TRILLION ENERGY DISCOVERS 55 + METRES OF POTENTIAL GAS PAY IN WEST AKCAKOCA 1 WELL AT SASB GAS FIELD

Rhea-AI Summary

Trillion Energy International (CSE: TCF, OTCQB: TRLEF, Frankfurt: Z62) announced successful drilling of the West Akcakoca 1 well to a depth of 3,839 meters, identifying over 55 meters of potential gas pay across six sands in the SASB gas field, Black Sea, Turkiye. Completion and flow testing are expected by month-end, aiming to generate revenue before March concludes. CEO Arthur Halleran highlighted the achievement of consistently successful wells at SASB and projected an updated reserve report soon. The company focuses on natural gas production in Europe and Turkey, holding key interests in gas and oil fields.

Positive

• Successful drilling of West Akcakoca 1 identified over 55 meters of potential gas pay.
• Completion and flow testing expected before month-end to generate revenue.
• Consistent drilling success at SASB, increasing proved reserves.

Negative

• None.

West Akcakoca 1 is now successfully drilled to total depth with 55+ metres of potential gas pay identified

Vancouver, B.C., March 14, 2023 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the preliminary gas indications from the West Akcakoca 1 well, the fourth well in our multi-well program at the SASB gas field, Black Sea, Turkiye.

On March 10, West Akcakoca 1 reached 3,839 metres total measured depth (TMD) and true vertical depth (TVD) of 1,677 meters. During the drilling, an abundance of gas pay was discovered. Our analysis of logging while drilling (LWD) data suggests 55 metres of potential natural gas pay within 6 sands in the Akcakoca member (SASB production zone).

The logging while drilling data is consistent with the initial mud show results. The 7” production casing will be run in and cemented this week. The initial perforation intervals are currently being selected to bring the well into production. Completion and flow testing will occur once the well is perforated, with revenue being generated prior to month end.

After completion of the West Akcakoca 1 well, the rig will be skidded back to the Guluc-2 well for completion. The Guluc-2 well is scheduled to be put onto production by the end of March.

Arthur Halleran, CEO of Trillion, stated:

“That is 4 for 4 success at SASB, as Trillion successfully executes its gas development program at SASB. We eagerly await the gas flow rates and plan to put the wells into production, end of this month. As South Akcakoca 2, Guluc 2 and West Akcakoca 1 wells targeted resource prospects, not reserves, Trillion has significantly increased the proved reserves through the drilling program to date. We expect to release our updated reserve report by the end of the month.”

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
Corporate offices: 1-778-819-1585
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 are the results of the West Akcakoca 1 well drilled by Trillion Energy (TRLEF)?

Trillion Energy reported identifying over 55 meters of potential gas pay in the West Akcakoca 1 well, which is now successfully drilled to a total depth of 3,839 meters.

When will Trillion Energy start generating revenue from the West Akcakoca 1 well?

Revenue generation from the West Akcakoca 1 well is expected before the end of March after completion and flow testing.

What is the significance of the drilling program at SASB for Trillion Energy (TRLEF)?

The drilling program at SASB has resulted in successful wells and an increase in proved reserves, indicating a strong potential for gas production.

What other drilling activities does Trillion Energy have planned after West Akcakoca 1?

After completing West Akcakoca 1, the rig will move to the Guluc-2 well, which is scheduled to be put into production by the end of March.