TRILLION ENERGY INTERNATIONAL SIGNS DRILLING SERVICES CONTRACT
Definitive contract secures rig for SASB drill program scheduled for Q3 2022
Vancouver, BC, May 18, 2022 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that its wholly owned subsidiary, Park Place Energy Turkey Limited, has signed a definitive contract for offshore drilling services with the Romanian company GSP Offshore SRL (“GSP”) to secure a jack-up rig for its 2022 – 2023 drilling program at its SASB natural gas field located offshore Turkey.
The contract provides for a daily drilling services rate of USD 95,000/day and a minimum of 100 days of drilling time, however, Trillion expects the total duration of the project to be 8-9 months. Trillion made an advance payment of US$1.0 million and a mobilization cost of US$0.8 million.
Mobilization of the jack-up rig Uranus expected end of July 2022 from Romania and arrival on site in August 2022, following the completion of its current operations in Romania.
Trillion intends to drill 5 wells from existing wellhead production rigs using the Uranus rig, allowing the company to bring the wells into production as soon as they are completed. The first well could be constructed in August 2022 and each of the next 4 new wells is expected to take approximately 40 days plus time to complete. In addition to drilling operations, the same rig will be used for the re-entry and re-completion of two existing wells, which still have reserves behind the pipe proven using PNN logs.
Arthur Halleran, CEO of the Company said:
“The company is delighted to have secured one of the best and most suitable drilling rigs located in the Black Sea region. The SASB drilling program will provide instant production of natural gas reserves online for a period of historically high natural gas prices.
About the company
Trillion Energy is an oil and gas producing company with multiple assets in Turkey and Bulgaria. The Company owns 49% of the SASB natural gas field, one of the first and largest natural gas development projects in the Black Sea; a 19.6% stake (excluding three wells at 9.8%) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a potential unconventional natural gas property. More information can be found at www.sedar.comand our website.
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585
Disclaimer regarding transfer-Research statements and other information about this press release and the company’s reservations
This press release contains forward-looking statements based on current expectations, estimates and projections regarding the company’s business and prospects, as well as management’s beliefs and certain assumptions made by management. Words such as “plans”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “may”, “should”, “will” and variations thereof are intended to identify forward-looking statements. These statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements regarding the Company’s prospectus listing on the Canadian Securities Exchange, potential market impact of its securities, expansion and business strategies, anticipated growth and the amount of fundraising needed to reach the previous one. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results could differ materially and adversely from those expressed in the forward-looking statements due to a variety of factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the Company’s ability to raise the necessary funds to development; the outcome of trade negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too expensive such that it is not profitable or profitable to do so and other factors discussed from time to time in company filings with the Securities and Exchange Commission, including the most recently filed annual report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a complete summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.comand/or request a copy of our reserves report effective as of December 31, 2021 and/or potential resources report effective as of October 31, 2021. A copy of the Netherlands Sewell & Associates, Inc. report on Vranino 1-11 is available upon request.