- Trillion (TCF) has received November gas revenue from new production at the SASB gas field offshore Turkey
- Its 49-per-cent share of gas sales from wells South Akcakoca-2 and Akcakoca-3 came to US$1,235,564 after royalties
- The company estimates revenue from these two wells to reach US$2.1 million in December and between US$20 to US$24 million in 2023
- Trillion is an oil and gas-producing company with multiple assets throughout Turkey and Bulgaria
- Trillion Energy International (TCF) is up by 4.65 per cent, trading at $0.45 per share
Trillion (TCF) has received November gas revenue from new production at the SASB gas field offshore Turkey.
South Akcakoca-2 entered production on November 4, 2022, producing for 27 days throughout the month.
Akcakoca-3 came online immediately after perforation and was produced from November 24 to November 30.
Trillion’s 49-per-cent share of gas sales from these wells came to US$1,412,073 or US$1,235,564 after November royalties.
Based on the first 15 days of December gas production for both South Akcakoca-2 and Akcakoca-3, gas revenue for December will be approximately US$2.1 million (after royalties) net to Trillion.
Based on current pricing and production rates, revenue after royalties for the two wells is estimated between US$20 to US$24 million for calendar 2023.
The company expects the West-Akcakoca and Guluc-2 wells to enter production in Q1 2023, with six more to follow by the end of the year.
Natural gas prices in Turkey have remained constant over the last three months at US$30+/MCF.
Arthur Halleran, Trillion’s CEO, commented on the news.
“Trillion’s execution of the SASB development program and the immediate well production captured the highest gas prices seen in Turkey and increased Trillion’s share of SASB production from almost zero to over 500 boe/d in just a few months. We are confident that Trillion can execute its program in a timely and efficient manner. Both the new wells, Guluc-2 and West Akcakoca 1, have gone smoothly so far. When those two additional wells come online, Trillion’s internal revenue will be enough to self-fund critical aspects of the SASB development project such as the drilling of new wells.”
Trillion is an oil and gas-producing company with multiple assets throughout Turkey and Bulgaria.
Trillion Energy International (TCF) is up by 4.65 per cent, trading at $0.45 per share as of 10:05 am ET.
