Trillion Energy International advances operations at SASB Gas Field
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62), a key player in Europe and Turkey’s natural gas sector, has initiated a comprehensive operations program at the SASB Gas field in Turkey. The program, set to span over two months, includes significant updates and enhancements to several wells.
Operations Update and Expansion
The operations at the SASB gas field are segmented into multiple phases, targeting seven to eight wells, including the six wells that were drilled and completed in the previous year. These operations also extend to older wells that have historically faced water loading issues, which hinder gas extraction efficiency.
Trillion has ordered approximately 16,500 meters of velocity strings along with new well heads and other essential equipment, which are being received continuously at a shore base near the Akcakoca port. This logistical operation, essential for the efficient deployment of resources, involves multiple service contractors for perforations, well tractors, tubing running services, and the necessary marine vessels to transport equipment 14 kilometers offshore.
Trillion Energy International has initiated a comprehensive operations program at the SASB Gas field in Turkey.
Detailed Monthly Operations Schedule
– June Operations: Activities for June focus on perforating 49 meters of gas pay across four wells, starting mid-June. These operations include the initial installation of a velocity string in the AKK-3 well. This strategic installation on the Akcakoca platform targets multiple wells and is aimed at preventing water from entering the tubing systems, thereby stabilizing and enhancing gas production over the long term. The June operations are expected to span 20 days.
– July Operations: The subsequent set of operations, scheduled for July, will continue with the installation of gas velocity strings in additional wells across the Akcakoca Platform and two tripods. This phase also includes potential pump installations in older wells as needed, which were not part of Trillion’s 2022-2023 drilling initiatives.
Financial Moves: Private Placement Offering
In conjunction with these operational advancements, Trillion is pleased to announce a forthcoming non-brokered private placement of up to 15,000,000 units at a price of $0.09 per unit, aiming for gross proceeds of up to $1,350,000. This offering includes a share and a warrant, with each warrant exercisable at $0.18 per share for two years. The company’s management is committed to subscribing for at least 20% of the offering, underlining their confidence in the company’s strategic direction. The completion of this offering is subject to regulatory approvals, including from the CSE, with a scheduled closing around May 28, 2024.
Trillion Energy International Inc. is deeply invested in the natural gas and oil production sectors in Europe and Turkey. The company holds a 49% ownership in the SASB natural gas field and a 19.6% interest in the Cendere oil field, with varied stakes in three wells. Additionally, Trillion is poised to earn a 50% interest in three oil exploration blocks in Southeastern Turkey, demonstrating its strategic commitment to enhancing energy resources in the region.