk, commodity pricing, single asset concentration and political/economic risk within Türkiye.
To view the full coverage on Trillion Energy, click the button below:
https://mcusercontent.com/5e269838a16742a97c90596c2/files/b5f8eddd-1f14-bf24-6837-748a76262cf1/TCF103023.pdf
Could yesterday's news release be the inflection point for this company?
Their 6 wells tested 30 mmcfd but had many water and pressure problems that forced them to pause their gas drilling program and focus on oil explo.
They seem to be fixing production with ESPs and compressors now. Currently at 7 mmcfd from 2 wells. Hopefully 10 mmcfd from 3 wells at the end of the week.
Currently getting $12.33 usd/mcf means 32 million usd revenue on a 20 million market cap!
Tell ya what, he barely squeaked by last time. I think the guy is political road kill in the next election.
Your so right. Tough talk to please the hate. And the hate distracts from them no longer being relevant on the World stage.
Erdogan has to talk tough guy against Israel to avoid retribution by Iran.
Nevertheless it scares the bejesus out of weak knees.
Crisis investors, now is your chance.
TRILLION ENERGY ANNOUNCES SASB WELL PERFORATION RESULTS
9:00 am ET October 30, 2023 (Globe Newswire) Print
Perforation program ups SASB gas field production rates to 14.4 MMcf/d (100% interest)GlobeNewswireOctober 30, 2023
Vancouver, B.C., Oct. 30, 2023 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion" or the "Company") (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleases to provide an update on its three well perforation program at the SASB gas field previously announced on September 25.
So far, two out of the three well operations have now been commenced or successfully completed. As a result, total combined production at SASB is currently 14.4 MMcf/d (100%) - 7,056 MMCF/d net to Trillion into the gas sales pipeline.
More information on stabilized production rates are expected during the week as perforations are currently ongoing in the West Akcakoca well and yet to commence in the Akcakoca-3 well. The work program is expected to be completed later this week.
Natural gas sale prices received by Trillion for October are USD $12.33/mcf (CAD $17.14). November gas prices are expected to be set over the next few days by the government regulator BOTAS. Trillion pays operating costs of $90,000 per month for SASB and a 12.5% royalty on gas sales.
Technical Details of the Three Well Perforation Program
Guluc-2 -The perforation program includes a total of 30 metres of gas pay in five separate sands. On October 25th the top two "C" sands at 3,665 - 3,674.5 metres MD (measured depth) were perforated (14.65 metres TVT (true vertical thickness) of gas pay) causing gas pressure to increase to 1,140 psi. On October 26th the top 3 metres (8.46 metres TVT) of the "C" sands 3,644 - 3,654 metres were perforated causing gas pressure increase to 1,735 psi. Due to the high pressure, a decision was made to delay perforation of the final pay zones in Guluc-2 totaling 12.3 metres in the "B", "A" and "AA" gas sands until after the West Akcakoca-2 perforations to allow production to stabilize first.
West Akcakoca-2 - On October 28th sands "B" and "A" were perforated totaling 6 metres of gas pay causing pressure to increase to 1,742 psi. Perforation of two additional zones is ongoing.
Akcakoca-3 will be the final well to be perforated in the "C" and the "E" sands for an additional 19 metres of gas pay.
Trillion has recently installed a new compressor at the Cayagzi gas field to reduce back pressure from the field into the gas processing plant. Installation of well pumps and reduced tubing sizes will come at a later date.
Arthur Halleran CEO stated:
"We are pleased with the results of our ongoing perforation program at SASB which is about half-way completed at this time. We are well on our way to following through with our work program and hitting the production targets as set out in our September 25 news release this year. The current program is just the beginning, we will continue to work on increasing gas production at SASB until we are satisfied with the results"
About the Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Turkiye with natural gas assets in Turkiye. The Company is 49% owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a 50% interest in 3 high impact oil exploration blocks in S.E. Turkiye. More information may be found on www.sedar.com, and our website.
Contact
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company's filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and updated January 31 2023.
Turkey is trying to broker peace, but they have a Hardon for the Jews and will ultimately kill them.
Stay neutral and take the high road.
But they won't and will throw Turkey into a no win situation.
political risk ain't helping this one too.
Everyone knows it's now a time suck.
11 wells by 2024 was a kick in my nut sack.
I don't want to go onshore and speculate on some oil fields.
I wanted that gas.
Maybe if gas continues to rise things will change.
Wow, it's getting rough out here. Just about at lottery ticket levels.
Very sad Art. I wanted to be selling this to buy more TELL about now.
I took the loss on turning in UrAnus and just scored more TELL at its bargain prices.
This has turned into a long term play. A time suck for the next year. Both are still a good play.
Nat gas goes up, both have that revenue
Cash Flow by end of 2023? which is nearly upon us.
Trillion Energy International to present at the Virtual Investor Conference this Thursday 10/19/2023 11:30AM - 12:00PM EST
Registration is free and you can watch recordings of the presentation if you cannot attend live. You can submit questions ahead of time or in real-time during the presentation. You can even schedule meetings with the companies presenting. I'm hoping to make it live and ask questions, but if I cannot attend live I am hoping some tough questions are asked.
https://www.virtualinvestorconferences.com/events/event-details/oil-gas-virtual-investor-conference-0
As weather turns colder, Germany gets a political wakeup call.
A recent CHRONICLES magazine article briefly touches on the point that 10% of Germans support a shift to the Right and away from the EU green nonsense.
Oil is down gas is up over last week.
Give it till the end of October. Germany will bend the knee first.
75-50 degrees in Germany. It's still very welcoming nice.
https://tradingeconomics.com/commodities
I think Art got squeezed in the low gas prices and had to dry dick the rig. I get what he's doing, I don't like the new time line.
I love the R/S. Low floats are powerful if he can resist dilution. He dies then.
We have revenue