TRILLION ENERGY INTERNATIONAL ANNOUNCES RIG UPDATE

Rhea-AI Summary

Trillion Energy International has provided an update on the mobilization of its Uranus rig to the SASB gas field. Inspectors found deficiencies in the top drive and ballast tank, necessitating repairs for worker safety, expected to conclude this week. The rig will then be positioned at the Akcakoca offshore platform, with the first well spud planned within three days of arrival. This multi-well natural gas development program is timely as Europe and Turkey face acute gas shortages, driving prices to record highs.

Positive

• Timely mobilization of the Uranus rig is expected to address acute natural gas shortages in Europe and Turkey.
• The drilling program includes seven natural gas production wells, likely enhancing revenue potential.

Negative

• Delays due to repairs on the Uranus rig could hinder the planned drilling schedule.
• Risks associated with operational challenges and regulatory hurdles may affect project timelines.

Rig undergoing extra preventative maintenance before mobilization

Vancouver, B.C. , Aug. 30, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62 is providing an update on the status of the Uranus rig mobilization to the SASB gas field.

On August 22, we announced the rig was expected to be approved for departure on August 26, after a thorough inspection and permitting process. The rig inspection identified deficiencies with the top drive and ballast tank and as such requiring repairs before departure. These repairs, which are required for worker safety, are expected to be completed this week upon which time mobilization is expected to commence.

The Uranus drilling rig’s live location may be tracked at the website marinetraffic.com.

The Company anticipates providing a subsequent press release when mobilization has commenced.

When the rig arrives, it will be positioned at the Akcakoca offshore production platform where it will take three days before the first well is spud.

The Company’s multi-well development program initially includes seven natural gas production wells set to come online during a time when acute natural gas shortages are menacing Europe and Turkey. Natural gas prices continue to spike, breaking historical records; the prospect of a cold winter looms with the worst shortages expected yet to come.

Arthur Halleran CEO stated:

“Overall, we are satisfied with the rig inspection process. The repairs and maintenance currently being completed is preventative in nature which ensures the safety of the drilling rig personnel. All workers have the right to work in a safe environment and return home safely after a job. We look forward to the upcoming commencement of our planned drilling programme”.

About the Company

Trillion is an oil and gas producing company with multiple assets throughout Turkey 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
Art Halleran: 1-250-996-4211
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 is the status of the Uranus rig mobilization by Trillion Energy (TRLEF)?

The Uranus rig is undergoing repairs for deficiencies found during inspection, with mobilization expected to start soon.

How many natural gas wells is Trillion Energy planning to drill?

Trillion Energy plans to drill seven natural gas production wells as part of its multi-well development program.

Why is the rig mobilization significant for Europe and Turkey?

The mobilization is crucial as both regions are facing acute natural gas shortages and rising prices.

What safety measures are being taken for the Uranus rig?

Repairs being conducted on the rig are preventative, ensuring the safety of drilling personnel.