Vancouver, BC, Feb. 16, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to announce it has signed a purchase order (“PO”) with Schlumberger (“SLB”) to provide all well engineering design services and drilling support for new well drilling operations at the SASB gas field, Black Sea.
Schlumberger is the world’s leading provider of technology for drilling and production to the global energy industry.
SLB’s services will include design and engineering of: well directional trajectories, offset analysis, casing requirements, drilling mud programs, directional tools, and the like. The initial engineering and planning services will be delivered during Q2 of 2022, in anticipation of drilling to commence in Q3 2022.
SLB well designs will be for long reach, directionally drilled development wells, capable of reaching more than 2 kilometers horizontally from the rig location /production platforms to access the target gas pool, thereby eliminating the necessity for costly subsea tie-ins for most wells.
It is the Company’s plan to drill over 13 wells at the SASB Gas Field in this manner, bringing one new well into production every 45 days, starting in the 3 Qtr of 2022 and the duration of 2023, thereby significantly ramping up the Company’s gas production revenue over that time frame. Each well is anticipated to cost approximately USD $8.7m (100% interest – USD $4.3m net to us)
Art Halleran CEO stated:
“SLB brings best in class engineering and drilling support services to our tool kit at SASB. Using their long reach drilling technology, directional drilling tools, and their vast hands-on engineering experience, SLB significantly lowers our capital costs for bringing new wells into production and increases the anticipated returns. They also significantly lower our drilling risks.”
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 up dated 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’ net interest is 49% of same.
Contact
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements and other information about this news release and the Company reserves
The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgement. While resources estimate presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoirs performance subsequent to the date of the estimate may justify revision, either upward or downward.
Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the resources evaluated herein.
This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such statements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a full summary of our oil and gas reserves information, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective October 31, 2021 and or Prospective Resource report dated October 31, 2021.
