Trillion Energy International Inc. is midway through drilling its first new well in the multi-well development at the SASB Natural Gas Field, offshore Turkiye (formerly Turkey). Trillion is now fully funded to execute the initial seven well development program, as well as an additional 10 wells using cashflow generated from the first seven wells.
Natural gas production at SASB is expected to commence in November of this year, supplying vital new natural gas to the region. This supply is imperative, as multiple sources of gas in which Europe has previously depended on are going go offline, such as the Nord Stream I & II pipelines which are now non-operational suffering explosions last week and the Groningen field, owned by ExxonMobil and Shell has been forced to reduce production by the Dutch government to less than 2 BCM for 2023 - down from 4+ BCM for 2022. Also, last week Russia cut gas supplies to Italy, reduced Moldova’s gas supply by 30% and announced closure of the pipeline going through Ukraine to Europe.
Trillion Energy has natural gas pipeline and facilities onshore Turkiye which are not dependent upon the gas transport systems experiencing problems in other parts of Europe. Trillion’s development will provide much needed natural gas during times of acute shortages at $30+/mcf current pricing.
Arthur Halleran, CEO, stated:
“Trillion Energy is pleased to bring new production online for heating and power just in time for the cold winter months. We are very excited that our first two wells are on schedule for completion and supply of natural gas by November this year. The SASB region of the Black Sea has promising potential to supply much more gas to Turkiye and Europe as more production is brought online.”