Trillion Energy Announces Independent Resource Evaluation
Rhea-AI Summary
Trillion Energy (OTCQB: TRLEF) announced an independent NI 51-101 evaluation for Block M47C3,C4 effective March 31, 2026. The report shows a 2C contingent oil resource of 27.6 MMbbl (24,186 MSTB net) on the North discovery with an unrisked NPV-10 of US$733.5M and a risked expected value of US$594.2M (81% chance of development) net to Trillion's 29% WI.
Total unrisked resource potential across three prospects is 51.6 MMbbl net to Trillion. Light oil at 32.4° API was confirmed in C-1 and C-2 wells, with 38 metres net oil pay at C-1 and water saturation as low as 8%; structural crest remains untested.
AI-generated analysis. Not financial advice.
Positive
- 2C contingent resource of 27.6 MMbbl net to Trillion
- Unrisked NPV-10 of US$733.5M for North discovery
- Risked expected value of US$594.2M (81% chance of development)
- Total block potential of 51.6 MMbbl net across three prospects
- Light oil quality confirmed at 32.4° API; 38m net pay at C-1
Negative
- Contingent resource classification (not proven reserves)
- Structural crest untested, wells drilled on the flank
- Trillion holds 29% WI, so figures are net to a minority interest
News Market Reaction – TRLEF
On the day this news was published, TRLEF gained 12.41%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Highlights include 27.6 MMbbl 2C (unrisked) Contingent Oil Resource to Trillion on North Lead Discovery;
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2026) - Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) (FSE: Z620) ("Trillion" or the "Company") announces the results of an independent evaluation of contingent and prospective oil resources for Block M47C3,C4 in Southeast Türkiye, prepared by Chapman Hydrogen and Petroleum Engineering Ltd. ("Chapman") of Calgary, Alberta, in accordance with National Instrument 51-101 ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") effective March 31 2026.
Highlights
2C Contingent Resource of 27.6 MMbbl (24,186 MSTB net) on the North Discovery, with an unrisked NPV-10 of US
$733.5 million and a risked expected value of US$594.2 million (81% chance of development) net to Trillion's29% working interest.Total Block M47C3, C4 unrisked resource potential of 51.6 MMbbl net to Trillion across three prospects - North (Contingent), Central, and Findık (South), all targeting the Cretaceous Mardin Group carbonate reservoir.
Light oil confirmed at 32.4° API gravity at both C-1 and C-2 wells; 38 metres of net oil pay at C-1 with water saturation as low as
8% . Both wells were drilled on the structural flank; the structural crest remains untested.The M47 block lies approximately 11 kilometres from the Şehit Aybüke Yalçın oil field, Türkiye's largest onshore oil discovery, the Şehit Esma Çevik oil field (5-6 km), Yağizoymak field (approximately 2 km), and Bulmuşlar field (approximately 4 km), all of which produce from the Beloka and Mardin Group carbonates and which are analogue fields.
About The M47 Concession
The M47c,d Concession is located in Southeastern Türkiye, within the Cudi-Gabar petroleum province. The block contains three identified prospects: the North, Central, and Findık (South) prospects, targeting the Early Cretaceous Beloka and Mardin Group carbonate reservoirs. Two wells (Çetinkaya C-1 and C-2) have been drilled on the North Prospect, both confirming the presence of 32.4° API light oil based on log analysis and independent petrophysical evaluation of recovered oil. The Company has the right to earn a
Resource Evaluation Summary
| Resource Category | Gross (MSTB) | Net (MSTB) | NPV10% Before Tax (M$) |
| Contingent Resources - 2C (North Prospect) | 27,641 | 24,186 | 733,522 |
| Contingent Resources - Expected Value (2C) | 22,305 | 19,517 | 594,153 |
| Prospective Resources - Before Risk (Arithmetic Average) | 23,987 | 20,989 | 660,171 |
| Prospective Resources - After Risk (Arithmetic Average) | 7,887 | 6,901 | 215,684 |
1 MMbbl = 1,000 MSTB. Monetary values in US dollars. M$ = thousands of dollars. "Gross" resources in this table represent the Company's
Table 2 - Contingent Resources (1C Low Estimate) - North Prospect, Block M47, Mardin Group
| Resource Category | Gross (MSTB) | Net (MSTB) | NPV10% Before Tax (M$) |
| Contingent Resources - 1C (North Prospect) | 8,148 | 7,129 | 224,304 |
| Contingent Resources - Expected Value (1C) | 6,600 | 5,774 | 181,686 |
1C = Low Estimate (conservative). Expected Value (1C) applies
Table 3 - Contingent Resources (3C High Estimate) - North Prospect, Block M47, Mardin Group
| Resource Category | Gross (MSTB) | Net (MSTB) | NPV10% Before Tax (M$) |
| Contingent Resources - 3C (North Prospect) | 44,930 | 39,314 | 1,178,948 |
| Contingent Resources - Expected Value (3C) | 36,393 | 31,844 | 954,548 |
3C = High Estimate (optimistic). Expected Value (3C) applies
North Prospect - Contingent Resources
- 2C Contingent Resources of 27.6 MMbbl (24,186 MSTB net after royalty); unrisked NPV-10 of US
$733.5 million ; risked expected value of US$594.2 million (81% chance of development). Çetinkaya C-1 and C-2 confirmed 32.4° API light oil in Cretaceous Mardin Group carbonate reservoirs with 38 metres of net oil pay at C-1, water saturation as low as8% , and confirmed duel matrix and fracture permeability.
Central Prospect - Prospective Resources
- P50 Prospective Resources of 13,093 MSTB net to Trillion's
29% working interest; unrisked NPV-10 of US$412.9 million ; after-risk NPV-10 of US$127.3 million (31% Chance of Commerciality;38% Chance of Discovery). Seismic-confirmed four-way dip closure on trend with the North Prospect discovery.
Findık (South) Prospect - Prospective Resources
P50 Prospective Resources of 7,895 MSTB net to Trillion's
Planned Work Program
The North Lead discovery drilling programme is scheduled to commence in 2027, targeting first commercial production by mid-2027, at an estimated cost of US
See below further information provided under Oil and Gas Disclosure — COGEH / NI 51-101 below.
About the Company
Trillion Energy International Inc. is a Canadian focused on oil exploration company focused on Türkiye. The Company has an agreement to earn a
Contact
Scott Lower, President
Brian Park, Vice President of Finance
1-778-819-1585
E-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Information and additional information provided under Oil and Gas Disclosure - COGEH / NI 51-101
**Forward-Looking Information**
This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws, including but not limited to: statements regarding the planned exploration and development programme and timing thereof; the anticipated use of Managed Pressure Drilling and open-hole logging in the sidetrack wells; the interpretation of the C-1 structural position relative to the North Lead crest; the anticipated oil column and reservoir characteristics at the structural crest; anticipated completion of the sidetrack wells and the expected data to be obtained; and the Company's assessment of the analogy between Block M47C3,C4 and the Şehit Aybüke Yalçın and Şehit Esma Çevik fields.
Forward-looking information is based on a number of assumptions including, without limitation: access to the block and rig availability; JOC partner approvals; prevailing oil prices and foreign exchange rates; the accuracy of analogies to nearby producing fields; the geological interpretation of available well and seismic data; and the availability of required services and equipment.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control, that may cause actual results to differ materially from those expressed or implied by such forward-looking information. These risks include: geological risk that the structural crest does not contain the anticipated oil column; drilling and operational risk including lost circulation, stuck pipe, and equipment failure; reservoir risk that the fracture network is not connected to the structural crest; commodity price risk; regulatory risk in Türkiye; JOC partner risk; and currency risk. Readers are cautioned not to place undue reliance on forward-looking information.
The forward-looking information contained in this news release is made as of the date hereof and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as expressly required by applicable securities law.
**Oil and Gas Disclosure - COGEH / NI 51-101**
This news release has been prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH").
*Prospective resources uncertainty:* There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. The estimates of prospective resources involve implied risk of discovery and, even if discovered, involve further risk of commercial development. Prospective resource estimates have not been risked for the probability of discovery or commerciality except where expressly stated as after-risk figures.
*Contingent resources uncertainty:* There is no certainty that it will be commercially viable to produce any portion of the contingent resources. The North Prospect Contingent Resources have been assigned a Project Maturity Sub-class of Development Unclarified, reflecting that no formal development plan has been approved and that the following conditions must be resolved before development can proceed: (i) completion of a minimum of one additional appraisal or development well (including the planned C-1 sidetrack) to confirm deliverability and commercial flow rates; (ii) completion of the Company's earn-in obligations under the Farm-In Agreement, including satisfaction of the US
*Pay definitions:* "Gross pay" refers to the total thickness of the reservoir interval above a minimum hydrocarbon saturation threshold as identified from wireline logs, without application of porosity or water saturation cut-offs. "Net pay" refers to the thickness of reservoir rock meeting minimum porosity (φ ≥
*Log quality and water saturation:* Water saturation values have been derived from Archie's equation using parameters as described in this news release. All water saturation values are conservative ceiling estimates due to water-based mud filtrate invasion during drilling. True formation water saturation is estimated to be 10-15 percentage points lower in each zone. This uncertainty has not been adjusted for in the reported values; readers are cautioned that reported water saturations may overstate the true water saturation of the formation.
*Well test disclaimer:* The drill stem tests and swab results reported herein were conducted under non-flowing reservoir conditions using swab techniques and are not representative of sustained production rates from properly completed wells. No sustained production test has been conducted. The acid stimulation and swab results demonstrate the presence of mobile oil and a connected fracture system but should not be used to estimate production rates from the sidetrack wells, which will be completed with electrical submersible pumps. No volumes of oil have been produced from this well to date on a commercial basis.
*Analogue fields:* References to production rates and reservoir characteristics at the Şehit Aybüke Yalçın, Şehit Esma Çevik, Yağizoymak and Bulmuşlar fields are based on publicly available information reported by Türkiye Petrolleri Anonim Ortaklığı ("TPAO") and public media sources and the resource report prepared by Chapman. These fields are operated by TPAO and Trillion Energy has no direct knowledge of their subsurface or production data beyond public data. Production rates at these analogue fields are not necessarily indicative of resources or production rates that may be achieved at Block M47C3,C4.
Risking Methodology -Contingent Resources - Chance of Development: Chapman assigned an
Prospective Resources - Chance of Discovery and Chance of Commerciality: For the Central and Findık prospects, Chapman assigned a Chance of Discovery ("CoDis") and a Chance of Commerciality ("CoC") in accordance with COGEH Section 2.1.3. The CoDis reflects the probability that drilling will encounter moveable hydrocarbons, assessed by Chapman by reference to four geological risk factors: source rock (charge), geological timing and migration, reservoir quality, and trap and seal integrity. The CoC reflects the combined probability that hydrocarbons are both discovered and commercially developable, incorporating the CoDis and an additional development probability. Chapman's assigned values are: Central Prospect - CoDis
Project Basis - Contingent Resources: The development program described in this news release for the North Prospect Contingent Resources is based on a conceptual discovery and development study, as characterized by Chapman in the evaluation report. No pre-feasibility or feasibility study has been completed. The development scenario, including well count, production rates, capital costs and timing, represents Chapman's assessment of a reasonable development concept based on analogous field data and technical information available at the effective date. These parameters are subject to material change as additional technical and commercial information becomes available.
Project Basis - Prospective Resources: The development programs described for the Central and Findık prospects are based on conceptual discovery and development studies, which Chapman characterizes as scoping-level analyses. The resource estimates and associated economic analyses have been conducted under a discounted cash flow methodology applied to a defined project scenario, but the program has not advanced beyond a conceptual or scoping stage. Readers are cautioned that conceptual studies carry a higher degree of uncertainty than pre-development or development studies and that actual results, if any resources are discovered and developed, may differ materially from those presented.
Consistency with Evaluator Methodology: All risking probabilities and expected value calculations disclosed in this news release are taken directly from the Chapman report and reflect Chapman's own methodology and assignments. The Company has not independently re-risked or adjusted any probability estimate assigned by Chapman.
Economic Assumptions -The NPV estimates disclosed in this news release are derived from the Chapman evaluation and are based on the following economic assumptions. All monetary amounts are expressed in United States dollars.
Oil Price Deck: Chapman's January 1, 2026 forecast price deck (Attachment 1 to the Chapman report) was used for all NPV calculations. The evaluation applies the Brent Spot (ICE) forecast prices plus a property-specific premium of US
Royalties and Fiscal Terms: A
Capital Costs: Capital costs have been estimated by Chapman based on historical experience and analogy, expressed in current-year dollars and escalated at
Operating Costs: Operating costs have been estimated at US
Discount Rate: NPV estimates are discounted at
*Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.*
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292843