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Trillion Energy International Inc. is an oil and energy company based in Vancouver, Canada. The company's focus is on increasing reserves through new drillings and optimizing production through artificial lift and tubing size. With a strong commitment to monetizing reserves, Trillion has seen a net reserves value gain despite settling prices. The company's 49% interest in various properties has shown a positive trend in the year-end reserve report for 2023, demonstrating growth and stability in its operations.
Trillion Energy International Inc. has successfully completed a $15,000,000 offering of convertible debenture units, consisting of $1,000 debentures with a 12% annual interest rate and common share purchase warrants. The debentures are convertible into common shares at a price of $0.60, and the warrants are exercisable at $0.50 until June 29, 2025. The offering was underwritten by a syndicate led by Eight Capital. Net proceeds will support working capital and capital expenditures for the company's assets in Turkey. The underwriters received a cash commission of 6% and broker warrants as part of the deal.
Trillion Energy focuses on natural gas production in Turkey and Bulgaria, holding significant interests in the SASB natural gas field and the Cendere oil field.
Trillion Energy International has spudded the Bayhanli-2 gas well at the SASB gas field in the Black Sea, Turkiye. This marks the fifth well in their multi-well drilling program, targeting a previously discovered gas pool. The well is anticipated to reach a total measured depth of 3,400 meters, with drilling expected to take about 45 days. Trillion Energy is a key player in natural gas production for Europe and Turkey, holding a 49% interest in the SASB field, one of the region's largest gas projects. The company is poised for significant production growth as it develops its reserves.
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