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 has successfully completed velocity string tubing (VS) installations in four existing wells at the SASB Gas Field, Turkey, including three long-reach wells on the Akcakoca Platform. The operation aims to reduce water loading and increase production and recovery. Guluc-2 and West Akcakoca-1 wells have resumed production with steady improvement after experiencing previous production challenges. Akcakoca-3 continues production with reduced daily water production. The company plans to implement VS on two tripod wells and stimulate all wells to enhance reservoir performance. Operations faced delays due to winter weather and equipment ordering requirements.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has initiated a Velocity String (VS) program at its SASB gas field. The company reached an agreement with its partner and was assigned operatorship for the program on September 30th, 2024. A service agreement with 'Snub Co' for VS installation has been signed, and mobilization of the snubbing unit from Romania has begun.
The operation aims to increase or stabilize production rates in producing wells by reducing water loading. Currently, Akcakoca-3 and South Akcakoca-2 are averaging 2.55 MMcf/d and 2.3 MMcf/d respectively over the past 30 days. Guluc-2 and West Akcakoca-1 wells have been producing intermittently due to water loading, with Guluc-2 averaging 1.7 MMcf/d over the last 2 months.
Regarding the Oil Blocks update, Trillion has continued to work on finalizing a farm-in for M46 and M47 oil exploration blocks in Southeastern Turkiye. However, due to the company's focus on the SASB workover program, planned exploration wells for 2024 have not been drilled. The block license owner has secured a third party to drill two wells, reducing Trillion's potential interest.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced that the Akcakoca-3 well at the SASB Gas Field is now in production. The well, perforated on July 17, 2024, with eleven meters of gas pay, initially experienced delayed pressure build-up. By September 6, 2024, the well head pressure (WHP) reached 616 psi, allowing production to begin. Initial production rates were 4.28 MMcf/d, increasing to 4.66 MMcf/d with WHP rising to 645 psi.
Additionally, Alapli-2 well was opened for pressure testing, resulting in gas flow to the surface, but is not yet producing significant quantities pending installation of velocity strings. CEO Arthur Halleran expressed satisfaction with Akcakoca-3's performance and Alapli-2's flow tests, confirming that most wells are now producing or have been flow tested.
Trillion Energy International reports robust financial performance for August, driven by substantial gas production from its Black Sea assets. The company achieved a gross production revenue of US$1,456,400 for August, with 100% gas production from SASB totaling 133.13 MMcf. Trillion’s 49% stake in the gas production yielded US$713,640, with a realized natural gas price of US$10.94 per Mcf.
Gas revenue from SASB comprises 95% from Guluc-2 and South Akcakoca-2, and 5% from West Akcakoca-1. Additionally, the gross oil revenue from Cendere fields amounted to US$342,700.
Trillion is exploring the installation of velocity strings to enhance production. CEO Arthur Halleran asserts that similar installations in legacy wells achieved a production average of 4.2 Bcf per well. The company aims to replicate this success by upgrading the current production tubing.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced successful gas production at its SASB field in the Black Sea. The company completed four workovers as part of its strategic perforation program, resulting in increased gas production capacity. Key highlights include:
- Complete payback of recent perforation costs in just 35 days of production
- 140MMcf produced from July 9 to July 28
- South Akcakoca-2 well stabilizing at approximately 2.75 MMcf/d
- Guluc-2 well producing at a stable rate of about 1.25 MMcf/d
- Average gas production of 4.6 MMcf/d from the Akcakoca Platform
CEO Arthur Halleran expressed optimism about the field's robust production potential and plans to further stabilize gas production using velocity strings.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced successful gas production at its SASB field in the Black Sea. The company completed four workovers as part of its strategic perforation program, significantly increasing gas production capacity. Key highlights include:
- Complete payback of recent perforation costs in just 35 days of production
- Production of 140MMcf from four wells: Guluc-2, South Akcakoca-2, West Akcakoca-1, and Akcakoca-3
- South Akcakoca-2 stabilized at approximately 2.75 MMcf/d
- Guluc-2 producing at a stable rate of about 1.25 MMcf/d
- Average gas production from the Akcakoca Platform at 4.6 MMcf/d
The company is considering decreasing production tubing size to further stabilize gas production at targeted rates. Additionally, Trillion has granted 8,800,000 stock options to directors, officers, employees, and consultants at an exercise price of $0.14 per share, expiring August 12, 2029.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has completed perforations on the West Akcakoca-1 well at the SASB gas field in the Black Sea. The well now has five perforated zones totaling 9 meters. Initial results show increased well head pressure (WHP) from 1150 psi to 1694 psi. West Akcakoca-1 is currently producing 2.8 MMcf/d using a 28/64 choke. Total combined production from the Akcakoca platform, including Guluc-2 and South Akcakoca-2 wells, is now 7.3 MMcf/d. The company expects further production increases with the installation of new tubing (velocity strings) on additional wells. Trillion plans to use a cost-effective snubbing unit for tubing installation instead of an expensive jack-up rig.
Trillion Energy International (CSE: TCF, OTCQB: TRLEF) has provided an update on flow rates and well perforations at the SASB gas field. Key highlights include:
- South Akcakoca-2: Stabilized well head pressure (WHP) at 371 psi, producing 1.94 MMcf/d using a 42/64" choke.
- Guluc-2: Currently producing 3.35 MMcf/d with a WHP of 484 psi using a 32/64" choke.
- West Akcakoca-1: Two of five zones perforated, showing promising WHP increase from 1150 psi to 1350 psi.
- Akcakoca-3: Perforated over 11 metres of gas pay, expecting 2 MMcf/d production upon velocity string installation.
The company anticipates improved results as remaining zones are perforated and production equipment is installed.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced successful gas perforations at the SASB gas field. The South Akcakoca-2 well showed significant improvement, with flow rates increasing from 0.70 MMcf/d on July 10th to 2.88 MMcf/d by July 15th. Well hole pressure also rose from 86 psi to 318 psi.
The Guluc-2 well was perforated across multiple intervals, resulting in an increase in well hole pressure from 650 psi to 1098 psi. The West Akcakoca-1 well perforation is ongoing, with Akcakoca-3 scheduled next. CEO Arthur Halleran expressed optimism about the reservoirs' potential once water loading is removed. The company plans to install smaller production tubing to extend the wells' productive life.
Trillion Energy International has begun operations at the SASB Gas Field in Turkey. The work program, set to last two months, will involve seven or eight wells, including six drilled last year and older wells with water loading issues. Approximately 16,500 meters of velocity strings and other equipment have been ordered, with deliveries ongoing.
June operations will focus on perforating four wells and installing velocity strings in the AKK-3 well. July operations will install velocity strings in six more wells and potentially pumps in older wells. The company also announced a private placement to raise up to $1.35 million through the issuance of 15 million units at $0.09 per unit, with proceeds aimed at enhancing well performance and long-term production stability.