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.
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Trillion Energy International Inc. has successfully completed a $15,000,000 offering of convertible debenture units, consisting of $1,000 debentures with a 12% annual interest rate and common share purchase warrants. The debentures are convertible into common shares at a price of $0.60, and the warrants are exercisable at $0.50 until June 29, 2025. The offering was underwritten by a syndicate led by Eight Capital. Net proceeds will support working capital and capital expenditures for the company's assets in Turkey. The underwriters received a cash commission of 6% and broker warrants as part of the deal.
Trillion Energy focuses on natural gas production in Turkey and Bulgaria, holding significant interests in the SASB natural gas field and the Cendere oil field.
Trillion Energy International has spudded the Bayhanli-2 gas well at the SASB gas field in the Black Sea, Turkiye. This marks the fifth well in their multi-well drilling program, targeting a previously discovered gas pool. The well is anticipated to reach a total measured depth of 3,400 meters, with drilling expected to take about 45 days. Trillion Energy is a key player in natural gas production for Europe and Turkey, holding a 49% interest in the SASB field, one of the region's largest gas projects. The company is poised for significant production growth as it develops its reserves.
Trillion Energy International Inc. has successfully put the Guluc-2 natural gas well into production at the SASB gas field in Turkiye. The well achieved a peak flow rate of 16.35 MMcf/day and an initial production rate of approximately 6 MMcf/d. This discovery includes a 73-meter gas pay across 14 intervals, with substantial potential for future production as 67 meters remains to be perforated. The company is transitioning to drill the Bayhanli-2 well, which contains proven reserves of 4.2 Bcf. CEO Arthur Halleran emphasized the Guluc-2 as a significant step in de-risking their gas program, demonstrating a strong operational capability.
Trillion Energy International Inc. reports successful flow test results for the West Akcakoca-1 natural gas well at the SASB gas field in Turkey, achieving a rate of 5.9 MMcf/day. The testing involved two lower 'D' sands, perforated on March 24, 2023, with a shut-in pressure of 1620 psi. The well will now enter long-term production, with an additional 48 metres of gas pay to be perforated, ensuring ongoing output. The company anticipates doubling its gas production with two more wells entering production in April 2023 as part of its SASB development program, suggesting a robust growth trajectory in natural gas production.
Trillion Energy International Inc. reported significant increases in its natural gas reserves and net present value (NPV) in its December 31, 2022 year-end reserve report. The net present value of proved and probable (P2) natural gas reserves rose to USD $431.5 million, a remarkable 426% year-over-year increase from USD $82 million in 2021. Proved and probable reserves (P2) climbed 141% to 48.6 Bcf from 20.1 Bcf. Additionally, net present value of proved reserves (P1) surged 206% to USD $123.8 million. The company aims to further enhance reserves and cash flows through its 2023 development program.
Trillion Energy International (CSE: TCF, OTCQB: TRLEF, Frankfurt: Z62) announced successful drilling of the West Akcakoca 1 well to a depth of 3,839 meters, identifying over 55 meters of potential gas pay across six sands in the SASB gas field, Black Sea, Turkiye. Completion and flow testing are expected by month-end, aiming to generate revenue before March concludes. CEO Arthur Halleran highlighted the achievement of consistently successful wells at SASB and projected an updated reserve report soon. The company focuses on natural gas production in Europe and Turkey, holding key interests in gas and oil fields.