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Trillion Energy International Inc. reports developments tied to its oil exploration focus in southeastern Türkiye, centered on a 29% earn-in interest in the M47c,d oil block. Company updates cover the M47 work program, earn-in commitments, independent NI 51-101 resource evaluation, light oil findings at the C-1 well, and reservoir targets in the Beloka and Mardin Group carbonates.
Recurring news also includes capital actions related to exploration obligations, share-structure updates, Canadian reporting matters, and management commentary on oil-market conditions affecting the M47 exploration program.
Trillion Energy International (OTCQB: TRLEF) has successfully funded its 49% share of a seven-well drilling program in the SASB natural gas field, with capital raises totaling CDN$ 40.4 million (USD$ 32 million) completed. Drilling is set to begin in August 2022, coinciding with record high natural gas prices of USD $18-$20 per MCF. The company has invested CDN$ 5.4 million for essential drilling equipment, which is on schedule. The project aims to significantly boost revenues as production ramps up, with work expected to continue until May 2023.
Trillion Energy International announced the closing of its public offering of 72,536,900 units at $0.31 each, totaling $22,486,439 in gross proceeds. Each unit comprises one common share and a warrant to purchase another share at $0.50 for three years. The offering was led by Echelon Capital Markets, including an over-allotment option exercised for an additional 8,020,900 units. The funds will primarily support the development of SASB gas fields and general corporate purposes.
Trillion Energy International Inc. has signed a definitive offshore drilling contract with GSP Offshore SRL to secure a jack-up rig for its SASB natural gas field drilling program, scheduled for Q3 2022. The contract entails a daily rate of USD$95,000 for at least 100 days and involves an advance payment of USD$1.0 million. The Uranus rig will mobilize in late July 2022, with drilling of five wells expected to commence in August 2022, aligning with high natural gas prices.
Trillion Energy International (CSE: TCF, OTCQB: TRLEF) has provided a significant update on its SASB gas field drilling program, set to commence in July 2022. Key advancements include the completion of phase 1 of well delivery planning for seven wells, initiation of the RFQ process for materials, and a US $1.8 million deposit made for a jack-up rig. CEO Arthur Halleran emphasizes the program's potential to yield immediate gas production amid high natural gas prices, positioning the company favorably for energy independence and shareholder rewards.
Trillion Energy International Inc. (OTCQB: TRLEF) has successfully cleared FIRNA review and recommenced trading on OTC Markets under the new symbol TRLEF, following a temporary delay due to reapplication after a recent redomicile.
Trading continues on the Canadian Securities Exchange as TCF and in Frankfurt as Z62. CEO Arthur Halleran emphasized the exciting market conditions for energy producers in 2022, urging that this year will be transformative as the company ramps up production in European markets.
Trillion Energy International Inc. (CSE: TCF, OTCQB: TRLEF) reports significant updates regarding the Vranino 1-11 natural gas exploration license in Bulgaria. Following Russia's suspension of gas supplies to Bulgaria, prices surged to CAN$28/mcf. A study by Netherland Sewell & Associates estimates the un-risked gross prospective resources from the license to be between 434.6 Bcf (low) and 1,784.1 Bcf (high). The company plans to drill five new wells, with increased focus on the Bulgarian project due to improved economics in the natural gas sector.