(MENAFN- GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia and ANKARA, Turkey, June 18, 2020 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ('Trillion' or the 'Company') (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to provide an update on the South Akcakoca Gas-Basin 'SASB' gas fields, one of the Black Sea's first and largest natural gas development projects.
SASB Gas Field History
The SASB gas field wells first commenced production between 2007 and 2011 and have produced a total of 41.66 Billion Cubic feet gas (BCF) to date, an average of 4.166 BCF per well. We recently completed a forecast for total economic recovery per well which is 5.814 Billion Cubic Feet (BCF) for the 10 production wells drilled during Phases I and II development. Production from Phase I and II peaked in 2011 at approximately 6.5 BCF per year and now currently produce approximately 40 Million MCF per annum.
SASB is very substantial for an offshore development in the Black Sea, consisting of 23 shallow water wells, four offshore platforms, related pipelines and gas processing plant -all having a total development cost of US $608 million being incurred to date.
The natural gas is produced from Eocene age sandstone reservoirs at subsea depths ranging from 1100 to 1800 meters in each of the wells. The wells are shallow water in less than 100m depth. The SASB development license area is 12,385 hectares and 100% is covered by 3D seismic.
Phase I development included partial development of the three nearer shore gas fields, the Ayazli (discovered in 2004), Dogu Ayazli (discovered 2006) and Akkaya (discovered in 2005) were developed with first gas production in 2007. A total of 17 wells were drilled in Phase I to an average depth of 1,500m subsea.
Phase II consisted of the deeper water Akcakoca field (discovered in 2006) which was developed with Phase II gas production coming online in 2011. Six wells were drilled and one platform was constructed during this phase.
In total, an 82% success rate occurred in drilling the wells for phase I & II and finding gas based on the 3-D seismic shot. Several prospects and field extensions were identified by 3-D seismic, however, were not drilled at the time.
Recent Operations Increase Production
Recently, we conducted operations to extend the life of the Phase I and II wells by lowering producing pressure to increase gas production, which resulted in a 50% production increase (555 MCF/D increase) to 1,517 MCF/D.
The Company is in the process of formulating a comprehensive re-development program for SASB that could see current production levels substantially increase by accessing additional proven gas reserves.
President & CEO, Mr. Arthur Halleran states: 'We look forward to bringing SASB gas production to levels new highs as redevelopment occurs after we complete our development plan. Natural gas sales in Turkey have maintained consistent strength of between US$6.00 and US$7.60 /mcf, a substantial premium to North American markets.'
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About the Company
Trillion Energy is a Canadian based natural gas and oil producer focused on international market with several oil and gas assets in Turkey and Bulgaria. The Company is a 49% owner of the SASB natural gas field, one of the Black Sea's first and largest natural gas development projects. Trillion's portfolio of Oil & Gas assets also includes: a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; a 100% interest in 42,833 hectares oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
Corporate Offices
Tel: 1-778-819-1585
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Cautionary Statement Regarding Forward-Looking Statements
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 guarantees 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, operational and geological risks, the ability of the Company to raise necessary funds for exploration; 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 and 8-K.
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