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Turkey: Trillion Energy commences work program at SASB gas field

23 May 2024

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Trillion Energy International has commenced operations program at the SASB gas field, Turkey which will occur over a two-month period. 

Operations are being conducted in several phases and involve seven or eight wells at the SASB gas field, including all six wells drilled/completed last year as well as a few older wells that historically experienced water loading issues. 

Approx. 16,500 meters of velocity strings, new well heads and other tangibles have been ordered and are being received at shore base proximate to the Akcakoca port on an ongoing basis. Order delivery has been occurring over the last month and expected to continue as the work program unfolds. Service contractors have been engaged for perforations, well tractors, tubing running services; as well as marine vessels required to convey the equipment 14 kms offshore. 

June Operations

49 meters of gas pay in four wells will be perforated commencing mid-June 2024, followed by initial velocity string installation in the AKK-3 well. Gas velocity strings, a key focus of this work program (velocity strings restrict the amount of water entering tubing to prevent water loading) are expected to improve well performance for long-term stabilize production. June operations will occur on the Akcakoca platform including Guluc-2, South Akcakoca-2, West Akcakoca-1 and Akcakoca-3 wells. This operation is estimated at 20 days’ time.  

July Operations

The second set of operations commences during July and involves installation of gas velocity strings in 6 or more wells on the Akcakoca Platform and two tripods. Pump installation is anticipated in one or more older wells, which were not part of Trillion’s 2022-2023 drilling program on an as needed basis.  

Private Placement

Trillion has also announced its intention to complete a non-brokered private placement of up to 15,000,000 units of Trillion (the 'Common Shares') at a price of $0.09 per unit, for aggregate gross proceeds of up to a maximum of $1,350,000 (the 'Offering'). Each unit is comprised of a share and warrant exercisable at $.18 per share for two years. There is no minimum size to the Offering. Management of the Company has committed to subscribing for at least 20% of the Offering. Trillion may pay a cash finder's fee to qualified non-related parties of up to 7% of the gross proceeds of the Offering. 

The Common Shares are being offered pursuant to available prospectus exemptions, including sales to accredited investors. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the CSE. The securities issued will be subject to a four-month hold period from the date of the closing of the Offering. 

Closing is expected to occur on or about May 28, 2024 or such other date as the Company may determine, and may be followed by additional closings until the Offering is fully subscribed.  

Original announcement link

Source Trillion Energy

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