Trillion Energy announces farm-in deal to explore oil blocks in Türkiye near recent discoveries

Trillion Energy International Inc. announced it has entered into a farm-in agreement with Derkim Poliüretan Sanayi ve Ticaret A.S. to earn a 50% working and revenue interest in three oil exploration blocks spanning 151,484 hectares located in the Cudi-Gabar province, Türkiye in proximity to recent discoveries.

The company said that to earn the 50% stake, it must acquire 351 kilometres (km) of 2D seismic in 2023 and drill four wells in 2024.

The Eastern Block is approximately 15 km by 30 km in size and located about 12 km from the newly discovered Sehit Aybuke Yalcin Oil Field at Mount Gabar, which currently produces 10,000 barrels of oil per day (bopd) and is on track to rise to 100,000 bopd.

The Western Blocks are a combined area of approximately 30 km by 60 km, located approximately 30 km west of the Eastern Block and 5 km from the Raman Oil Field, discovered in 1940 and reportedly containing an initial 615 million barrels of original oil in place.

Trillion CEO Arthur Halleran said the company was excited about the agreement’s exploration opportunities considering recent discoveries made in the province proximate to the Eastern Block.

“The oil field trend is expected to run through the northeast half of the Eastern Block which has yet to be explored,” he said.

“Wells drilled to date in the southwest of our targeted area have good to very good oil staining and asphalt in the rocks. This indicates a working petroleum system on the Eastern Block where oil has been generated and migrated within the system.”

Halleran also highlighted that there are five different Mesozoic reservoirs and two different Paleozoic reservoirs that have over 15 oil fields of note in surrounding blocks.

“This indicates oil generation which has migrated in vast amounts and as such, our exploration focus will be looking for traps,” he said in a statement. “When you are surrounded by large, discovered oil fields, you know you are in elephant hunting grounds.”

Trillion’s farm-in obligations are expected to cost US$16 million. A joint exploration phase will follow involving six additional exploration wells drilled where Trillion will pay 50% of the cost.

No economic discoveries have yet been made on the oil blocks by Trillion and there is no guarantee that any oil discovery will be made, the company noted.

Trillion is focused on natural gas production for Europe and Türkiye with natural gas assets in Türkiye and Bulgaria.

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