Trillion Energy to Drill 5 New Wells in Gas Field Offshore Turkiye

Trillion Energy International Inc. plans to drill five new sidetracked production wells from existing platforms at its SASB gas field in the Black Sea offshore Turkiye to raise the total number of producing wells to 11.

Trillion also plans to drill at least one exploration well targeting potential stratigraphic natural gas prospects in the SASB field, the company said in a news release Monday. In 2024, the company plans to complete seismic acquisition and drill two exploration wells at its oil exploration blocks in S.E. Turkiye. The wells’ locations will be determined based on the planned seismic acquisition starting in the fourth quarter of 2023, Trillion said, adding that “the oil exploration program planned is potentially very high impact given the geological setting and series of recent new discoveries made in the region”.

The company anticipates natural gas production of 15.4 million cubic feet per day (MMcfpd) at the end of the year for its current six wells in the SASB field. Based on its 2024 capital expenditure program, and once the additional five-well capital program has been completed, Trillion is forecasting an average of 23.1 MMcfpd for 2024, as well as 30.8 MMcfpd at the end of 2024. The guidance does not include any forecasted volumes for the high-impact oil exploration program it is planning to execute, according to the release.

For 2024, Trillion plans to spend $26 million on workovers and the five sidetrack wells in the SASB, plus $9 million on oil block exploration, for a total of $35 million capital expenditure, the company said.

To optimize production on the six wells at the SASB field, Trillion said it is undertaking several operational initiatives, which include the addition of a booster compressor to the Cayagzi gas process facility to reduce the inlet pressure, which is expected to add 4.9 to 5.3 MMcfpd of production across the wells. The initiatives also include the perforation of 37 meters of additional pay in three of the six production wells and the installation of an artificial lift to reduce water loading in two of the six wells, according to the release.

“We are 100 percent focused on realizing the production potential at SASB through both our current and future development programs”, Trillian CEO Arthur Halleransaid. “Overall, we are pleased with the amount of gas we have discovered in our initial six wells and now it is time to profit from it. With SASB well on its way, we also look exploring to adding high-impact oil exploration to Trillion for 2024 in the prolific Cudi-Gabar Oil Petroleum Province”.

In August, Trillion posted a second-quarter revenue of $5.8 million (CAD 7.8 million), an increase of 288 percent from the same period in 2022. The company posted an operating income of $613,232 for the three months ended June 30, compared to an operating loss of $616,660 for the three months ended March 31, 2022, according to an earlier news release.

Trillion also closed a convertible debenture financing for gross proceeds of approximately $11 million (CAD 15 million) in the second quarter, it said.

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