TRILLION ENERGY COMMENCES DRILLING WEST AKCAKOCA WELL LATERAL SECTION & UPDATES ON PERFORATION OF GULUC-2 WELL

Rhea-AI Summary

Trillion Energy International Inc. (CSE: TCF, OTCQB: TRLEF) has announced a progress update regarding the Guluc-2 and West Akcakoca 1 wells at the SASB Gas field in the Black Sea, Turkiye. The perforation and flow testing of the Guluc-2 well, which reached total depth on January 31, has been delayed due to shipping issues related to recent earthquakes. The necessary tools are expected to arrive later this week. To optimize operations, the rig has been relocated to drill the WA-1 well, which will also be perforated once completed. Trillion Energy holds significant natural gas assets in Turkiye and Bulgaria, contributing to its focus on supplying the European market.

Positive

• Completion of Guluc-2 well reached total depth on January 31.
• Rig operations are efficiently managed by moving to the WA-1 well.
• Company holds a 49% interest in the SASB natural gas field, enhancing its market position.

Negative

• Perforation and flow testing delays due to shipping issues from earthquakes.
• Potential operational risks associated with delays in tool delivery.

Tools required for perforations of Guluc-2 well to be received later this week

Vancouver, B.C., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide a progress update on the Guluc 2 and West Akcakoca 1 wells at the SASB Gas field, Black Sea Turkiye.

Guluc-2 is the third well in our multi-well program, which reached total depth (TD) on Jan 31 as previously announced in our February 2 news release. We initially anticipated perforation and flow testing last week; however, completion has been temporarily delayed while we await delivery of well tools to allow the perforation guns to be properly conveyed and positioned into the well. Shipping issues due to the earthquakes caused delays in receiving certain tools, but we are expecting to receive the tools later this week.

To avoid the rig standing idle waiting for tools, it has been skidded to the West Akcakcoa-1 well (“WA-1”) (to which 1008 metres of surface hole was previously drilled late in 2022) which will now be drilled to TD. After drilling of WA-1 is complete, both WA-1 and Guluc-2 wells will be perforated for production.

About the Company

Trillion Energy is focused on natural gas production for Europe and Turkey with natural gas assets in Turkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest-scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. More information may be found on www.sedar.com, and our website.

Contact
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.

These statements are not guaranteeing of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings for the first quarter of 2022. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2021 and our Prospective Resource report effective October 31, 2021.

FAQ

What is the status of the Guluc-2 well for Trillion Energy (TRLEF)?

The Guluc-2 well has reached total depth as of January 31, but perforation and flow testing are delayed due to shipping issues.

When are the tools for Guluc-2 expected to be received?

The necessary tools for Guluc-2 are expected to arrive later this week.

What strategic move has Trillion Energy made while waiting for tools?

The rig has been skidded to drill the West Akcakoca-1 well to avoid idling.

What percentage of the SASB Gas field does Trillion Energy own?

Trillion Energy owns a 49% interest in the SASB natural gas field.