- Trillion Energy International (CSE:TCF) is announcing increased production from its 49-per-cent-owned SASB natural gas field in the Black Sea offshore Turkey
- Four perforated wells have generated 140 million cubic feet of natural gas after entering production from July 9-28
- Trillion Energy International is an oil and natural gas company supplying the Turkish and European markets
- Trillion Energy stock has given back 93.03 per cent year-over-year
Trillion Energy International (CSE:TCF) is announcing increased production from its 49-per-cent-owned SASB natural gas field in the Black Sea offshore Turkey.
The long-reach deviated Guluc-2, South Akcakoca-2 and West Akcakoca-1 gas wells, as well as the recompleted legacy well, Akcakoca-3, all drilled in 2022-2023, started production over a staggered period from July 9 to July 28 after perforations under SASB’s long-term development program. Here are the highlights:
- South Akcakoca-2 has been producing for 36 days, stabilizing at about 2.75 million cubic feet of natural gas per day (MMcf/d).
- Guluc-2 has produced for more than three weeks averaging 2 MMcf/d and now produces at a stable 1.25 MMcf/d.
- West Akcakoca-1 has averaged 0.60 MMcf/d for more than two weeks but has yet to stabilize.
- Akcakoca-3 has shown steadily increasing well head pressure from 100 psi to 478 psi with management expecting near-term production.
These wells have generated 140 MMcf of natural gas to date – enabling a 35-day payback on perforation capital expenditures – with gas production from the Akcakoca platform averaging 4.6 MMcf/d since completing the perforation program.
Trillion plans to ramp up production to 8 MMcf/d by year end and intends to increase completed wells from six to 17 over the near term, positioning the company to close the gap between its C$18.17 million market capitalization and C$0.12 share price, and its US$420.5 million in total proved plus probable reserves representing US$3.44 per share.
Leadership insights
“The wells on the Akcakoca Platform have been completed successfully with gas production and well head pressure continuing to increase,” Arthur Halleran, Trillion Energy’s chief executive officer, said in a statement. “This early return on our investment is a clear indicator of the field’s robust production potential. The results are very positive, giving us good indications that decreasing the production tubing size from 4 1/2 inches to 2 3/8 inches using velocity strings should stabilize gas production at the targeted rates.”
About Trillion Energy International
Trillion is an oil and natural gas company supplying the Turkish and European markets. Besides the SASB natural gas field, the company holds a 19.6 per cent (except three wells with 9.8 per cent) interest in the Cendere oil field and a 50 per cent interest in three oil exploration blocks in southeastern Turkey.
Trillion Energy stock (CSE:TCF) is unchanged, trading at C$0.12 per share as of 10:27 am ET. The stock has given back 93.03 per cent year-over-year.
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(Top image: Trillion Energy International)