TRLEF/TCF.CN +.03 to .3812
Nice pop today. Apparently yesterday was the last day for warrant holders to exercise on a certain set of warrants. Trillion announced an accelerated expiration in late October. So there was heavy selling yesterday as some warrant holders sold stock and signed up to exercise warrants.
Yesterday Trillion announced very good news. Their second well is coming online this week about two weeks after their first well was drilled successfully and came online. This second well is a recompletion. They fixed some bent tubing and perforated a new sand measuring 7 meters. The new sand performed so well in the testing that they decided to just put the new sand on production and go back and perforate the original sands when production drops off.
The recompletion should flow similar volumes to the first well, resulting in about 3MMCFPD net to Trillion from the two wells. Remember Trillion is getting $31/mcf for this gas. 3MMCFPD @$31/mcf = $2.79 million dollars per month gross revenues to Trillion. The pipelines and onshore processing plant are already there and operating. The field has been producing for over 10 years so all the infrastructure is there and already paid for. The onshore gas plant can process up to 75 MMCFPD. Trillion projects a new well will be drilled, completed and producing every 45 days. The next well should come online around early January 2023.