Resource report not too shabby with nore drilling to comeSummary
Total Net 2P Reserves plus the Risked Prospective Resources from the six prospects evaluated by GLJ is 43.2 BCF with a NPV-10 of US$162.5MM (C$1.93/share). The SASB Gas Field has further potential upside from at least seven additional exploration prospects, which have not yet been evaluated. The SASB Natural Gas Field is a Black Sea offshore development consisting of four platforms and currently has five gas wells producing from the Eocene Kusuri Sandstones. Production commenced in 2007 with approximately 41 Bcf produced to date from four gas pools.
President & CEO, Dr. Arthur Halleran comments: “The SASB Prospects add significant upside value to our existing petroleum reserves and resources. The GLJ reports clearly indicate a greater than C$200M value of the SASB Gas Field to Trillion. In addition, we plan to update our report on Trillion’s 100% owned Vranino 1-11 lease located in the Dobrudja Basin, Bulgaria, which was estimated having Unrisked Original Gas In Place of mid-case 572BCF and high case 1.2 Trillion Cubic Feet (TCF), as per Netherland Seawell’s resource report dated September 14, 2014”