- Trillion Energy International (CSE:TCF), a microcap oil and gas stock, added more than 10.7 per cent after announcing production and perforations updates at the West Akcakoca-1 well within its SASB gas field offshore Turkey
- The well is currently producing 2.8 million cubic feet of natural gas per day, with production from the broader Akcakoca platform expected to increase thanks to new velocity strings
- Trillion Energy is an oil and natural gas production company supplying the Turkish and European markets
- Trillion Energy stock has given back 91.14 per cent year-over-year
Trillion Energy International (CSE:TCF), a microcap oil and gas stock, added more than 10.7 per cent after announcing production and perforations updates at the West Akcakoca-1 well within its SASB gas field offshore Turkey.
Crews perforated West Akcakoca-1’s three remaining intervals spanning 4 metres for a total of 5 zones, successfully completing the perforation program after previous delays because of inclement weather and a spare part shortage.
The initial two perforated zones representing 5 m of gas pay increased well head pressure (WHP) from 1,150 psi to 1,350 psi. Perforation of the remaining three zones increased WHP from 1,350 psi to 1,694 psi.
West Akcakoca-1 is currently producing 2.8 million cubic feet of natural gas per day (MMcf/d), while total combined production from the Akcakoca platform is 7.3 MMcf/d (100 per cent interest), including the Guluc-2, West Akcakoca-1 and South Akcakoca-2 wells.
Shareholders can expect production increases across the Akcakoca platform as Trillion continues to install new production tubing – known as velocity strings – on additional wells over the near term, drills new wells into 2025, and vies to continue its multi-year track record of reserves growth.
Proved and probable reserves have increased from 20.1 billion cubic feet (Bcf) of natural gas in 2021 to 55.8 Bcf in 2023, the latter valued at US$420.5 million, according to the company’s 2023 reserves update.
Leadership insights
“We have now perforated all remaining gas pay in the SASB wells. We are pleased with the results,” Arthur Halleran, Trillion Energy International’s chief executive officer, said in a statement. “Installation of production tubing in the past required a jack-up rig, which was extremely expensive. However, we intend to run the new production tubing without a rig using a snubbing unit, which is substantially cheaper and will provide a long-term production solution.”
About Trillion Energy International
Trillion Energy is an oil and natural gas production company supplying the Turkish and European markets. Besides its 49-per-cent-owned SASB natural gas field, the energy stock holds a 19.6 per cent (except three wells with 9.8 per cent) interest in the Cendere oil field and is actively pursuing exploration in southeast Turkey and beyond.
Trillion Energy stock (CSE:TCF) is up by 10.71 per cent, trading at C$0.16 per share as of 10:29 am ET. The stock has given back 91.14 per cent year-over-year.
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(Top photo: Trillion Energy International)