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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 Inc. (CSE: TCF, OTCQB: TRLEF) has announced a progress update regarding the Guluc-2 and West Akcakoca 1 wells at the SASB Gas field in the Black Sea, Turkiye. The perforation and flow testing of the Guluc-2 well, which reached total depth on January 31, has been delayed due to shipping issues related to recent earthquakes. The necessary tools are expected to arrive later this week. To optimize operations, the rig has been relocated to drill the WA-1 well, which will also be perforated once completed. Trillion Energy holds significant natural gas assets in Turkiye and Bulgaria, contributing to its focus on supplying the European market.
Trillion Energy International Inc. has successfully drilled the Guluc 2 well at the SASB gas field, reaching a total depth of 3,910 meters. The logging data indicates over 73 meters of potential natural gas pay across 14 separate sands. The company plans to perforate initial intervals soon, expecting revenue generation in the first week of February. This success follows two previous wells at the site, enhancing optimism regarding the gas reserves. The CEO highlighted the significant increase in gas pay compared to the Guluc 1 well drilled a decade ago.
Trillion Energy International has announced the start of a 3D seismic reprocessing project for the SASB natural gas field, covering 223 km2 of previously obtained data. This reprocessing will utilize advanced pre-stack depth migration (PSDM) techniques to enhance geological insights, targeting gas reservoir units and unexplored stratigraphic prospects. The project is set to begin in early March 2023 and is expected to take five to six months. CEO Arthur Halleran noted that the initiative is crucial for understanding gas potential and discovering new gas pools at SASB, which is one of the largest-scale natural gas developments in the Black Sea.
Trillion Energy International reported that its 49% share of December 2022 gas production from the SASB field was 87.4 MMcf, generating USD $2,647,053 before royalties. Production commenced for two new wells in November 2022, contributing to revenue growth. The Guluc-2 well is nearing completion, encountering encouraging gas shows. CEO Arthur Halleran stated that revenues will fund further drilling, with plans for additional sidetrack wells in the upcoming quarters. Trillion holds significant interests in natural gas and oil assets in Turkey and Bulgaria.
Trillion Energy International (CSE: TCF, OTCQB: TRLEF) announced plans to enhance production at the SASB gas field by adding three new side-track wells, increasing the total planned operations from 17 to 20 wells for 2023. Eleven well operations are expected this year, potentially boosting natural gas output significantly. Side-tracks are cheaper and quicker to drill, costing about $3 million less per well compared to long reach wells. Natural gas prices in January 2023 are at a historic high of approximately US $27/MCF. The company aims to exit 2023 with 13 operational wells.
Trillion Energy International (OTCQB: TRLEF) reported significant production and revenue updates for November 2022. The South Akcakoca-2 well began production on November 4, generating US $1,412,073 in gas sales, and the newly online Akcakoca-3 well contributed additional revenue. December is projected to yield approximately US $2.1 million after royalties. The company anticipates total revenue from these wells to reach between US $20 to $24 million for 2023. Trillion is set to further expand production with two upcoming wells expected in Q1 2023, enhancing its financial outlook.
Trillion Energy International Inc. reported a transformative year in 2022 amid Europe's natural gas crisis. The company raised over CND $42 million and initiated a 17 well drilling program, successfully ramping production to 7-8.2 mmcf/d by year-end. Key achievements include completing the AK-South well and reentering AK-3 for production. 2022 saw natural gas prices soar by 67% from January to December, reaching over $30/MCF. Looking ahead, Trillion plans continuous drilling in 2023 with eight new wells and funding from initial revenues for further development.
Trillion Energy International Inc. has begun drilling the Guluc-2 well and has completed the West Akcakoca-1 well at the SASB natural gas field in the Black Sea. The Guluc-2 is expected to produce gas by the end of January 2023, while the West Akcakoca-1 well is set for completion in March 2023. Successful drilling of these wells will increase the number of producing wells from two to four, with revenues directed towards further development at SASB.
Trillion Energy International has spudded the West Akcakoca-1 well while the Akcakoca-3 well is now producing gas at 3.3 MMcf/d. The gas sales are generating revenue at over $30 per mcf, which will be reinvested into future drilling operations. The company plans to drill the Guluc-2 well subsequently. Initial production from Akcakoca-3 includes 27 metres of net pay yet to be perforated. The operations are part of the company's 17-well development program, enhancing its natural gas focus in Türkiye and Europe.
Trillion Energy International Inc. (CSE: TCF, OTCQB: TRLEF) has initiated gas sales from its South Akcakoca-2 well, achieving initial production rates of approximately 3.0 MMcf/d. The Akcakoca-3 well has been successfully cleared of lost equipment, making it ready for re-perforation of about 34 meters of gas-bearing zones. This operation is expected to be completed shortly, leading to increased production. The company is focused on natural gas production for the European and Turkish markets, with significant developments reported ahead of schedule.