Trillion Energy International has provided a summary and highlights of its December 31, 2023 year-end reserve report.
Reserve Report Highlights
- Net present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves is USD $420.5 million* net to Trillion, which represents USD $3.44 per common share***
- Total proved plus probable conventional natural gas reserves increased to 55.75 Bcf* up from 42.5 Bcf* (2022), an increase of 31% from 2022.
- NPV10% of total proved reserves increased to US $134.3* million from US$ 123.8* million (2022), an increase of 8% from 2022
- NPV10% of total proved plus probable plus possible reserves is USD $712.7 million net to Trillion.
- Total proved plus probable oil reserves of 240 Mbbl of oil for Cendere oil field compared to 252 Mbbl of oil in 2022.
*net Trillion’s 49% interest before income tax and after royalty
*** basic common shares
Dr. Arthur Halleran, CEO stated:
'We have had steadily increased our reserves year over year as a result of our new drillings in 2023, and even as prices settle from 2022 highs, we have still realized a net reserves value gain. Very little of the gas from SASB has been produced to date, and we are committed to monetizing our reserves through artificial lift and tubing size optimization in the near future. For the Cendere oil property, even after producing 32 Mbbl of oil in 2023 our reserves only were reduced by 14 Mbbl oil, as our oil reserves have also increased during the year through workovers.'
Click here for full announcement
Source: Trillion Energy
