TRILLION ENERGY’S SASB NATURAL GAS DRILLING PROGRAM BEGINS

Rhea-AI Summary

Trillion Energy International has initiated a multi-well drilling program at the SASB natural gas field following the arrival of the Uranus Rig. This program includes drilling three new directional wells and recompleting one existing well, with operations expected to finish within six months. The company anticipates that first gas production will commence in early November 2022, with gas sold under an existing contract at significant prices. The ongoing program aims to address natural gas shortages in Europe and Turkiye, with plans for a total of 17 wells to be drilled.

Positive

• Commencement of a multi-well drilling program at the SASB natural gas field.
• First gas production expected in early November 2022 at high market prices exceeding US$30/mcf.
• Strategic plans to drill up to 17 wells to enhance natural gas supply.

Negative

• None.

The Company has started its multi-well development program at SASB targeting much needed natural gas in times of scarcity and record high prices

Vancouver, B.C. , Sept. 19, 2022 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to have commenced its multi-well drilling program on the SASB natural gas field, upon successful arrival of the Uranus Rig which was mobilized last week after delays due to maintenance and weather conditions in the Black Sea.

The Uranus Rig is situated at the Akçakoca platform where the first wells are being drilled. A total of three directional wells will be drilled from the Akçakoca platform, plus one recompletion of an existing well will occur. The Company estimates the four operations will be completed within 6 months.

The Company planned to pair completion of the Akçakoca wells to reduce cost and rig skid times, but each well will produce gas upon completion and sold to market. First gas production is expected early November 2022.         

After the work at the Akçakoca platform, the Uranus rig will move to the next of the three platforms at SASB to continue the work program. The Company has plans to drill/complete these initial 7 wells followed by another estimated 10 wells prior to further exploration occurring.

Arthur Halleran, CEO stated:

“The commencement of drilling operations marks a transformative step towards the Company’s bright future, with drilling to lock in much-needed locally sourced gas supplies for the winter months at prices over US$30/mcf. These long reach advanced engineering production wells will allow gas production to immediately be sold under our existing gas contract where we get paid monthly and can then use the revenues to continue to drill new wells.”

The Company’s development program initially includes seven production wells coming online during a time when acute natural gas shortages are menacing Europe and Turkiye. Drilling of additional 10 targets are expected to follow. Natural gas prices continue to spike, breaking historical records as the prospect of a cold winter looms with the worst shortages expected yet to come.

About the Company

Trillion is an oil and gas producing company with multiple assets throughout 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
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 TRLEF's recent drilling program?

Trillion Energy has started a multi-well drilling program at the SASB natural gas field, which includes drilling three new wells and recompleting one existing well.

When is the first gas production expected from TRLEF's new wells?

The first gas production is anticipated to begin in early November 2022.

How many wells are planned in TRLEF's SASB program?

Trillion Energy plans to drill a total of 17 wells, starting with 7 production wells.

What prices is TRLEF expecting for their gas production?

Trillion Energy expects to sell gas at significant prices over US$30/mcf.

Why is the drilling program important for TRLEF?

The drilling program is crucial as it aims to secure locally sourced gas supplies during a period of high demand and shortages in Europe and Turkiye.