2P reserves increase from 20.1 Bcf to 48.6 Bcf while NPV10% increased to US $431.5 Million
Trillion Energy International has provided summary results of its third-party December 31, 2022 year-end reserve report.
Reserve Report Highlights
- Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to USD $432 million* net to Trillion, up from USD $82 million* (2021), a 426% YoY increase. The US $432 million NPV 10 value represents USD $1.12 per common share**
- Proved and probable conventional natural gas reserves (P2) increased to 48.6 BCF* up from 20.1 BCF (2021), an increase of 141% YoY
- Net present value of Proved Reserves (P1 - NPV10) increased to US $123.8* million from US$ 40.4* million (2021) a 206% increase YoY
- Net present value of proved, probable and possible reserves (P3) NPV10 * increased to USD $731 million net to Trillion, up from USD $137 million (2021), an increase of 433% and USD $1.90/ common share net present value**
- Proved and probable oil reserves (2P) of 288,000 barrels of oil (boe) having an NPV10% of US$5.2 million relating to the Cendere oil field
- Net present value of P1 oil reserves NPV10 increased to US$4.3 Million compared to prior year of US$4.2 Million (2021)
*Trillion’s 49% interest before income tax and royalty **basic common shares
Dr. Arthur Halleran, CEO stated:
'We are very pleased that our 2022 exploration and development efforts have paid off resulting in very substantial increases in reserves and values during the year. It is our plan to realize the reserves value through a development program extending throughout 2023 and beyond. We expect that our 2023 drilling program will further increase our reserves and cash flows. Our reserves values represent a substantial intrinsic value to shareholders.'
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Source: Trillion Energy
