Trillion Energy International Inc. 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.”