TRILLION ENERGY INTERNATIONAL SIGNS DRILLING RIG SERVICES CONTRACT
Trillion Energy International Inc. has signed a definitive offshore drilling contract with GSP Offshore SRL to secure a jack-up rig for its SASB natural gas field drilling program, scheduled for Q3 2022. The contract entails a daily rate of USD$95,000 for at least 100 days and involves an advance payment of USD$1.0 million. The Uranus rig will mobilize in late July 2022, with drilling of five wells expected to commence in August 2022, aligning with high natural gas prices.
- Secured a contract with GSP Offshore for a jack-up rig, enhancing drilling capabilities.
- Anticipates instant online natural gas reserves production during high market prices.
- Drilling program expected to commence in August 2022, with potential for immediate revenue generation.
- The contract involves significant upfront costs of USD$1.8 million for mobilization and advance payments.
- Operational risks associated with drilling five new wells and re-completing existing wells.
Definitive Contract Secures Rig for SASB Drilling Program Slated for Q3 2022
Vancouver, BC, May 18, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that its
The contract provides a daily rig services rate of USD
Mobilization of the Uranus jack-up rig expected late July 2022 from Romania arriving August 2022 onsite, following the completion of its current operations in Romania.
Trillion intends to drill 5 wells from existing wellhead production platforms using the Uranus rig, which allows the Company to put the wells onto production as soon as they are completed. The first well may be spud August 2022 and each of the subsequent 4 new wells is expected to take approximately 40 days, plus completion time. In addition to drilling operations, the same rig will be utilized for re-entry and re-completion of two existing wells, which still have behind pipe reserves proved using PNN logs.
Arthur Halleran, CEO of the Company stated:
“The Company is excited to have secured one of the best and most suitable drill rigs located in the Black Sea area. The SASB drilling program will provide instant online natural gas reserves production during a time of historically high natural gas prices.”
About the Company
Trillion Energy is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria. The Company is
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 and other information about this news release and the Company reserves
This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such 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 Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. 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 or Prospective Resource report effective October 31, 2021. A copy of the Netherland Sewell & Associates, Inc report on Vranino 1-11 is available upon request.
FAQ
What is Trillion Energy's new drilling program for 2022?
What are the financial terms of the drilling contract with GSP Offshore?
When will the Uranus rig begin operations for Trillion Energy?
What is the potential impact of Trillion Energy's drilling program on natural gas production?
How many wells will Trillion Energy drill in the SASB program?
