ORIGINAL: Trillion Energy Comments on Recent TPAO Discovery Announcement in Black Sea and Recent Share Activity
2020-10-22 02:00 ET - News Release
VANCOUVER, British Columbia and ANKARA, Turkey, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is providing a comment on the recent Turkish Petroleum Corporation (“TPAO”) announcement of a major discovery; and recent share trading activity to confirm the Company has no material undisclosed news.
Turkish officials previously announced on August 21, 2020 that the Tuna-1 well drilled by TPAO in the Sakarya Gas Field, the national gas company of Turkey, encountered 100m of pay at TD 3,520 meters*. The August 21, 2020 announcement stated 320 BCM (11 TCF -trillion cubic feet) of natural gas was initially discovered*. They also announced at this time that 1,000 meters was still set to be drilled to assess two additional prospective zones.
On October 17th, TPAO announced an increase to size of the Sakarya Gas Field discovered by the Tuna-1 well upon additional drilling stating an additional 30 meters of gas pay was discovered* in the Tuna-1 well within the Miocene zone, adding 85 BCM (3 TCF)* to the discovery size for a total of 405 BCM (14 TCF) in the Sakarya Gas Field to date*. Turkish Officials announced that they believe this discovery in Sakarya Gas Field is a portion of a giant gas field and they will continue to drill to delineate the full extent to the gas resources. TPAO has also announced its plans to drill two further appraisal wells and broaden its exploration area in a new 3D seismic program commencing November 2020.
The SASB Gas fields located in shallow water Black Sea to which Trillion holds a 49% interest in are approximately 150km south of the Tuna 1 well. The SASB gas fields were discovered at a depth of approximately 1,200m over a decade ago and have produced approximately 41BCF natural gas to date (100% interest)**. To the Company’s knowledge, the SASB is currently the only producing offshore field in the Black Sea, Turkey.
The Sakarya Gas Field discovery suggests the generation of substantial volumes of natural gas from source rocks in this Western region of the Black Sea during the evolution of this sedimentary basin. However, there is no guarantee that additional gas deposits other than what has already been discovered at SASB will be made.
Art Halleran CEO commented: “In light of the recent announcement by TPAO in this part of the Black Sea sedimentary basin, we plan to evaluate the geological trends in SASB to identify additional prospects to drill and test for gas. Existing seismic has already identified anomalies warranting reprocessing the seismic where we plan on developing a geological model for deeper potential undiscovered reservoirs on SASB. Our existing license rights extend deeper into the SASB field than what we have drilled to date.”
The South Akcakoca Sub- Basin or (“SASB”) gas field is one of the Black Sea’s first natural gas development projects. Gas is sold at a substantial premium to European and North American markets. SASB Project Webpage: https://trillionenergy.com/projects/sasb-gas-field/