Trillion Energy (CSE: TCF) this morning looked to quell any concerns among shareholders related to the recent delay in the start of drilling for its oncoming seven well drill program. The firm has provided an update on the status of its offshore drill rig, which is expected to begin transport in two days.
Presently, the Uranus drill rig is set to begin its transport to the drilling location in two days time, following testing operations on a ballast in tank #2 that occurred yesterday and the completion of welding operations on tank #1 today, after which testing and painting will occur. Departure of the rig will then occur on Thursday, September 8, with the arrival slated to occur on September 11.
“As investors have been eagerly anticipating and requesting daily updates on the rig mobilization for our drilling program; I have been personally keeping on top of the rig status on a daily basis. I am confident the September 8th departure date will allow us the time to have the necessary rig repairs identified and completed,” commented CEO Arthur Halleran.
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The development follows the news late last week that the firm has seen the price of its natural gas sold in the region increase by a substantial 47%. The company is now slated to receive $30.68/mcf for its gas produced within the SASB gas field, following BOTAS lifting the prices of natural gas for industrial customers.
“With the drilling rig arriving September 11th, the first new gas production is expected around the end of October, 2022 which will capture the high gas prices,” continued Halleran.
Trillion Energy last traded at $0.495 on the CSE.
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