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Overview of Trillion Energy International
Trillion Energy International Inc. (OTCQB: TRLEF) is a publicly traded oil and gas company specializing in the exploration, development, and production of hydrocarbon resources. Headquartered in Calgary, Alberta, Canada, the company operates primarily in Türkiye, where it plays a pivotal role in ensuring domestic energy security through its strategic assets and innovative operational approaches. Trillion Energy is particularly known for its work on the SASB Gas Field, a critical natural gas asset located in the Black Sea region, which serves as a significant supplier to the local energy market.
Core Business Areas
Trillion Energy's operations are centered on the upstream sector of the oil and gas industry, encompassing resource exploration, drilling, and production. The company's primary focus is on maximizing hydrocarbon recovery from its existing wells while exploring new opportunities to expand its resource base. Its portfolio includes both natural gas and oil assets, with a strategic emphasis on optimizing production efficiency and reducing operational costs.
Key Operational Highlights
The SASB Gas Field is the cornerstone of Trillion Energy's operations. Recent initiatives at SASB include the installation of velocity string tubing across multiple wells to mitigate water loading and enhance gas production. These technical interventions have allowed the company to stabilize and increase production rates, demonstrating its commitment to operational excellence. Additionally, Trillion Energy employs advanced techniques such as nitrogen injection and gas lift systems to further optimize well performance and sustain long-term production.
Beyond the SASB Gas Field, the company is also exploring opportunities within the Cudi-Gabar petroleum province in Southeastern Türkiye. This includes seismic studies and potential farm-in agreements to secure working interests in promising oil blocks. While these projects are still in developmental stages, they underscore Trillion Energy's strategic focus on diversifying its asset base.
Market Position and Competitive Landscape
Operating in the dynamic European and Middle Eastern energy markets, Trillion Energy occupies a unique position as a provider of domestic energy supply to Türkiye. Its focus on natural gas production aligns with the region's growing demand for cleaner energy alternatives. The company differentiates itself through its innovative approach to overcoming operational challenges, such as water loading and weather-related delays, and its ability to implement cost-effective solutions like snubbing units for tubing installations.
In a competitive landscape that includes both regional producers and global energy giants, Trillion Energy's localized expertise and strategic focus on domestic markets provide it with a distinct advantage. Its commitment to operational efficiency and technological innovation further strengthens its market position.
Significance in the Industry
Trillion Energy's contributions extend beyond its production metrics. By supplying critical natural gas to Türkiye, the company plays a vital role in supporting the region's energy infrastructure and economic stability. Its focus on maximizing resource recovery and implementing advanced production techniques positions it as a forward-thinking player in the oil and gas sector.
While challenges such as water loading and weather conditions are inherent to its operations, Trillion Energy's proactive measures and strategic planning demonstrate its resilience and adaptability. This makes it a noteworthy entity within the industry, particularly for stakeholders interested in the intersection of energy production and technological innovation.
Trillion Energy International (OTCQB: TRLEF) has announced a debt settlement through the issuance of 3,516,493 common shares, valued at $204,436.07. The settlement includes payment to directors, officers, and consultants.
Of the total shares, 1,209,413 common shares were issued specifically for 2024 directors fees and management services from directors and an officer. This insider settlement qualifies as a related-party transaction under MI 61-101, though the company has received exemptions from formal valuation and minority shareholder approval requirements as the fair market value does not exceed 25% of the company's market capitalization.
Trillion Energy has provided an operational update for its SASB offshore gas project in Turkey. The company completed installation of new velocity string tubing in two wells (Alapli-2 and Bayhanli-2) during January 2025, following similar installations in four wells on the Akcakoca platform in fall 2024. While both tripod wells initially showed positive response, stable long-term flow rates haven't been maintained.
The company continues nitrogen injections to stimulate production, though operations faced delays due to winter weather. Plans are underway to stimulate Akcakoca-3 and South Akcakoca-2 wells using nitrogen. Additionally, Trillion has sourced a gas lift compressor system for the Akcakoca platform and plans to install a Progressive Cavity Pump and two slim-hole Electric Submersible Pumps to enhance production in the coming months.
Trillion Energy (OTCQB: TRLEF) has announced the successful installation of 2 3/8" velocity string tubing into the Alapli-2 natural gas well, marking a significant advancement in enhancing long-term gas production at the SASB field. The company's next step involves relocating the snubbing unit via crane barge to the East Ayazli tripod, where they plan to install 2,888 meters of 2 3/8" VS tubing into the Bayhanli-2 well. This phase is expected to be completed within 7 days, weather permitting. Following the completion of Bayhanli-2, the company will initiate nitrogen stimulation activities in both wells to optimize performance and enhance production levels.
Trillion Energy International announces significant management changes, including the retirement of CEO Arthur Halleran effective December 27, 2024. Sean Stofer, appointed as Chairman of the Board and interim CEO, brings over 20 years of energy industry experience and will lead the company while a search for a permanent CEO is conducted.
The company has also appointed Burak Tolga Terzi as Vice President and Deputy General Manager, bringing 17 years of management experience from companies like Valeura Energy and SOCAR AQS. Additionally, Scott Lower CPA has been named President, having previously served in a consulting role.
Trillion plans to establish an advisory board of industry veterans and aims to add two more directors in Q1 2025. The new leadership will focus on increasing production from existing assets and pursuing strategic acquisitions to enhance shareholder value.
Trillion Energy International (CSE: TCF, OTCQB: TRLEF) has announced the continuation of its velocity string tubing program on two tripods following operations completed at the Akcakoca platform in late November. A crane barge has arrived at the SASB gas field to transport the snubbing unit to the Akkaya tripod for operations on the Alapli-2 well, where 2,996 meters of tubing will be installed.
Following this, operations will move to the East Ayazli tripod for the Bayhanli-2 well, requiring 2,888 meters of tubing. The company will implement three sets of burst discs in each well for tubing installation, followed by nitrogen stimulation. The entire operation is expected to take approximately two weeks, weather permitting. Additionally, gas lift compressors are being sized for various wells, with South Akcakoca being the first.
Trillion Energy International has restated its 2023 financial statements due to an accounting correction related to foreign exchange losses on intercompany accounts. The restatement significantly reduced the company's net loss for 2023 from $1,102,194 to $43,842. The adjustment involved reclassifying foreign exchange losses from net loss to other comprehensive loss, as required by IAS 21 accounting standards.
The restatement affected several financial statement items, including accumulated other comprehensive loss (increased to $14,023,189) and accumulated deficit (decreased to $44,880,846), while total stockholders' equity remained unchanged at $22,212,572. The company's CFO noted that these changes had no impact on cash flows or the company's financial position.
Trillion Energy has successfully completed velocity string tubing (VS) installations in four existing wells at the SASB Gas Field, Turkey, including three long-reach wells on the Akcakoca Platform. The operation aims to reduce water loading and increase production and recovery. Guluc-2 and West Akcakoca-1 wells have resumed production with steady improvement after experiencing previous production challenges. Akcakoca-3 continues production with reduced daily water production. The company plans to implement VS on two tripod wells and stimulate all wells to enhance reservoir performance. Operations faced delays due to winter weather and equipment ordering requirements.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has initiated a Velocity String (VS) program at its SASB gas field. The company reached an agreement with its partner and was assigned operatorship for the program on September 30th, 2024. A service agreement with 'Snub Co' for VS installation has been signed, and mobilization of the snubbing unit from Romania has begun.
The operation aims to increase or stabilize production rates in producing wells by reducing water loading. Currently, Akcakoca-3 and South Akcakoca-2 are averaging 2.55 MMcf/d and 2.3 MMcf/d respectively over the past 30 days. Guluc-2 and West Akcakoca-1 wells have been producing intermittently due to water loading, with Guluc-2 averaging 1.7 MMcf/d over the last 2 months.
Regarding the Oil Blocks update, Trillion has continued to work on finalizing a farm-in for M46 and M47 oil exploration blocks in Southeastern Turkiye. However, due to the company's focus on the SASB workover program, planned exploration wells for 2024 have not been drilled. The block license owner has secured a third party to drill two wells, reducing Trillion's potential interest.
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) has announced that the Akcakoca-3 well at the SASB Gas Field is now in production. The well, perforated on July 17, 2024, with eleven meters of gas pay, initially experienced delayed pressure build-up. By September 6, 2024, the well head pressure (WHP) reached 616 psi, allowing production to begin. Initial production rates were 4.28 MMcf/d, increasing to 4.66 MMcf/d with WHP rising to 645 psi.
Additionally, Alapli-2 well was opened for pressure testing, resulting in gas flow to the surface, but is not yet producing significant quantities pending installation of velocity strings. CEO Arthur Halleran expressed satisfaction with Akcakoca-3's performance and Alapli-2's flow tests, confirming that most wells are now producing or have been flow tested.
Trillion Energy International reports robust financial performance for August, driven by substantial gas production from its Black Sea assets. The company achieved a gross production revenue of US$1,456,400 for August, with 100% gas production from SASB totaling 133.13 MMcf. Trillion’s 49% stake in the gas production yielded US$713,640, with a realized natural gas price of US$10.94 per Mcf.
Gas revenue from SASB comprises 95% from Guluc-2 and South Akcakoca-2, and 5% from West Akcakoca-1. Additionally, the gross oil revenue from Cendere fields amounted to US$342,700.
Trillion is exploring the installation of velocity strings to enhance production. CEO Arthur Halleran asserts that similar installations in legacy wells achieved a production average of 4.2 Bcf per well. The company aims to replicate this success by upgrading the current production tubing.
FAQ
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