Trillion Energy International Inc. C.TCF

TCF: ANNOUNCES SASB UPDATE & alapli 2 well results

[Humanist]

by @GlobeNewswire on 2 Aug 2023, 09:00
TRILLION ENERGY ANNOUNCES SASB UPDATE AND ALAPLI 2 WELL RESULTS
    
Optimization of future SASB Drilling program begins
Vancouver, B.C, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the Alapli-2 well flow test results and to provide an update on future drilling programs at the SASB gas field, Turkiye.

Alapli-2 Well results
Alapli-2 has 32 metres of total gas pay in the A, B, C and D sands of the Akcakoca Member, which is 22.7 metres thicker than the offset well Alapli-1. 15.1 metres measure thickness of gas pay were perforated and tested in Alapli-2; 9.1 metres “A” sand and 6 metres “D” sand. A combined flow rate of 11.9   MMcf/d was obtained using a 24/64” choke. Alapli-2 will be producing to the sales line in two days.

Operational update for SASB Drilling Program
After drilling five successful long reach directional wells and one re-completion at SASB, Trillion will continue to perform several new perforations of existing wells and begins to recalibrate the future drilling program to optimize capital expenditures to get the best return.
The next Phase of drilling is expected to resume during mid-2024 and includes several sidetrack wells, long reach directional wells as well as stratigraphic exploration wells.
For the remainder of 2023, Trillion will focus on: a) conducting field analysis to determine how to maximize gas production and ascertain which gas pools require additional wells in the next phase of drilling; b) complete reprocessing and remapping of the 3D seismic to delineate new stratigraphic exploration; c) plan and organize the next drilling phase to maximize returns on deployed capital.
For the 2024 SASB drilling program, five sidetrack wells have been engineered with certain long lead items purchased. These wells are expected to be drilled first, followed by several stratigraphic exploration prospects. New 3D seismic re-processing is expect to be completed by October 2023 to facilitate the 2024 drilling program as previously detailed in our January 31, 2023 Press Release. The new 3D seismic re-processing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural traps.

Rig Contract
Trillion’s Uranus rig contract signed in 2022 mandated a minimum of 100 days’ drilling time and allowed for up to seven well operations. This contract corresponded with our anticipated Phase I program at the time of seven wells. Trillion will be seeking ways to maximize economics for the 2024 drilling program. Trillion has been actively negotiating a new drilling contract for the 2024 SASB drilling program. After the completion of the Alapli-2 well, the current drilling program will be concluded for 2023. During recalibration for next phase the URANUS rig will return to Constanta.

Update on well production
Trillion is continuing with it’s operations to maximize gas production at SASB. After the perforation of Alapli-2 the wire line unit and tractors will be moved to the Akcakoca Platform to carry out some additional perforations. Guluc-2 will have additional gas pay to be perforated as well as Akcakoca-3 and West Akcakoca-1 well. West Akcakoca-1 will be the pilot well for the slim hole ESP pump to lower water loading.

Art Halleran CEO:
“Almost one year ago, we began drilling at the SASB gas field using advanced drilling technology to reach previously unreachable gas pools. We are pleased with the results of the first drilling campaign at SASB and believe our success on the field will continue. We look forward to opening a new dimension with the assessment of stratigraphic gas prospects on the SASB block and to maximize returns for drilling at SASB. The revenue generated by SASB gas production will now build a material cash balance and be used for other ventures.“

Annual General Meeting
The Company will hold its AGM on Thursday, August 10, 2023, at 11:00 a.m. at the offices of DS Lawyers Canada LLP at 800, 333 -7th Avenue SW, Calgary, AB, T2P 2C1. The Company has set the record date for the AGM at July 6, 2023. The Notice of Meeting, the accompanying Management Information Circular and related meeting materials are now available under the Company's profile on SEDAR at www.sedar.com and were mailed out to shareholders as of the record date July 14, 2023.