Successful production and completion of 4 workovers mark an important milestone in Trillion’s strategic perforation program and increase gas production capacity in the Black Sea region
Vancouver, BC, August 14, 2024 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“trillion“ or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for the SASB gas field.
The SASB revitalization program is off to a great start, having fully recouped the cost of the recent perforations in just 35 days of production. The first phase of the revitalization perforated all remaining gas assets on the Akcakoca platform, including three long-reaching deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 and the rehabilitated legacy well Akcakoca-3, all drilled under the 2022/2023 program. The wells began production in a staggered period from July 9 to 28 and have already produced 140 million cubic feet, representing a recoup of the recent perforation CAPEX in 35 days.
South Akcakoca-2 has been producing for 36 days and has stabilized at approximately 2.75 MMcf/d. Guluc-2 has been producing for over three weeks with an average production of 2.0 MMcf/d and is now producing at a stable rate of approximately 1.25 MMcf/d. West Akcakoca-1 has been producing for over two weeks with some irregularities at an average of 0.60 MMcf/d and has not yet stabilized. Akcakoca-3 was perforated and although no gas flow occurred initially, the wellhead pressure (“WHP”) has steadily increased from 100 psi to 478 psi and production is therefore expected to commence soon.
Gas production from the Akcakoca platform has averaged 4.6 MMcf/d since completion of the perforation program.
CEO Arthur Halleran explained:
“Drilling on the Akcakoca platform has been successfully completed and gas production and WHP continue to increase. This early return on our investment is a clear indication of the field’s robust production potential. The results are very positive and give us good indications that reducing the production tubing size from 4 ½ inches to 2 3/8 inches using velocity lines should stabilize gas production at targeted levels.”
Trillion also announces that the Company’s Board of Directors has approved the grant of stock options under its stock option plan to purchase 8,800,000 shares of the Company’s common stock at an exercise price of $0.14 per share for a term of five years ending August 12, 2029. The stock options will be granted to certain directors, officers, employees and consultants of the Company.
About the company
Trillion Energy International Inc. focuses on oil and natural gas production for Europe and Turkey and has natural gas assets in Turkey. The Company owns 49% of the SASB natural gas field, a natural gas development in the Black Sea, and 19.6% (excluding three wells at 9.8%) of the Cendere oil field. The Company owns a 50% interest in three oil exploration blocks in southeastern Turkey. For more information, visit www.sedar.comand our website.
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Arthur Halleran, Chairman of the Board
Brian Park, Vice President of Finance
1-778-819-1585
E-mail: [email protected];
Website: www.trillionenergy.com
Cautionary note regarding forward-looking statements
This press release may contain certain forward-looking information and statements, including, without limitation, statements regarding the Company’s ability to obtain regulatory approval for the appointment of officers and directors. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion undertakes no obligation to update forward-looking information, except in accordance with applicable securities laws.
These statements are not guarantees of future performance and are subject to certain risks, uncertainties, delays, changes in strategy and assumptions that are difficult to predict and may change over time. Accordingly, actual results and strategies may differ materially and adversely from those expressed in forward-looking statements as a result of a variety of factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the Company’s ability to raise the necessary funds for development; the outcome of commercial negotiations; changes in technical or operational conditions; the cost of extracting gas and oil may increase and become too costly to make it uneconomical and not profitable, and other factors discussed from time to time in the Company’s filings at www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a complete summary of our Turkey oil and gas reserve information, please see our Forms F-1,2,3 51-101 filed at www.sedar.com or request a copy of our Reserves Report effective December 31, 2022 and updated January 31, 2023.
