- Trillion Energy (CSE:TCF) provided an update on its perforation program at the South Akcakoca Sub-Basin Gas Field (SASB)
- The three-well perforation program in the Black Sea has seen two out of the three well operations commenced or successfully completed
- As a result, total combined production at SASB is currently 14.4 MMcf/d (100 per cent) – 7,056 MMCF/d net to Trillion into the gas sales pipeline
- Trillion Energy last traded at $0.45 per share
Trillion Energy (CSE:TCF) provided an update on its perforation program at the South Akcakoca Sub-Basin Gas Field (SASB).
The three-well perforation program in the Black Sea has seen two out of the three well operations commenced or successfully completed, so far. As a result, total combined production at SASB is currently 14.4 MMcf/d (100 per cent) – 7,056 MMCF/d net to Trillion into the gas sales pipeline.
The Guluc-2 natural gas well’s perforation program includes a total of 30 metres of gas pay in five separate sands. On Oct. 25 the top two “C” sands at 3,665 – 3,674.5 metres MD (measured depth) were perforated (14.65 metres true vertical thickness (TVT) of gas pay) causing gas pressure to increase to 1,140 psi.
On Oct. 26 the top 3 metres (8.46 metres TVT) of the “C” sands 3,644 – 3,654 metres were perforated, causing gas pressure increase to 1,735 psi.
Because of the high pressure, a decision was made to delay perforation of the final pay zones in Guluc-2 totaling 12.3 metres in the “B”, “A” and “AA” gas sands until after the West Akcakoca-2 perforations to allow production to stabilize first.
The West Akcakoca 2 well’s sands “B” and “A” were perforated on Oct. 28, totaling 6 metres of gas pay causing pressure to increase to 1,742 psi. Perforation of two additional zones is ongoing.
Akcakoca-3 will be the final well to be perforated in the “C” and the “E” sands for an additional 19 metres of gas pay.
Natural gas sale prices received by the company for October 2023 are C$17.14. November gas prices are expected to be set over the next few days by the government regulator BOTAS. Trillion pays operating costs of $90,000 per month for SASB and a 12.5 per cent royalty on gas sales.
More information on stabilized production rates are expected during the week as perforations are ongoing in the West Akcakoca well and yet to commence in the Akcakoca-3 well. The work program is expected to be completed later this week.
“We are pleased with the results of our ongoing perforation program at SASB which is about half-way completed at this time. We are well on our way to following through with our work program and hitting the production targets as set out in our Sept. 25 news release this year. The current program is just the beginning, we will continue to work on increasing gas production at SASB until we are satisfied with the results,” Arthur Halleran, CEO of Trillion Energy, said in a statement.
Trillion Energy is focused on natural gas production for Europe and Türkiye with natural gas assets in Türkiye and Bulgaria.
Trillion Energy last traded at $0.45 per share.
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