GOOD NEWS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TRILLION ENERGY TO ACCELARATE BULGARIA NATURAL GAS PROJECT COMMENCEMENT
Vancouver, BC, April 29, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on the 98,000-acre Vranino 1-11 natural gas exploration license block in the Dobrudja basin, Bulgaria (the “License”) and changes in the energy environment in Bulgaria.
Russia’s Gazprom cut off the natural gas supply to Bulgaria, citing the countries’ refusal to pay in Russian roubles, prompting accusations of “blackmail” and emergency talks at the EU. Bulgaria has historically imported 90% of its natural gas from Russia.
In early April 2022, natural gas prices in Bulgaria reached highs of CAN$28/mcf (US$22.35/mcf). This was before its natural gas supply was cut off.
Trillion Energy had engaged a third-party engineering firm, Netherland Sewell & Associates, Inc. to estimate the un-risked gross (100%) prospective resource1 (the “Netherland Report”) on its Bulgarian Vranino 1-11 License. The Netherland Report estimates:
Undiscovered Original Gas in Place -Billion Cubic feet (Bcf)
Unrisked Gross (100%) Prospective Gas Resources (Bcf)
In April 2022 the Company recently held meetings with its Bulgarian representatives regarding completion of the pre-license environmental reports necessary to commence work on the License. The Companies exploration program is to drill five new wells. Recent increases in natural gas prices have improved the project economics and prompted the Company to now focus on this project also, as its SASB gas field development is well underway with drilling to commence in July 2022.
Dr. Art Halleran, CEO stated:
“Now more than ever Bulgaria, like most of Europe, urgently needs domestic supply of natural gas for its energy security and survival. The Vranino 1-11 project has significant natural gas potential to supply domestic gas to Bulgaria.”
Trillion Energy 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 and largest scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. More information may be found on www.sedar.com, and our website.