BestFishes
2 주 전
TRILLION ENERGY SUCCESSFULLY RE-COMPLETES WELLS IN VS PROGRAM
December 3, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that it has successfully run 2 3/8 velocity string tubing (“VS”) in four existing wells, including three long reach wells on the Akcakoca Platform at the SASB Gas Field, Turkey.
The new tubing operation was conducted to reduce water loading, increase production and overall recovery from the wells. With the new tubing strings, the wells should be able to produce at a lower WHP (well head pressure) for a longer period.
Following the velocity string installation, production from Guluc-2 and West Akcakoca-1 commenced production again and is showing steady improvement, demonstrating the program's initial success in enhancing well performance. Both wells previously experienced production challenges causing down time due to water loading with the previous 4 1/2 tubing. The Akcakoca-3 well continues production with reduced daily water production.
The Company is presently planning the next phase of the operation, which is running the VS on two tripod wells and stimulating all the wells to clean up the producing reservoirs, build pressure and increase production. Choke sizes are being adjusted to minimize water production and maximize gas production. The Company has been injecting nitrogen into wells to flush out water build up as needed.
Winter weather conditions prolonged the operation and necessitated a week's break between the tripods and platform operation, as did the requirement for ordering additional equipment (burst disks) which are expected to arrive later this week.
The Company is confident that these measures will lead to an increase in production for these wells.
Gator44
3 월 전
Trillion Energy Announces Akcakoca-3 Well Production
9:00 AM ET, 09/10/2024 - GlobeNewswire
Vancouver, B.C. , Sept. 10, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc.(“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that the Akcakoca-3 well at the SASB Gas Field has now been put into production.
On July 17, 2024, eleven (11) meters of gas pay was perforated in the Akcakoca-3 well, however, due to delayed pressure build up, was not initially produced.
By Friday September 6th, 2024 the well head pressure (WHP) for Akcakoca-3 had increased to 616 psi and the well was put into production. Initial production flow rates were 4.28 MMcf/d which increased to 4.66 MMcf/d with WHP increasing to 645 psi.
At the same time, Alapli-2 was opened to test pressure resulting in gas flow to surface, however, is not producing gas in significant quantities at this time -production is pending installation of velocity strings.
“We are thrilled with the strong performance of Akcakoca-3 and the successful flow tests at Alapli-2, “said Arthur Halleran, CEO of Trillion Energy. “All the wells except Bayhanli-2 have now been put on production or flow tested to ascertain if gas is present and capable of production in the 4 ½” production tubing. This confirms that once the 2 3/8” is installed in the wells the gas will flow in a predictable and stable manner.”
Gator44
3 월 전
September 4, 2024
Trillion Energy Reports Record Production +US$1,000,000 Gross Production Revenue For August
Black Sea Asset Drives Significant Gas Revenue Growth as Company Prepares for Velocity String Installation
September 4, 2024 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for oil and gas fields, highlighting robust performance and strategic developments.
During the month of August, the 100% gas production from SASB was about 133.13 MMcf giving a gross total of US$1,456,400 and a Trillion 49% value of US$713,640 with a realized Natural Gas price of about US$10.94. Trillion’s gross oil revenue from Cendere is US$342,700. Trillion’s total gross production revenue for August is US$1,056,340.
The gas revenue from SASB is 95% from Guluc-2 and South Akcakoca-2, both stabilized and 5% from West Akcakoca-1 which has not stabilized and produces intermittently. SASB’s total average production for August was 4.6 MMcf/d. Akcakoca-3 well head pressure (WHP) has continued to increase to a current 583 psi compared to the initial WHP of 100 psi and early this week the well will be opened for a flow test.
Trillion Energy’s August performance underscores the company’s growing position in the European energy market. With the SASB gas field contributing significantly to revenue, Trillion is poised for future growth as it explores production optimization techniques. The potential installation of velocity string in the wells is expected to substantially increase gas production, mirroring the success of legacy wells that averaged 4.2 Bcf per well using 2 3/8” production tubing.
Trillion Energy is positioned to significantly enhance production through the installation of 2 3/8” velocity strings (VS), replacing the current 4 ½“tubing. This upgrade is expected to substantially increase gas flow rates. Everything is ready for changing out the production tubing from 4 ½” to 2 3/8” diameter tubing, velocity string installation (VS). To install the VS the wells have to be killed, but with the wells producing gas at these high daily rates killing the well is undesirable therefore the feasibility of installing the VS in a flowing well is being evaluated.
CEO Arthur Halleran stated:
“Trillion’s August gross revenue of US$1.46 Million illustrates the future potential of increasing the monthly revenue once we have more than just two gas wells producing. The VS (2 3/8” production tubing) installation in all 6 wells will substantially increase the gas production at SASB. The 10 legacy wells at SASB between 2007 and 2021 produced a total of 42.19 Bcf of gas utilizing 2 3/8” production tubing, about 4.2 Bcf/well. We can expect the same with our wells once we put in the 2 3/8”. Even with the 4 ½” production tubing we have produced 2.71 Bcf of gas from our 2022/23 wells. Our gas price is US$10.94/mcf whereas the Henry Hub Gas spot price is US$1.91.”
About the Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a 50% interest in 3 oil exploration blocks in S.E. Türkiye. More information may be found on www.sedar.com, and our website.
Contact
Arthur Halleran, Chief Executive Officer
Brian Park, Vice President of Finance
1-778-819-1585
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
Gator44
3 월 전
ACCELERATEDTRILLION ENERGY ANNOUNCES SUCCESSFUL SASB GAS PRODUCTION, HIGHLIGHTED BY ACCELERATED PAYBACK AND INCREASED PRODUCTION
9:00 AM ET, 09/04/2024 - GlobeNewswire
Vancouver, B.C., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc.(“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for the SASB gas field.
SASB revitalization program is off to a great start having realized the complete payback of recent perforation costs in just 35 days of production. In first phase of workover all remaining gas pay on the Akcakoca platform was perforated including three long reach deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 wells and the recompleted legacy well Akcakoca-3, all drilled in the 2022/2023 program. The wells started production over a staggered period from July 9 to July 28 and have already produced 140MMcf representing a 35-day payoff of the recent perforation CAPEX.
South Akcakoca-2 has been producing for 36 days, stabilizing at approximately 2.75 MMcf/d. Guluc-2 has produced for over three weeks with an average production of 2.0 MMcf/d and now produces at a stable rate of about 1.25 MMcf/d. West Akcakoca-1 has produced an average of 0.60 MMcf/d for over two weeks with some irregularities and has not yet stabilized. Akcakoca-3 was perforated and although gas flow did not initially occur the well head pressure (“WHP”) has steadily increased from 100 psi to 478 psi and is therefore anticipated to start producing soon.
Gas production from the Akcakoca Platform has averaged 4.6 MMcf/d since the perforation program concluded.
CEO Arthur Halleran stated:
“The wells on the Akcakoca Platform have been completed successfully with gas production and WHP continuing to increase. This early return on our investment is a clear indicator of the field’s robust production potential. The results are very positive, giving us good indications that decreasing the production tubing size from 4 ½” to 2 3/8” using velocity strings, should stabilize gas production at the targeted rates.”
Trillion also announces that the Board of Directors of the Company has authorized the granting of stock options under its Stock Option Plan to purchase 8,800,000 common shares of the Company at an exercise price of $0.14 per share for a five-year term expiring August 12, 2029. The stock options are being granted to certain directors, officers, employees and consultants of the Company.
About the CompanyTrillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a 50% interest in 3 oil exploration blocks in S.E. Türkiye. More information may be found on www.sedar.com, and our website.
ContactArthur Halleran, Chief Executive OfficerBrian Park, Vice President of Finance1-778-819-1585e-mail: info@trillionenergy.com; Website: www.trillionenergy.com
BestFishes
4 월 전
TRILLION ENERGY ANNOUNCES SUCCESSFUL SASB GAS PRODUCTION, HIGHLIGHTED BY ACCELERATED PAYBACK AND INCREASED PRODUCTION
Successful Production and Completion of 4 Workovers, Marks a Major Milestone in Trillion's Strategic Perforation Program, Increasing Gas Production Capacity at the Black Sea Asset
August 14, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for the SASB gas field.
SASB revitalization program is off to a great start having realized the complete payback of recent perforation costs in just 35 days of production. In first phase of workover all remaining gas pay on the Akcakoca platform was perforated including three long reach deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 wells and the recompleted legacy well Akcakoca-3, all drilled in the 2022/2023 program. The wells started production over a staggered period from July 9 to July 28 and have already produced 140MMcf representing a 35-day payoff of the recent perforation CAPEX.
South Akcakoca-2 has been producing for 36 days, stabilizing at approximately 2.75 MMcf/d. Guluc-2 has produced for over three weeks with an average production of 2.0 MMcf/d and now produces at a stable rate of about 1.25 MMcf/d. West Akcakoca-1 has produced an average of 0.60 MMcf/d for over two weeks with some irregularities and has not yet stabilized. Akcakoca-3 was perforated and although gas flow did not initially occur the well head pressure (“WHP”) has steadily increased from 100 psi to 478 psi and is therefore anticipated to start producing soon.
Gas production from the Akcakoca Platform has averaged 4.6 MMcf/d since the perforation program concluded.
Arthur Halleran, CEO of Trillion stated:
“The wells on the Akcakoca Platform have been completed successfully with gas production and WHP continuing to increase. This early return on our investment is a clear indicator of the field’s robust production potential. The results are very positive, giving us good indications that decreasing the production tubing size from 4 ½” to 2 3/8” using velocity strings, should stabilize gas production at the targeted rates.”
Trillion also announces that the Board of Directors of the Company has authorized the granting of stock options under its Stock Option Plan to purchase 8,800,000 common shares of the Company at an exercise price of $0.14 per share for a five-year term expiring August 12, 2029. The stock options are being granted to certain directors, officers, employees and consultants of the Company.
BestFishes
5 월 전
TRILLION ENERGY ANNOUNCES SASB FLOW UPDATE
July 24, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on the flow rates and well perforations at the SASB gas field.
South Akcakoca-2 - Updates on the flow rates are as follows: well head pressure (“WHP”) has stabilized at 371 psi and the well was recently producing 1.94 MMcf/d using 42/64” choke.
Guluc-2 - Initial flow was diverted to the platform vent line with a 64/64” choke where producing WHP was about 350 psi, the well was shut in and within 40 minutes the WHP increased to 1200 psi. Guluc-2 is currently producing at 3.35 MMcf/d with a WHP of 484 psi using a 32/64” choke.
West Akcakoca-1 -Only two of the five zones slated for perforations have been completed at this time due a wait for a replacement tool expected to arrive Thursday. The two perforated zones contain 5 metres gas pay, where WHP went from 1150 psi to 1350 psi. Three more gas zones totaling an additional 4 metres are expected be perforated, after which the well will be tested and flowed. We expect good results based on the initial WHP increase.
Akcakoca-3 was perforated over 11 metres of gas pay with no observable WHP increase, most likely due to water loading, which is currently at 315 metres depth. The well is expected to come back on at about 2 MMcf/d upon installation of a velocity string (2 3/8 production tubing).
Images of the velocity strings ready for installation are now available at Trillion’s social media platforms.
BestFishes
7 월 전
TRILLION ENERGY COMMENCES WORK PROGRAM AT SASB GAS FIELD
May 23, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this update and announce it has commenced operations program at the SASB Gas field, Turkey which will occur over a two-month period.
Operations are being conducted in several phases and involve seven or eight wells at the SASB gas field, including all six wells drilled/completed last year as well as a few older wells that historically experienced water loading issues.
Approximately 16,500 meters of velocity strings, new well heads and other tangibles have been ordered and are being received at shore base proximate to the Akcakoca port on an ongoing basis. Order delivery has been occurring over the last month and expected to continue as the work program unfolds. Service contractors have been engaged for perforations, well tractors, tubing running services; as well as marine vessels required to convey the equipment 14 kilometers offshore.
June Operations
49 meters of gas pay in four wells will be perforated commencing mid-June 2024, followed by initial velocity string installation in the AKK-3 well. Gas velocity strings, a key focus of this work program (velocity strings restrict the amount of water entering tubing to prevent water loading) are expected to improve well performance for long-term stabilize production. June operations will occur on the Akcakoca platform including Guluc-2, South Akcakoca-2, West Akcakoca-1 and Akcakoca-3 wells. This operation is estimated at 20 days’ time.
July Operations
The second set of operations commences during July and involves installation of gas velocity strings in 6 or more wells on the Akcakoca Platform and two tripods. Pump installation is anticipated in one or more older wells, which were not part of Trillion’s 2022-2023 drilling program on an as needed basis.
Private Placement
We are also pleased to announce we intend to complete a non-brokered private placement of up to 15,000,000 units of Trillion (the "Common Shares") at a price of $0.09 per unit, for aggregate gross proceeds of up to a maximum of $1,350,000 (the "Offering"). Each unit is comprised of a share and warrant exercisable at $.18 per share for two years. There is no minimum size to the Offering. Management of the Company has committed to subscribing for at least 20% of the Offering. Trillion may pay a cash finder's fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering.
The Common Shares are being offered pursuant to available prospectus exemptions, including sales to accredited investors. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the CSE. The securities issued will be subject to a four-month hold period from the date of the closing of the Offering.
Closing is expected to occur on or about May 28, 2024 or such other date as the Company may determine, and may be followed by additional closings until the Offering is fully subscribed.
BestFishes
8 월 전
TRILLION ENERGY PROVIDES OPERATIONAL UPDATE
April 8, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this operational update for the SASB gas field.
Trillion is starting the SASB revitalization project now as all relevant equipment and supplies for the start of the operations arrive mid-April 2024. As mentioned previously a total of 49 metres of new gas pay will be perforated in Guluc-2, South Akcakoca-2, West Akcakoca-1 and Akcakoca-3 prior to the installation of the artificial gas lift (AL).
Shifting the start of the SASB revitalization project from the end of the 1st Qtr. to the beginning of the 2nd Qtr. was the result of “the only solution is the correct solution”. Previously, the SASB AL program consisted of PCP pumps, ESP pumps and velocity strings. However, with new skilled personnel hired that has changed to predominantly velocity strings for step one and years down the road a water pump installed to prevent future water loading. A velocity string is just a smaller diameter production tubing, as currently the new wells have 4 ½” production tubing and the company will just thread 2 3/8” production tubing inside of the 4 ½” tubing.
Al Thorsen states:
“From my experience, velocity strings are the best solution at this stage of the gas producing wells as velocity strings are cheap to install, relatively simple to operate, have no moving parts and are well suited to high gas producing wells. These wells have large volumes of gas yet to produce and the velocity string is the first step, in the future 5 to 6 years from now when the wells have most of the gas produced, at that time PCP pumps or ESP will be installed to extend the gas producing life of the wells”.
Installing velocity strings requires substantially less capital compared to installing PCPs and is much faster.
Further updates will be provided as SASB’s gas production increases.
BestFishes
9 월 전
TRILLION ENERGY ANNOUNCES CFO AND DIRECTOR CHANGE
March 8, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) has announced the appointment of David Thompson as Interim CFO and a search for a permanent Chief Financial Officer (CFO). The Company also announces grant of stock options.
Mrs. Ozge Karalli will no longer be able to fulfill the duties of the CFO as a result of her termination with Park Place Energy, Trillion’s operating subsidiary in Turkey. David Thompson, a director and former CFO of the Company has agreed to act and has been appointed as interim CFO until a new permanent CFO is appointed. Trillion has enacted a transition leadership plan until a permanent CFO is confirmed.
Mr. Thompson has 30 years of financial experience in the international oil and gas industry in the U.S. Europe, Turkmenistan and is managing director of AMS Limited, a Bermuda based management company. He has served as president and CEO of Sea Dragon Energy Inc. (London exchange: SDX), Financial Director of Forum Energy Plc (AIM) and SVP at Larmag Group of Companies. Mr. Thompson is a CPA since 1998.
Kubilay Yildirim has resigned as a director of Trillion Energy effective immediately. The Company intends to commence a search for a replacement director, which it anticipates being completed no later than in time for the next annual general planned for July 2024.
The Company announces it has granted options to acquire a total of 2,450,000 common shares of the Company to its directors, employees, consultants and officers, pursuant to the Company’s 2022 long-term equity incentive plan, at an exercise price of $0.20 per share for three years subject to vesting conditions.
BestFishes
10 월 전
Dispatch: Turkiye's Oil Boom: Trillion's Opportunity Unveiled
Türkiye has achieved a significant milestone in oil production, exceeding 35,000 barrels per day (bpd) in the southeastern Gabar mountain region, the country's state-owned oil company Turkish Petroleum (TPAO) announced Friday.
Highlighting the success of the company's exploration efforts, TPAO said on X: 'We broke the first record of 2024 in oil production at Gabar with 35,061 bpd.'
According to TPAO, increased output originates from 28 operational wells, including newly drilled wells in the Gabar mountain region of Sirnak province.
'Our goal is to reach oil production of 100,000 bpd by the end of 2024. We surpassed the goals we have set, one by one, with the help of our nation, and we keep working relentlessly for Türkiye's energy independence,' TPAO said.
Türkiye's Energy and Natural Resources Minister, Alparslan Bayraktar, revealed in a news briefing on Thursday that the country's oil production in the Gabar region had reached around 33,000 bpd in 27 wells.
This success, stemming from 28 operational wells, underscores Türkiye's significant exploration efforts and commitment to energy independence, TPAO said.
Türkiye's Energy and Natural Resources Minister, Alparslan Bayraktar, revealed in a news briefing on Thursday that the country's oil production in the Gabar region had reached around 33,000 bpd in 27 wells.
Türkiye has intensified its oil and gas exploration activities since 2020, with the Gabar region playing a significant role in these efforts.
The discovery of new reserves in the southeastern area has been instrumental in Türkiye's pursuit of reducing dependency on imported energy resources and in achieving this year’s production level target.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr
This milestone not only highlights the region's capacity for substantial oil yields but also emphasizes the potential of Trillion Energy's adjacent exploration blocks. As Türkiye aims for 100,000 bpd by end-2024, Trillion's strategic positioning near such prolific reserves presents an exciting prospect for investors, signaling vast untapped resources and a promising future for energy production in the area.
BestFishes
10 월 전
In this week's Trillion Dispatch:
*Crux's Long Awaited Update
*Stock Analysis on Trillion Energy
*Reviving Production & Potential
Unlocking Cash Flows in Türkiye's Hot Gas Market
After months of a long awaited update, Trillion is proud to present our latest interview with Crux Investor.
During this interview, Arthur, CEO of Trillion Energy delves into SASB gas field's operational challenges, and further elaborates on implementing artificial lift technologies to counteract production difficulties stemming from water loading. Arthur also addressed growing concerns about water loading causing lost reserves, in which he responded that the gas is not lost, but simply pushed back into the formation, highlighting the company's proactive measures to manage the situation and maintain resource integrity.
In addition to this, Arthur also dives into expected production from Trillion's existing natural gas wells in its SASB gas field, as well as plans to add 5-6 sidetrack wells to further boost production levels to 20 - 25 million cubic feet per day. Arthur further explored the company's broader vision, touching on the exploration of Trillions oil blocks, current/future project developments, and much more.
The Crux Investor also published an article which serves as a concise summary for shareholders. It covers everything discussed within the interview, which makes this format ideal for shareholders seeking a quick overview rather than full in-depth analysis.
Crux Interview:
Crux Article: https://www.cruxinvestor.com/posts/trillion-energy-fixing-turkish-gas-wells-while-eyeing-massive-oil-field
Blaze Capital's recent video offers a comprehensive analysis of Trillion Energy by Justin, covering key aspects like profitability, share price trends, and financial metrics alongside a discussion on the company's recent revenue growth and the strategic addition of experienced leaders. Its a must watch for investors looking to understand Trillion Energy's current position and future potential in the market.
Furthermore, Trillion is preparing for an upcoming interview with Blaze Capital in the near future, where CEO, Arthur Halleran will delve into current topics of interest and provide updates.
This interview will be accessible through our social media channels, as well as Blaze Capital's YouTube channel.
Blaze Video:
Ron Struthers, founder and editor of Struthers' Resource Stock Report and Playstocks.net, has also recently issued an in depth analysis on Trillion Energy, examining its market position, financial health, and future prospects.
Ron Struther stated:
"I have found what I see as the best risk/reward play for a junior oil and gas company that I can ever remember. It is seldom to find an oil and gas play with huge potential for a 10 to 20-bagger, yet there is practically no downside risk. This is a very unique company!"
"The 2022 to 2023 SASB development drilling program succeeded in six out of six wells, resulting in large volumes of gas reserves being tied into the pipeline for production. There is no reason why future additional wells will not have the same success. Trillion is partnered with the state oil company, and that tells me there is a lot of confidence in the management of this company to execute".
In this article, Ron Struthers' analysis of Trillion Energy identifies the stock as significantly undervalued. He explores the company's operations, future drilling prospects, management's expertise, and the high-demand market location for oil and gas, suggesting a strong growth potential for the company.
Ron's Article: https://www.streetwisereports.com/article/2024/01/31/a-very-unique-oil-and-gas-opportunity.html
Latest News
TRILLION ENERGY ANNOUNCES DEBT SETTLEMENT
February 2, 2024 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z620), an oil and natural gas producer in Turkey, announces that it has issued 3,180,000 common shares (each, a "Share") of the Company at a deemed price of $0.20 per Share in settlement of a bona fide debt of $636,000 owed by the Company to its Chief Executive Officer, Arthur Halleran for $546,000, and two directors of the Company for the balance, namely David Thompson and Sean Stofer (the "Debt Settlement"). The Shares are subject to a statutory hold period expiring four months and one day after closing of the Debt Settlement.
The Debt Settlement with 2476393 Alberta Ltd., a company wholly owned by Arthur Halleran, Chief Executive Officer and a director of the Company, David Thompson and Sean Stofer, directors of the Company (the "Insider Settlement"), is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement based on that the fair market value of such insider participation does not exceed 25% of the Company's market capitalization.
Arthur Halleran, CEO stated:
“When the stock was at $.05 a share in 2020 I converted most of my salary into shares, seeing the bright future for the Company at that time. Today, I am converting all of my past compensation owed to me into shares, seeing the same value opportunity again. I’m all in on Trillion Energy for the long term.”
BestFishes
11 월 전
TRILLION ENERGY ANNOUNCES DEBT SETTLEMENT
February 2, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62), an oil and natural gas producer in Turkey, announces that it has issued 3,180,000 common shares (each, a "Share") of the Company at a deemed price of $0.20 per Share in settlement of a bona fide debt of $636,000 owed by the Company to its Chief Executive Officer, Arthur Halleran for $546,000, and two directors of the Company for the balance, namely David Thompson and Sean Stofer (the "Debt Settlement"). The Shares are subject to a statutory hold period expiring four months and one day after closing of the Debt Settlement.
The Debt Settlement with 2476393 Alberta Ltd., a company wholly owned by Arthur Halleran, Chief Executive Officer and a director of the Company, David Thompson and Sean Stofer, directors of the Company (the "Insider Settlement"), is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the related party participation in the Debt Settlement based on that the fair market value of such insider participation does not exceed 25% of the Company's market capitalization.
Mr. Halleran, CEO stated:
“When the stock was at $.05 a share in 2020 I converted most of my salary into shares, seeing the bright future for the Company at that time. Today, I am converting all of my past compensation owed to me into shares, seeing the same value opportunity again. I’m all in on Trillion Energy for the long term.”
BestFishes
11 월 전
TRILLION ENERGY APPOINTS NEW CHIEF OPERATING OFFICER
January 22, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) , an oil and natural gas producer in Turkey, is pleased to announce the appointment of Al Thorsen as Chief Operating Officer. As part of his duties, Mr. Al Thorsen will be responsible for the production operations of SASB gas field as well future drilling activities in Turkey and abroad.
Mr. Thorsen will be leading the production enhancement initiatives, with the highest priority being to increase production of the SASB gas wells, including for the five new wells drilled last year, as well as future planned workovers and sidetracks on several older wells. Mr. Thorsen strongly believes in the production capability of the SASB wells as conventional gas reservoirs.
With a proven track record in expanding and leading domestic and international operations, Mr. Thorsen brings a wealth of experience developing and leading large cross-functional teams, consistently achieving robust strategic objectives for high-profile organizations within the energy industry including implementing comprehensive technical solutions.
Highlights of his career include: Valeura Energy Inc. as operations manager in Turkey where he managed 55 employees, 300 natural gas wells and 500 km gas gathering system; Journey Energy, leading a production team where he directed joint ventures and production engineering to 10,000 BOE/d. He has also held positions with Rio Alto Exploration, a 100,000 BOE/d international company as country manager and production manager, Zargon Oil and Gas as VP of Operations, Orleans Energy as VP of Operations, and Central Petroleum as COO.
Mr. Thorsen has substantial experience in Turkey, with artificial lift in an international production environment. He holds a Bachelor of Science in Petroleum Engineering and graduated 1986 from Montana College of Mineral Science & Technology, Butte, Montana.
“I am confident that Mr. Thorsen’s extensive artificial lift and gas production expertise will improve our operational effectiveness accelerating production at the SASB gas field.” said Arthur Halleran, CEO.
BestFishes
11 월 전
TRILLION ENERGY PROVIDES OPERATIONAL UPDATE FOR SASB GAS FIELD
January 18, 2024 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this operational update and to reiterate its production guidance for the SASB gas field issued on September 25, 2023 subject to revised timing to facilitate evaluation of alternative pump types and installation.
On September 25, 2023, Trillion announced its SASB production guidance for the completion of five new wells and one recompletion completed for the work program ending August 2023. Trillion reiterates this guidance, save and except by pushing the program three months forward, due to receiving pumps, some which require remanufacture of well heads to install. Well heads have been ordered and first deliveries are expected in February 2024.
To address the water loading issue, the Company enlisted the expertise of the third-party engineering firm GLJ last November, 2023. The ensuing comprehensive report highlighting actionable items for the execution of artificial lift and was delivered in December 2023. The Company has now put in motion ordering pumps, wellheads, new well tubing and the like.
Thus, Trillion’s issued production guidance remains steadfast at 7,547 mcf/d before royalties (15.4 MMCF/d 100% Gross interest to lease) for the initial six wells for the 2024 year, with the program execution occurring over the course of the next few months, starting with the four Akcakoca platform wells in Q1 and then the two tripod wells in early Q2.
Moreover, the Company anticipates fitting two or three additional legacy wells with pumps by Q2 for a total of eight + producing wells. Two of the added wells were initially part of the sidetrack program, however, to save cost, are now slated as recompletions instead of new sidetrack drilling. Production from these wells is in addition to the six wells and is not included in the above production estimates.
During the initial drilling program, the initial short term flow test rates for the six wells in question were, 100% interest before royalties: South Akcakoca-2: 7-8.2MMcf/d; Akcakoca-3 7MMcf/d; Alapli-2: 11.9MMcf/d; West Akcakoca-1: 5.9MMcf/d; Bayhanli-2: 11.9MMcf/d and Guluc-2: 16.35MMcf/d.
Trillion Energy is committed to transparency and operational excellence, and we appreciate the ongoing support of our stakeholders as we advance further on our developments within the SASB gas play.
Perforation Program Updates
In October 2023, we successfully reperforated Guluc-2 and West Akcakoca-1 wells. Akcakoca-3’s perforation was deferred due to a snag causing a tool string challenge. The snag issue is now resolved, allowing for perforation of the remaining 6 meters of gas pay. In addition, 10.4 metres of gas pay will be perforated in South Akcakoca-2. Trillion is confident the perforations will increase production significantly in the wells and that both will receive either velocity string tubing (an alternative to pumps) and or pumps upon arrival of the required parts.
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12 월 전
TRILLION ENERGY PROVIDES UPDATED SASB 3D SEISMIC WITH NEW STRATIGRAPHIC GAS PROSPECTS
December 20, 2023 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion”, or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the completion of its 3D seismic reprocessing for the SASB gas field. The Company is now in the process of interpreting the results and tying the results into the existing drilled wells.
Significant improvements in seismic technology since the initial processing of the 2004 seismic data offer enhanced data imaging for reservoir characterization, faults, and reservoir layers. Additionally, the new PSDM seismic volumes & velocity model has uncovered:
Continuous reflectors
Much clearer fault cuts
Amplitude preservation
Improved imaging of subsurface geology and enhanced results of attributes, inversion, and AVO
Higher quality data, allowing for clear visibility of both previously and newly discovered gas channels, revealing thin sand bodies
Validation of the presence of hydrocarbons using different AVO attributes, such as intercepts, gradients, fluid factors, and gas indicators
Detection of sweet spots for new gas prospects.
Arthur Halleran CEO of Trillion stated:
"In the dynamic landscape of energy exploration, our reprocessed seismic data has unveiled a promising chapter for the SASB gas field. The revelation of extensive channel sands, particularly in the D and De-E zones, surpasses our earlier understanding of the field. This transformative breakthrough marks a clearer and more expansive vision of our gas prospects. The excitement is palpable as we witness the emergence of previously unseen gas-charged sand channels throughout, setting the stage for a future defined by enhanced exploration success."
Images of the new seismic compared to old seismic as well as an in depth overview can be found here:
https://mailchi.mp/trillionenergy/trillions-sasb-seismic-studies-update
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