Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Trillion Energy's West Akcakoca Well Enters Production
The West Akcakoca-1 Successfully Tested at 5.9 MMcf/day
March 28, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce flow test results for the West Akcakoca-1 natural gas well at the SASB gas field, offshore Turkey.
The West Akcakoca well two lower “D” sands with a combined total of 7 metres of natural gas pay were perforated on March 24, 2023. These two zones were flow tested at a rate of 5.9 MMcf/day. Shut-in pressure was 1620 psi. The well will now enter long-term production. 48 metres of gas pay remains to be perforated in the future and will ensure a long-term production horizon for the well.
On March 24th, the Uranus Rig was skidded over to the Guluc-2 well. Preparations are currently being made to perforate the gas bearing zones to put the well into production, which is expected in a matter of days.
Arthur Halleran, CEO of Trillion, stated:
“We are very pleased that our gas production is expected to double with two additional wells entering production for April 2023 for a total of four new producing wells from our SASB development program. Since drilling program commenced last year, we have successfully drilled and produced from four out of four targets. Results to date demonstrate the long reach directional technology being used to revitalize the SASB gas field is working well. Now is just the beginning of our planned development; many more wells are to come.”
Analysis from Simply Wall St...
https://simplywall.st/stocks/ca/energy/cse-tcf/trillion-energy-international-shares/news/were-not-very-worried-about-trillion-energy-internationals-c
We're Not Very Worried About Trillion Energy International's (CSE:TCF) Cash Burn Rate
By: Simply Wall St Published March 21, 2023
We can readily understand why investors are attracted to unprofitable companies. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.
So should Trillion Energy International (CSE:TCF) shareholders be worried about its cash burn? In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
Check out our latest analysis for Trillion Energy International
How Long Is Trillion Energy International's Cash Runway?
You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. As at September 2022, Trillion Energy International had cash of US$12m and such minimal debt that we can ignore it for the purposes of this analysis. Looking at the last year, the company burnt through US$20m. So it had a cash runway of approximately 7 months from September 2022. Importantly, though, the one analyst we see covering the stock thinks that Trillion Energy International will reach cashflow breakeven before then. In that case, it may never reach the end of its cash runway. Depicted below, you can see how its cash holdings have changed over time.
How Well Is Trillion Energy International Growing?
One thing for shareholders to keep front in mind is that Trillion Energy International increased its cash burn by 1,090% in the last twelve months. But the silver lining is that operating revenue increased by 22% in that time. Considering both these metrics, we're a little concerned about how the company is developing. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
How Easily Can Trillion Energy International Raise Cash?
Since Trillion Energy International has been boosting its cash burn, the market will likely be considering how it can raise more cash if need be. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
Since it has a market capitalisation of US$114m, Trillion Energy International's US$20m in cash burn equates to about 17% of its market value. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.
So, Should We Worry About Trillion Energy International's Cash Burn?
Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Trillion Energy International's revenue growth was relatively promising. It's clearly very positive to see that at least one analyst is forecasting the company will break even fairly soon. While we're the kind of investors who are always a bit concerned about the risks involved with cash burning companies, the metrics we have discussed in this article leave us relatively comfortable about Trillion Energy International's situation. Separately, we looked at different risks affecting the company and spotted 3 warning signs for Trillion Energy International (of which 1 is potentially serious!) you should know about.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Valuation is complex, but we're helping make it simple.
Find out whether Trillion Energy International is potentially over or undervalued by checking out our comprehensive analysis, which includes fair value estimates, risks and warnings, dividends, insider transactions and financial health.
https://simplywall.st/stocks/ca/energy/cse-tcf/trillion-energy-international-shares/valuation
That’s what a SELL signal looks like!
WEEKLY DRILLING REPORT MARCH 23, 2023
WELL: West Akcakoca-1
Days since move: 36
Progress: 0 metres
Measured Depth: 3839 metres
Week Summary:
7” casing liner cemented
Clean wellbore for packer and completion
Lay down drill pipes
Run cement log
Run completion string and set production packer
Nipple down BOP and nipple up Christmas tree (wellhead system)
Dummy run prior to perforations (without explosives)
Further Activities:
Perforate and test West Akaçakoca-1 well.
Skid back over to Guluc 2 to perforate, test and turn over to production
Gas revenue generated from South Akcakoca-2 and Akcakoca-3 for February amounted to US$1.9 million, which was received on March 20th. Gas flow is set to double once West Akçakoca-1 and Guluc-2 commence production next week.
Trillion Energy Announces 2022 Year-End Reserve Report
2P reserves increase from 20.1 Bcf to 48.6 Bcf* while NPV10% * increased to US $431.5 Million
March 23, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide summary results of its third-party December 31, 2022 year-end reserve report.
Reserve Report Highlights
Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to USD $432 million* net to Trillion, up from USD $82 million* (2021), a 426% YoY increase. The US $432 million NPV 10 value represents USD $1.12 per common share**
Proved and probable conventional natural gas reserves (P2) increased to 48.6 BCF* up from 20.1 BCF (2021), an increase of 141% YoY
Net present value of Proved Reserves (P1 - NPV10) increased to US $123.8* million from US$ 40.4* million (2021) a 206% increase YoY
Net present value of proved, probable and possible reserves (P3) NPV10 * increased to USD $731 million net to Trillion, up from USD $137 million (2021), an increase of 433% and USD $1.90/ common share net present value**
Proved and probable oil reserves (2P) of 288,000 barrels of oil (boe) having an NPV10% of US$5.2 million relating to the Cendere oil field
Net present value of P1 oil reserves NPV10 increased to US$4.3 Million compared to prior year of US$4.2 Million (2021)
*Trillion’s 49% interest before income tax and royalty **basic common shares
Arthur Halleran, CEO of Trillion, stated:
“We are very pleased that our 2022 exploration and development efforts have paid off resulting in very substantial increases in reserves and values during the year. It is our plan to realize the reserves value through a development program extending throughout 2023 and beyond. We expect that our 2023 drilling program will further increase our reserves and cash flows. Our reserves values represent a substantial intrinsic value to shareholders.”
Analyst Report:
Tales from the Road: Marketing with Trillion Energy
We took TCF on the road for an in-person marketing tour, and this is what we learned:
1) Investors are largely keen to see an acceleration of growth: TCF was able to demonstrate the optionality that comes with the free cash flow generation from its current portfolio of reserves and resources that can be put towards on-block and off- block exploration (Figures 1 & 2).
Unto this, TCF generates US$12 million and US$71 million of FCF in 2023 and 2024 that we believe can be put towards developing this exploration upside.
Acceleration can be achieved by: 1) adding a second rig to the drilling program to accelerate the reserve and resource development plus on-block exploration, which can take 6 - 9 months to secure and start drilling and 2) putting cash towards obtaining off-block licenses and shooting/interpreting seismic to delineate future prospects. We estimate this optionality opens up when the company reaches eight wells on production with Q4/23 as the cash inflection point with an estimated balance of US$18 million.
2) TCF's current 24 well drilling program is targeting 64 Bcf of reserves and prospective resources with line-of-sight to another 29 Bcf of recoverable resources with on-block exploration (Figures 3 & 4).
On our EC price deck, we estimate an un-risked NAV12.5 of almost C$490 million with the 24 well development program. We see this increasing to roughly C$680 million when factoring in the upside from the 29 Bcf of on-block exploration.
The on-block exploration can be targeted with existing infrastructure. This is key, as all capex goes to the drill bit.
3) Off-block exploration offers an "elephant hunting" opportunity for TCF: Discoveries in the western Black Sea imply that there is enough gas charged rock for big opportunities. TCF believes there are 100 - 300 Bcf sized opportunities in the shallow water regions.
4) The SASB has stacked pay: Once a well has declined to a certain production level, TCF can re-perforate a shallower zone, which kicks production back up at a flush rate similar to a new well. TCF management believes this will only cost US$500,000 and keeps production flat for longer (Figure 6).
5) Not only did Guluc-2 prove there is reserves upside, but it also validates TCF's development program with the use of long reach horizontals (Figure 7).
6) The SASB had US$600 million of infrastructure constructed on it, and TCF purchased the asset for US$2.5 million through a bankruptcy procedure. We think this is a company making deal and point to the success that SDE (BUY; C$27.00 PT; Analyst: Phil Skolnick) was able to achieve through buying a distressed company (Bellatrix) with already built-out infrastructure (Figures 8 & 9).
7) Overall sentiment is that TCF is caught up in natural gas bearishness while at 1.8 MBOE/d, it is generating the same amount of cash as an 11 MBOE/d producer using the average cash netback of C$19.25/BOE within North American gas weighted E&Ps (Figures 10 & 11).
To view the full coverage on Trillion Energy, click the button below:
https://mcusercontent.com/5e269838a16742a97c90596c2/files/b8d527dd-f5c3-edd9-11cd-4816dadeb403/TCF031623.pdf
WEEKLY DRILLING REPORT MARCH 16, 2023
WELL: West Akcakoca-1
Days since move: 29
Progress: 115 metres
Measured Depth: 3839 metres
Week Summary:
Drill 8 ½” x 9” hole to 3839 TD
Evaluated the Logging while drilling data to define gas pay
Prepare the borehole to receive the 7” casing and hangers
Run in and cement 7” casing and WOC (wait on cement)
Clean wellbore and prepare for completion string
Petrophysical analysis completed to pick perforation intervals.
Further Activities:
Run in completion string, set packer, perforate, test and turn over to production
Skid back over to Guluc 2 to perforate, test and turn over to production
55 metres of gas pay: upward surprise, which makes two now as Guluc 2 had 73 metres of gas pay, which gives a combined total for the two wells of 128 metres of gas pay.
The Oil & Gas Virtual Investor Conference Agenda March 16th just wrapped up.
Scott Lower, VP Business Development was Trillion's presenter.
Available to replay for 24 hours https://www.virtualinvestorconferences.com/events/event-details/oil-gas-virtual-investor-conference
My notes:
* Mr. Lower did a nice job with an updated corporate summary. He said this presentation will be updated on Trillion's website soon.
* The conference allowed attendees to submit questions, which Scott was able to provide answers to all submitted questions. I submitted 3 questions...
* Q: When will Trillion release a quarterly financial report? A: May 2023 will have an audit released. Quarterly financial report for the period of January 1st - March 31st 2023 will be released in May 2023.
* Q: How much debt does Trillion currently have? A: $1.4 million (in USD), per Mr. Lower this is considered low among the industry.
* Q: What is the lifespan of the wells? A: 10-14 years of production, with approximately 50% of production occurring in the first 3 years.
There were other questions that you can see answered during the 24 hour replay window. I recommend anyone who is serious about TRLEF to check this out, it's only 30 minutes and nice to see the company field questions from the public in real time. Other questions pertained to licensing, Cendere, acquisitions, and exploration.
Good luck to all!
Trillion Energy Corporation (TRLEF) to present at the Oil & Gas Virtual Investor Conference Agenda March 16th
Company Executives Share Vision and Answer Questions Live.
Trillion to present at 3:30pm EST
NEW YORK, March 14, 2023 (GLOBE NEWSWIRE) -- Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the Oil & Gas Virtual Investor Conference to be held March 16th. Individual investors, institutional investors, advisors, and analysts are invited to attend.
REGISTER NOW AT: https://bit.ly/3T2w9qU
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations and schedule 1x1 meetings with management.
“OTC Markets is looking forward to hosting the Oil & Gas Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “We’re pleased to provide a platform that allows issuers to reach a broader investor base.
3:30 PM Trillion Energy International Inc. OTCQB: TRLEF | CSE: TCF
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
https://www.globenewswire.com/news-release/2023/03/14/2626658/0/en/Oil-Gas-Virtual-Investor-Conference-Agenda-Announced-for-March-16th.html
Very short couple of statements from Art Halleran, CEO of Trillion Energy Corp.
https://themarketherald.ca/trillion-energy-csetcf-discovers-55-metres-of-potential-gas-pay-at-the-sasb-field-2023-03-14/
My takeaway... good news regarding South Ak-1 and Guluc-2 as they should both be producing by month end. However, I wish Art would talk about company financials or when we can expect the next financial release. I’m expecting to see him on the Financial Survival Network and Mining Stock Education podcasts regularly about every 1-2 months but I haven’t heard them inquire about financials. If/when they do make financials public that is my pivot point from speculator to investor... c’mon Art, I want to go big here!
Trillion Energy Discovers 55+ Metres Of Potential Gas Pay In West Akcakoca 1 Well At SASB Gas Field
West Akcakoca 1 is now successfully drilled to total depth with 55+ metres of potential gas pay identified
March 14, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the preliminary gas indications from the West Akcakoca 1 well, the fourth well in our multi-well program at the SASB gas field, Black Sea, Turkiye.
On March 10, West Akcakoca 1 reached 3,839 metres total measured depth (TMD) and true vertical depth (TVD) of 1,677 meters. During the drilling, an abundance of gas pay was discovered. Our analysis of logging while drilling (LWD) data suggests 55 metres of potential natural gas pay within 6 sands in the Akcakoca member (SASB production zone).
The logging while drilling data is consistent with the initial mud show results. The 7” production casing will be run in and cemented this week. The initial perforation intervals are currently being selected to bring the well into production. Completion and flow testing will occur once the well is perforated, with revenue being generated prior to month end.
After completion of the West Akcakoca 1 well, the rig will be skidded back to the Guluc-2 well for completion. The Guluc-2 well is scheduled to be put onto production by the end of March.
Arthur Halleran, CEO of Trillion, stated:
“That is 4 for 4 success at SASB, as Trillion successfully executes its gas development program at SASB. We eagerly await the gas flow rates and plan to put the wells into production, end of this month. As South Akcakoca 2, Guluc 2 and West Akcakoca 1 wells targeted resource prospects, not reserves, Trillion has significantly increased the proved reserves through the drilling program to date. We expect to release our updated reserve report by the end of the month.”
TRLEF is economical at $8, according to our CEO so I’m stoked with $17.
Look at American natural gas, absolute nose dive. UNG has tanked.
Maybe more downside room for all natural gas economies, but I think there will be a point this year where that will be in the rear view mirror. Also I think come Q3 this year will will have a return of the energy crisis narrative in Europe and by the, TRLEF should have 8-10 wells producing.
WEEKLY DRILLING REPORT MARCH 10, 2023
WELL: West Akcakoca-1
Days since move: 23
Progress: 587 metres
Measured Depth: 3724 metres
Week Summary:
Drill 8 ½” x 9” hole to 3724
Further Activities:
Drill 8 ½” x 9” hole to TD of about 3820 metres (finished by Friday)
Evaluate the gas readings in the mud logging
Run in and cement 7” casing
Clean borehole, perforate, test and turn over to production
Skid back over to Guluc 2 to perforate, test and turn over to production
Well drilling activity is going as expected.
I think the industry won’t make much of a move until there’s some federal banking or decriminalizing. However, to be in this industry during a high interest rate era, I’m more than happy to have a company with zero debt. Debt will end companies as their terms mature.
UNG is down 13% here in the USA. Could today's selloff in TRLEF be due to people dumping NG plays due to the UNG? I know Turkey prices NG differently, but domestic prices might be getting investors scared?
Either way, I was able to take advantage of this dip with some sidelined cash. Already placed my next limit order in case she bleeds a couple more cents. I'm looking forward to this weekly update on Friday, and for the rest of this month!
I can't confirm anything on the progress report. I receive the weekly drilling reports and weekly "dispatch" from the company. You can sign up at their website for these emails. I copied verbatim what I received and there are no further details that I could find on their website. It sure does seem like a low number. There is potential for a typo in there where they missed a digit, but that is only speculation on my part. I've seen typos on these emails before. I would like to hear from Art or CFO on current financials, but this limited info is all we get. This afternoon should provide a weekly dispatch, but it will likely not contain more details on the current drilling.
WEEKLY DRILLING REPORT MARCH 3, 2023
WELL: West Akcakoca-1
Days since move: 16
Progress: 97 metres
Measured Depth: 3137 metres
Week Summary:
RIH 9 5/8” x 9 7/5” casing to 3137 metres (current TD)
Further Activities:
Cement intermediate string of casing and wait on cement
Drill 8 ½” x 9” hole to TD of about 3760 metres
Run in and cement 7” casing
Clean borehole, perforate, test and turn over to production
Skid back over to Guluc 2 to perforate, test and turn over to production
Well drilling activities are going as expected.
tough financial report out. -20% today. how much lower can this thing go before magino kicks off
Stumbled on this today. What made it get up to $6 last year? Has this since been diluted?
Can you hear the beeping? That’s my truck backing up to this slump in price. Going to load up a tranche in the next week or two before they are in production X4.
Hopefully they will release financials in the next 1-2 quarters with strong guidance for the year+
WEEKLY DRILLING REPORT FEBRUARY 24, 2023
WELL: West Akcakoca-1
Days since move: 9
Progress: 1990 metres
Measured Depth: 3040 metres
Week Summary:
Drill 12 ¼” x 13” hole to 3040 metres
Further Activities:
Drill 12 ¼” x 13” hole to 3160 metres depth
Run in and cement intermediate string of casing and wait on cement
Drill 8 ½” x 9” hole to TD of about 3760 metres
Run in and cement 7” casing
Clean borehole, perforate, test and turn over to production
Skid back over to Guluc 2 to perforate, test and turn over to production
JANUARY REVENUE CHECK for about $2.6 Million US was received about February 20th – this is for the gas production for Akcakoca 3 and South Akcakoca 2 during the month of January 2023.
I spoke too soon! Art is on with Kerry Lutz’s Financial Survival Network podcast for a sponsor update.
Here is the podcast show notes:
We were joined by Trillion Energy’s (TCF ????: TRLEF ????: Z62 ????) CEO Arthur Halleran for a sponsor update. First, Art dispelled all concerns of a possible equity raise. He explained that the ongoing drill program well-funded, with materials and consumables for the first 7 wells currently being warehoused at their onshore facility. The company has ample cash on hand, and as additional wells come on-stream, cash flow will only increase. They received a $6.9 million cash call from their partner and another $7 million is expected in March. Art emphasized that he is not looking to dilute his shareholdings any further.
To date, Trillion has drilled 4 wells to completion. Two are producing, and the other two are awaiting equipment to finish perforation and production. The equipment has been delayed slightly due to the recent earthquake. Art explains, this is nothing out of the ordinary. When you’re drilling in water, logistics issues always arise. One of these wells is quite prolific, with 73 meters of measured pay. Once production ramps up, Art expects cash flow to double from its present level.
He had more good news; SASB reserves are going up substantially. As the company drills more wells and produces ever more gas, reserves are soaring. Trillion’s reserve valuation, a net present value basis, is way higher. And the increase will continue as more wells come on-stream, at least 13 for 2023 and even more for 2024. With more wells, comes more cash flow. At some point, the market will make a startling discovery that Trillion is selling at a huge discount. Once perception equals reality, shareholders like us will see huge returns on their investment.
I’ve been under the impression that Art did regular monthly interviews on Financial Survival and Mining Stock Education podcasts. I haven’t heard him there in a while which is the main source of info directly from the ceo, since TRLEF does not like releasing financials. Come back Art we’re chomping at the bit to hear about your financials!’
WEEKLY DRILLING REPORT FEBRUARY 17, 2023
WELL: West Akcakoca-1
Days since move: 3
Progress: 48 metres
Measured Depth: 1050 metres
Week Summary:
RIH completion string in Guluc 2 with 3 well tractors; however, progress not statifactory
Call in the other 2 wells tractors by airfreight but had to be trucked in so about a week.
Skid RIG to West Akcakoca 1 so to avoid the RIG being idle.
Test and drill out shoe at bottom of the surface conductor at 1008 metres depth
Drill to 1050 metres
Further Activities:
Drill well to TD
Perforate and put on production.
Skid Rig to Guluc-2 and perforate and put on production.
Guluc-2 is a good well with lots of gas-bearing sands and is drilled to TD and is in a safe mode. The well was not perforated due to not being able to transport 2 UltraTrac well tractors by air freight due to the earthquake. The well tractors had to be sent by truck. Guluc 2 will be completed and put on production right after West Akcakoca 1 well is completed and put on production. Trillion and SASB not is no longer a one-well concern, we have 3 wells all drilled and 1 more soon to be finished. We have proved the model and are growing.
Trillion Energy is focused on natural gas production for Europe and Türkiye with natural gas assets in Türkiye and Bulgaria. 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.
Gold Royalty Declares First Quarter 2023 Dividend And Introduces A Dividend Reinvestment Plan
Vancouver, British Columbia – February 16, 2023 – Gold Royalty Corp. (NYSE American: GROY) ("Gold Royalty" or the "Company") is pleased to announce that its board of directors has declared the Company’s first quarter 2023 cash dividend of US$0.01 per common share and adopted a dividend reinvestment plan (the "DRIP").
First Quarter 2023 Dividend
The dividend will be paid on April 13, 2023 to shareholders of record as of the close of business on March 31, 2023.
The dividend qualifies as an "eligible" dividend as defined in the Income Tax Act (Canada). The dividend is subject to customary Canadian withholding tax for shareholders that are not resident in Canada. The Company's dividend program contemplates quarterly dividends, the declaration, timing, amount and payment of which will be subject to the discretion and approval of the board of directors of the Company based on relevant factors, including, among others, the Company’s financial condition and capital allocation plans.
Dividend Reinvestment Plan
The Company has adopted the DRIP commencing with its upcoming first quarter 2023 dividend. In order to be eligible to participate in first quarter 2023 dividend, enrollment must be completed by registered shareholders by 5:00 pm (Toronto time) on March 24, 2023. Beneficial shareholders will need to make arrangements through their brokers and/or nominees sufficiently in advance of such time.
The DRIP provides eligible shareholders of Gold Royalty with the opportunity to have all or a portion of the cash dividends declared on their common shares by the Company automatically reinvested into additional common shares, without paying brokerage commissions.
Participation in the DRIP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP.
The DRIP allows participating shareholders to reinvest some or all of their cash dividends into additional common shares. At the current time, the common shares will be issued under the DRIP at a 3% discount to the Average Market Price, as defined in the DRIP, without paying brokerage commissions.
The Company has the discretion to cause share issuances under the DRIP to be satisfied by issuing common shares from treasury or through purchases of common shares on the open market including the facilities of the NYSE American and will advise as such with each dividend declaration.
Participation in the DRIP
Participation in the DRIP is expected to be available to registered shareholders residing in (i) Canada;(ii) the United States, subject to the Company filing and the SEC declaring effective a registration statement in the United States; and (iii) all other jurisdictions where such participation is not prohibited under applicable law.
Registered Shareholders
Registered Shareholders may enroll in the DRIP by completing an enrollment form, which is available on the Company's website at http://www.goldroyalty.com/investors/dividends/ and following the instructions therein.
Beneficial Shareholders
Beneficial shareholders should contact their financial intermediary to seek enrollment. In order to participate in the DRIP, a beneficial shareholder must either:
arrange for their broker or other nominee to enroll in the DRIP on their behalf; or
transfer their common shares into their own name and enroll directly in the DRIP as a registered shareholder.
Due to administrative policies of The Depository Trust Company ("DTC"), in order to make an election under the DRIP, beneficial shareholders that hold their common shares through a DTC participant broker, will need to either cause their broker to withdraw their shares from DTC and deposit them with the Clearing and Depository Services, Inc.; or (ii) cause their broker to register such shares directly in the name of such beneficial shareholder. Such actions would need to be completed with sufficient time to deliver elections prior to applicable deadlines as set forth in the DRIP.
All shareholders considering enrollment in the DRIP should carefully review the terms of the DRIP, a copy of which is available at http://www.goldroyalty.com/investors/dividends/, and consult with their advisors as to the implications of enrollment in the DRIP.
This press release is not an offer to sell or a solicitation of an offer of securities. The Company intends to file a registration statement relating to the DRIP with the U.S. Securities and Exchange Commission, and, when filed, electronic copies may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at http://www.sec.gov or by contacting the Company using the contact information below.
Shareholders with any questions regarding the DRIP and the enrollment process may contact: info@goldroyalty.com.
About Gold Royalty Corp.
Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to invest in high-quality, sustainable, and responsible mining operations to build a diversified portfolio of precious metals royalty and streaming interests that generate superior long-term returns for our shareholders. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas.
Gold Royalty Corp.
Peter Behncke
Manager, Corporate Development & Investor Relations
Telephone: (833) 396-3066
Email: info@goldroyalty.com
Cautionary Statement on Forward-Looking Information:
Certain of the information contained in this news release constitutes 'forward-looking information' and ‘forward-looking statements’ within the meaning of applicable Canadian and U.S. securities laws ("forward-looking statements") which involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements respecting future dividends and implementation of the DRIP. Forward-looking statements are based upon certain assumptions and other important factors, including assumptions relating to commodities prices, the projects underlying the Company's royalty interests and the business of the Company. Forward-looking statements are subject to a number of risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements including, among others, risks related to the Company's ability to satisfy the conditions and covenants necessary to exercise the Accordion, and other factors set forth in the Company's Annual Report on Form 20-F for the year ended September 30, 2022 and its other publicly filed documents under its profiles at www.sedar.com and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Gold Royalty Corp.
+1 (833) 396-3066 | | info@goldroyalty.com | www.goldroyalty.com
For more information about Canada's Anti-Spam Legislation (CASL), visit the Government of Canada's Anti-Spam site: http://fightspam.gc.ca/eic/site/030.nsf/eng/home
You may withdraw your consent and unsubscribe at any time using this link Withdraw Consent
Art gives a quick update and says that West Akcakoca 1 will be 30 - 35 days until production. THEN, go back to finish Guluc-2.
My summation is that in theory no new wells online for the next month, but should have 2 new wells in production within a short order of each other about 35+ days from now.
https://themarketherald.ca/trillion-energy-commences-drilling-west-akcakoca-well-lateral-section-updates-on-perforation-of-guluc-2-well-2023-02-14/
0.5467% Held by Institutions as of today.
TRILLION ENERGY COMMENCES DRILLING WEST AKCAKOCA WELL LATERAL SECTION & UPDATES ON PERFORATION OF GULUC-2 WELL
Tools required for perforations of Guluc-2 well to be received later this week
February 14, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide a progress update on the Guluc 2 and West Akcakoca 1 wells at the SASB Gas field, Black Sea Turkiye.
Guluc-2 is the third well in our multi-well program, which reached total depth (TD) on Jan 31 as previously announced in our February 2 news release. We initially anticipated perforation and flow testing last week; however, completion has been temporarily delayed while we await delivery of well tools to allow the perforation guns to be properly conveyed and positioned into the well. Shipping issues due to the earthquakes caused delays in receiving certain tools, but we are expecting to receive the tools later this week.
To avoid the rig standing idle waiting for tools, it has been skidded to the West Akcakcoa-1 well (“WA-1”) (to which 1008 metres of surface hole was previously drilled late in 2022) which will now be drilled to TD. After drilling of WA-1 is complete, both WA-1 and Guluc-2 wells will be perforated for production.
Down 8% this morning. Looks like the last institutional investor sold. That metric is now at 0% of shares owned by institutions. I guess they ran out of patience... right before Guluc-2 goes online? I'm expecting that to be this week, oh well for them.
For months now, TD Ameritrade has shown 1.8% of shares are held by institution. Today I noticed that is down to 0.5467%. I'm no bear here, but it is interesting.
Guluc2 seems to be imminent so lets hope whatever institution sold will regret it!
Good luck to all.
WEEKLY DRILLING REPORT FEBRUARY 9, 2023
WELL: Guluc-2
Spudded December 10, 2022. Days since spud: 61
Progress: 0
Measured Depth: 3910 metres
Week Summary:
RIH with casing scraper to prepare borehole for completion string, took 2 days
RIH with cement bond logging, took 2 days
RIH with 4 ½ “ tubing completion string, over 2 days, but wait on weather (WOW) as 40 knot winds and high seas
Set production packer at 3410 metres, measured depth, pressure test, and did inflow test, both good and pass
Further Activities:
Perforate the lower gas interval and test well
Turn over to Production Operating Partner
Side RIG over a few feet to continue with the West Akcakoca-1 well, which already has 1008 metres of surface hole drilled.
The well Guluc 2 is the longest well at MD of 3910 metres and has a very long, almost horizontal (only a slight incline) section. To move the Cement Bond logging tool and the completion string, the UltraTrac all-terrain well tractors are used to convey the equipment down hole in the well. Using them is more efficient compared to pushing with a full drill pipe. Almost all of them in the world are contracted out, but we planned for this and have 5 for our drilling program. Due to the extended length of the well, it takes a little more time to go from the surface to total depth. However, we will be perforating shortly and putting Guluc 2 on production.
Trillion's website refresh looks nice. I'm hoping the PR
https://trillionenergy.com/
New marketing video out...
More Than 2,300 People Dead in Turkey and Syria After 7.8 Magnitude Earthquake
https://www.foxnews.com/world/people-dead-turkey-syria-after-7-8-magnitude-earthquake
Pray for these people.
Fortunately for Trillion, the center of the earthquake was quite far from Akcakoca, about 700-800 km and about 500 km from Ankara.
What a nice surprise if they finish AK-1 and discover the pay zone is much fatter than initial forecast, like its neighbor Guluc2. We will find out soon! If all goes well it will be much faster than Guluc2.
TRILLION ENERGY ANNOUNCES 70+ METRES OF GAS PAY FOUND IN NEW WELL AT SASB GAS FIELD
Guluc 2 successfully drilled to total depth with 70+ metres of gas pay identified
February 2, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the preliminary gas indications from the Guluc 2 well, the third well in our multi-well program at the SASB gas field, Black Sea, Turkiye. On January 26, Guluc 2 reached 3,910 metres total measured depth (TMD) and true vertical debt (TVD) of 1,623 metres and discovered an abundance of gas pay.
Our analysis of the logging while drilling (“LWD”) results for the Guluc 2 well suggests 73 metres of potential natural gas pay within 14 separate sands in the Akcakoca Member (SASB production zone). Notably, there are 3 sand gas reservoirs greater than 9 metres thick each. The LWD identified gas sands correlate with natural gas detected at surface in drilling mud.
The initial perforation intervals are currently being selected to bring the well into production. It is expected that only the lower zones of Guluc 2 will be perforated initially. Completion and flow testing will occur over the weekend, with results to be announced next week.
Guluc 2 is expected to start generating revenue during the first week of February. After completion of the Guluc 2 well, the rig will be skid to the West Akcakcoa-1 well, which already has 1,008 metres of surface hole drilled, which will be drilled to TD.
Arthur Halleran, CEO of Trillion, stated:
“We are now 3 for 3 drilling at SASB. The Guluc 2 well exceeded our expectations in gas saturated potential pay with 73 metres, compared to only about 20 metres of gas pay discovered in the Guluc 1 exploration well drilled over 10 years ago. We are excited about flow testing the well and putting it into production next week, during a high price gas environment.”
Art has a quick commentary on the 3D seismic reprocessing project.
https://themarketherald.ca/trillion-energy-commences-3d-seismic-reprocessing-project-for-sasb-2023-01-31/
TRILLION ENERGY COMMENCES SASB 3D SEISMIC REPROCESSING PROJECT
Reprocessing will assist in further exploration and development of Gas Pools
January 31, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62). Trillion is pleased to announce the commencement of it’s 3D seismic reprocessing project for SASB.
The existing 3D seismic data covers 223 km2 and includes the SASB block. This old 3D seismic shot by WesternGeco in 2004 is good quality and was processed in 2004 with pre-stack time migration (PSTM). Since 2004, vast improvements in seismic data processing algorithms have occurred. As SASB has very complex geology, reprocessing with advanced pre-stack depth migration (PSDM) and incorporating time-depth data from wells drilled since the old PSTM model was created will create a superior model.
Uses of the new PSDM seismic velocity model will include:
Obtain a more detailed and accurate mapping of individual gas reservoir units, provide better imaging of the gas trapping faults and superior structural maps;
Further, identify and define stratigraphic exploration gas prospects (to which there are many on SASB) but which have never been drilled;
Mapping the deeper Cretaceous Akveren Formation “CAF”, which has never been explored, but which contains tantalizing deeper anomalies based on the old PSTM model. Onshore proximate to SASB, there are many oil and gas seeps originating and contained within the Cretaceous sediments. The data reprocessing is scheduled to commence early March 2023 and is anticipated to take five to six months to complete.
Arthur Halleran, CEO of Trillion, stated:
“Reprocessing the 3D seismic data using modern cutting-edge technology will increase our understanding of the gas potential at SASB and is the first step to making significant new discoveries. The cost of reprocessing is infinitesimal compared a new 3D shoot of this size. The reprocessing will allow mapping of extensions to existing structurally trapped gas pools, discover new gas pools and improve resolution of the stratigraphic exploration prospects. I am excited about what we will also see in the deeper Cretaceous age formations, where onshore oil and gas seeps have been found 20 to 30 km from SASB.”
More selling off to begin FED week.
I'm expecting more selling through the FED's Wednesday rate hike in all sectors, even a penny stock with operations in Turkey.
But... We have Guluc2 right around the corner from production, then a fourth well to be added shortly afterwards. If we do see a deeper dip through this Thursday - Friday, I will be adding TRLEF.
Tier One Silver Defines Porphyry Copper Targets at Curibaya
January 30, 2023
Vancouver, Canada – January 30, 2022 – Tier One Silver Inc. (TSXV: TSLV, OTCQB: TSLVF) (“Tier One” or the “Company”) is pleased to announce that recent geophysical survey results, combined with existing exploration data sets, have led to the identification of two porphyry copper targets underlying the silver-gold epithermal mineralization defined on surface at its Curibaya project in southern Peru. Tier One Silver completed a 42.7-line kilometre (km) Controlled-Source-Audio-Frequency Magnetotelluric (CSAMT) geophysical survey over the central portion of the Curibaya project in late 2022 (Figure 1). These new data sets were integrated into the exploration model, building on previous geophysical, geochemical and geological data sets, to generate targets for the Company’s next drill program at the project. The drilling, which is anticipated to begin in Q2, will comprise of approximately 5,000 metres (m) to follow-up on the high-grade silver-gold epithermal mineralization defined at surface and target the two main conductive features that may relate to a porphyry system.
Highlights:
CSAMT identifies two sub-vertical, low resistivity anomalies (400 m x 400 m and 600 m x 500 m) that are interpreted to be associated with a large-scale hydrothermal alteration system
Anomalies correlate with areas of multiphase alteration systems, including:
Advanced argillic alteration
Skarn and hornfels
Sericite – phengite – muscovite
Anomalies correlate with elevated bismuth, tellurium, selenium and copper values in rock samples
Absolute dating of alteration mineral in anomalies yielded a Paleocene age of 55Ma, which is a similar age to the regional porphyry copper giant deposits, Toquepala (57Ma), Cuajone (52Ma) and Quellaveco (55 Ma)
A Message from Christian Rios, SVP, Exploration:
“We believe the targets we’ve identified could be associated with a porphyry copper system at depth, particularly considering the absolute dating results, which indicate the mineralization to be from the Paleocene era. This provides further evidence that we are in the correct regional environment as the similar Paleocene-aged giant porphyry copper deposits nearby. We look forward to testing these strong targets in our next drill campaign.”
CSAMT Results:
A CSAMT geophysical survey was completed in October 2022 to augment previously completed geophysical, geochemical and geological surveys. CSAMT is used as an exploration tool to identify deeply rooted resistive and conductive features that may correlate to feeder and breccia structures, and/or zones of silicification and clay alteration, possibly related to porphyry copper targets (Figure 2). An inversion of the Curibaya CSAMT data outlines two main conductive features that are 400 m by 400 m and 600 m by 500 m, respectively, and show significant depth extent over 700 m (Figure 3). Pseudo sections for lines L5800 and L6200 clearly illustrate sub-vertical conductive features (Figure 4).
Both the high conductivity and low resistivity features are sub-vertical and located under important alteration features such as an advanced argillic lithocap, a skarn and hornfels area and a white mica alteration area. Additionally, these conductive anomalies are geochemically anomalous in bismuth, tellurium, selenium and copper. The hydrothermal alteration present in the upper part of the system and the geophysical features are consistent with buried porphyry systems.
Strategy for H1 2023:
The synthesis and interpretation of these targets is ongoing and includes re-logging core and continued integration with other geophysical and geochemical datasets. The Company expects to have defined drill targets in the coming weeks. Upon completion of target definition, a drill program will be finalized to test for both the possible porphyry source (drilling to a depth of 500m - 800m) and the epithermal silver – gold structures (between 150m - 250m) on the property. The exploration field program is expected to start in Q2 2023.
Figure 1: Illustrates a general location map of the CSAMT lines for the survey that was conducted in October 2022.
Figure 2: Illustrates line L5800 and the zones of lower resistivity and higher conductivity, which may indicate zones of intense hydrothermal alteration that could be associated with a porphyry copper system. In addition, drill hole 8 is illustrated, which encountered 44 m of 52 ppm of molybdenum at a depth of approximately 270 m, which is another indication of a potential porphyry copper system.
Figure 3: An inversion of the CSAMT data outlines two main conductive features. Tier One Silver plans to test these porphyry copper targets in its next drill program. The CSAMT survey tested to a depth of 500 m.
Figure 4: Illustrates pseudo-sections for lines L5800 and L6200 and the sub-vertical conductive features.
The Company is also announcing that Michael Henrichsen is retiring as Chief Geologist of Tier One Silver to focus his efforts as Chief Geological Officer of Torq Resources. Tier One has been transitioning toward this restructuring since the appointment of Christian Rios as SVP of Exploration, who will be leading exploration operations at the Company going forward. Mr. Henrichsen will still be available to Tier One as a consultant, as needed.
Christian Rios (SVP of Exploration), P.Geo, is the Qualified Person who has reviewed and assumes responsibility for the technical contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF TIER ONE SILVER INC.
Peter Dembicki
President, CEO and Director
For further information on Tier One Silver Inc., please contact Natasha Frakes, VP, Communications, at (778) 729-0600 or info@tieronesilver.com
About Tier One
Tier One Silver is an exploration company focused on creating value for shareholders and stakeholders through the discovery of world-class silver, gold and base metal deposits in Peru. The Company’s management and technical teams have a strong track record in raising capital, discovery and monetization of exploration success. The Company’s exploration assets in Peru include: Hurricane, Coastal Batholith, Corisur and the flagship project, Curibaya. For more information, visit www.tieronesilver.com.
CSAMT Parameters
The CSAMT survey was carried out by Quantec Geoscience Perú S.A.C., a company based in Vancouver with divisions operating in South America, including Peru. Data points were collected on grid lines-oriented NW-SE using 50 m station spacings, covering an area of approximately 4.5 km x 3.5 km. Overall, data quality is considered well above average and no stations were affected by external factors.
Results were compiled into sections, grid maps and a 3D Voxel model. Occam or Marquardt 1D Inversions are first used to invert the data to produce a smooth-layer 1-D resistivity/depth curve for each station. To avoid the effects of the near-field, some frequencies were removed.
Readings are statistically averaged based upon adjacent points to produce an associated value for each cell. Quantec Geoscience Perú S.A.C. provides high confidence in readings to a depth of at least 700 m.
Forward Looking Information and General Cautionary Language
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to the Company’s current expectations and views of future events which are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. These statements speak only as of the date of this news release. In particular, and without limitation, this news release contains forward-looking statements with respect to exploration plans.
Readers should refer to the risks discussed in the Company's Annual Information Form and Management’s Discussion & Analysis for the year ended December 31, 2021, and subsequent continuous disclosure filings with the Canadian Securities Administrators available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.