| | Trillion Energy International Signs MOU For Drilling Rig | | Trillion Energy Signs Drilling Rig MOU for Development of SASB February 17, 2022 - Vancouver, BC - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce it has signed a Memorandum of Understanding (MOU) to obtain drilling services from GSP Offshore SRL (“GSP”). The services are for the Company’s planned SASB natural gas production and development program in the Black Sea.
We selected GSP as its Uranus jack-up drilling Rig is currently located in the Black Sea, thus, reducing costs of mobilization and because GSP has previously successfully drilled prior wells on the SASB gas field. GSP anticipates the Uranus rig will be able to commence service during July 2022 subject to a definitive agreement being executed by all parties (GSP, TPAO and Trillion). The rig service rate is USD $95,000 per day.
The MOU anticipates drilling five new wells and two recompletions (the “Initial Program”). The Initial Program will target primarily prior 41BCF (billion cubic feet -100% interest) natural gas discoveries assessed as 2P reserves by GLJ, an independent reserves consultant. The duration of the Initial Project is expected to be 7 months with one new well being put into production every 15-45 days.
The new wells are anticipated to produce immediately upon completion with production sold into the existing pipeline grid under contract, where high demand exists for the Company’s production as natural gas prices hit a record high of over USD $13 MCF during February 2022.
The Company also desires to utilize the GSP rig for an additional 7-10 new well drillings/workovers continuously after the completion of the Initial Program, on the same or similar fiscal terms as the Initial Project. This subsequent project primarily includes low-risk development wells and or additional wells drilled into producing gas pool reserves. The exact number of wells targeted for the second program will depend on the results of the Initial Program.
It is the Company’s plan to drill all 17 wells, more or less continuously, bringing one new well into production every 45 days starting the 3rd quarter of 2022 and then throughout the duration of 2023, thereby significantly ramping up the Company’s production over that time frame.
The Parties have commenced negotiating a drilling services contract for the Project which will reflect the principles agreed upon in the MOU. | | Arthur Halleran CEO stated:
“The signing of the MOU with GSP to provide drilling services at SASB with its Uranus drilling rig is an important step towards executing the development program for SASB, to ramp up production at the Gas Field during times of extreme gas shortages and high prices.” | | |
In addition, the Company has engaged Stockhouse.com and OGIB Corporate Bulletin to execute digital marketing campaigns for the Company. These programmatic digital advertising campaigns will run over one year and three months respectively and include content creation, articles, media buying and distribution, advertising creative development, campaign reporting and optimization. | | ABOUT THE COMPANY Trillion Energy International Inc. is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first major natural gas development projects; a 19.6% (except three wells with 9.8%) ownership interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
The Company’s NI 51-101 (effective date December 31, 2020) and updated effective October 31, 2021, and other reports relating to its prospective resources may be found on www.sedar.com as well as the Company’s website. GLJ has assessed 2p reserves of approximately 41 BCF for 100% interest in the SASB gas field, where the Company’s net interest is 49% of the same. | | Director & CEO
Arthur Halleran
+1 (250) 996-4211
Corparate Offices
+1 (778) 819-1585
Investor inquiries please email
info@trillionenergy.com | | | Admin Office (Canada) Suite 700-838 West Hastings St.
Vancouver, BC V6C 0A6 Canada
Operations (Turkey)
Turan Gunes Bulvari, Park Oran Ofis Plaza
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Oran, Cankaya, Ankara, Turkey | | | | | | | |