(Image via Trillion Energy International Inc.)
Operating among giants in the Black Sea, one public gas producer (with a much more conservative market cap) has been busy this month signing partnerships to advance its natural gas production and development program in the Black Sea.
Engaged in gas production with multiple assets throughout Turkey and into Bulgaria,
Trillion Energy International Inc. (CSE: TCF, OTC: TCFF, Forum) is 49% owner of the Black Sea Natural Gas Project, South Akçakoca Sub-Basin (SASB) natural gas field, one of the Black Sea’s first major natural gas development projects.
The company recently signed a purchase order with
a Major Service Company, provider of technology for drilling and production, to provide all well engineering design services and drilling support for new well drilling operations at the SASB gas field.
Trillion Energy CEO Art Halleran hailed this service provider in
a media release on this news as best in class engineering and drilling support services for the company’s tool kit at SASB.
“Using their long reach drilling technology, directional drilling tools, and their vast hands-on engineering experience, will significantly lowers our capital costs for bringing new wells into production and increases the anticipated returns. They also significantly lower our drilling risks.”
Trillion Energy quickly followed this announcement up with news that it had signed a Memorandum of Understanding (MOU) to obtain drilling services from
GSP Offshore SRL.
GSP’s jack-up drilling rig is already located in the Black Sea, which would reduce the costs of mobilization to get it in place. GSP has already drilled prior wells on the SASB gas field successfully and anticipates that its rig will be able to commence service by July 2022.
The MOU anticipates drilling five new wells and two recompletions, targeting primarily prior 41BCF (billion cubic feet -100% interest) natural gas discoveries assessed as 2P reserves. The duration of this initial project is expected to be seven months with one new well being put into production every 15 to 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 $13 (USD) MCF during February 2022.
CEO Halleran added that the company plans to drill all 17 wells continuously, starting by Q3 2022 and then throughout the duration of 2023, significantly ramping up its production over that time frame.
“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.”
CEO Halleran spoke with TMH’s Dave Jackson about the company’s latest updates on natural gas prices, future drilling, and relocation.
(Click to play video.)
The company believes that the pressure on European natural gas prices is partly due to increased consumption across Europe and complications as tensions rise between Russia and Ukraine.
Trillion has relocated to British Columbia and recently made progress on an agreement to receive advice on institutional debt funding. TCFF stock has climbed more than 18% in the past three months, 36% year to date, and has seen impressive 169.7% growth since this time, last year.
(Trillion Energy International Inc. stock chart – November 2021 to February 2022. Click to enlarge.)
Investors are gravitating toward what Trillion Energy International has to offer, especially following headlines that the company intends to deepen work at its SASB natural gas field by this summer.
Following updates issued by the team on natural gas prices, future drilling, and its new domicile, the company expects strong European natural gas prices in the near term, further bolstering its strong shareholder value.
To keep up with future updates and for more details on this company visit
trillionenergy.com.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.