Trillion Energy, the Canadian exploration and production company, has started development of the Black Sea gas field SASB; which stands for South Akçakoca Sub-Basin. The field is the Black Sea’s first shallow water natural gas field, located offshore Turkey.
Firstly, the company started the drilling preparation work for the first two SASB development wells. However, the company’s plan is to drill three more wells in deeper waters.
Secondly, preparation work for the drilling of the first two wells is currently underway. These works got the name of Saturn Project; as the Saturn rig will be the starting point and the place to drill the first two wells. These locate at shallow waters, according to the statement.
Thirdly, these wells have the names of Alapli and Bayhanli. Both of which have prospective gas reserves of +7 MMcf/d; from similar 15 meters of perforated gas reservoirs. They also possess an additional 4 to 5 gas reservoirs; however, the company has not tested those yet; but that adding further gas potential to the project.
Moreover, the Saturn project will cost US$9 million, and will take around two months to complete. In the regards to the three deep water wells, that project will happen in the Uranus rig. The company did not provide details on those yet.
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Trillion Energy to advance provision in all outstanding Common Stock Purchase Warrants
Nevertheless, Trillion Energy shared information about the financing of the Saturn project. According to the statement, Trillion Energy has about CND $1 million in cash on hand.
Additionally, the Company’s interest in the Cendere Oil field has generated gross revenue of US$1,358,577; only in the first five months of 2021; therefore, such interest is on track to generate approximately US$3 million for 2021 in gross revenue.
Furthermore, to ensure and to accelerate the financing for the drilling activities, Trillion Energy is accelerating the provision in all outstanding Common Stock Purchase Warrants, issued in 2020. Stockholders of the company should exercise those Warrants before August 6, 2021.
Finally, if all stockholders exercise their warrants, the proceeds will provide up to an additional CAD $3.5 million to Trillion Energy. Such move would advance the company’s drilling goals. In conclusion, the company holds a 49% ownership of the SASB natural gas field; it also has a 19.6% stake in the the Cendere oil field; and a property undeveloped in the Vranino 1-11 block, in Bulgaria.