Workkover production revenue should go from $2 to $4 millionGross. That’s going to help quite a bit with any financing. Also covering extra peripheral costs.
The Cendere 13 well was re-completed resulting in daily gross production increasing from 245 bopd to 714 bopd (100%WI), a 469 bopd increase. As at Feb 1st, 2021 production was 654 bopd. Opex costs for the well declined due to decreased water production, almost 200,000 bbls, and water cut decreasing to 8% from 97%. The Cendere 23 well was re-completed on February 21, 2021 resulting in production increasing from 70 bopd to 100 bopd (100%WI), an increase of 30 bopd. Net WI to Trillion the increases are about 41 bopd and expected production of 157 bopd for February 2021.
The Company has enjoyed oil price increases to over US$63/bbl this year, up from a low of $17 during April 2020. Historically, revenues from the Cendere oil field were US $2.9 Million for FYE 2019, net to Trillion at average sale price of $62.43, but for FYE 2020 sales dropped to $US 1.7 Million due to the oil price crash of early 2020. The Company is now on track to exceed it 2019 oil revenues for the Cendere field due to the combined production and price increases as above.
Based on performance and with the increase in the price of oil the Company is expecting substantial revenue to continue for many years.
https://webfiles.thecse.com/sedar_filings/00045319/2102250807132240.pdf