Trillion Energy International today provides an update on progress toward its multi-well SASB natural gas field development drilling program scheduled to commence August 2022.

The Company's 49% cost share for the drilling program is now fully funded, the Company having completed capital raises totaling CDN$ 40.4 Million (USD$32million) year-to-date. 

Management believes the development is timely with natural gas prices reaching all-time highs. During June, prices hit a new high of USD $18 - $20 +/MCF. July prices are without change. In contrast, historical gas prices have been within the USD $6-7 /MCF range.

The Company is looking forward to commencing the drilling program imminently. To date, we have invested CND$5.4 (USD $4.2 million) for drilling tangibles such as: wellhead equipment, tubulars, casing, conductors etc. which are scheduled to arrive this month. The jack-up drilling rig is scheduled to arrive in August, upon which time inspection and maintenance will briefly occur. The shore base, in which consumables will be stored to be transported to the platforms, will be fully operational mid-July.  The gas processing facility and pipelines are in good working order and no upgrades are required.

Seven production wells are expected to come online where work will continue until May 2023.  

Arthur Halleran, CEO of the Company stated:
“We are very pleased to be fully funded for our 49% share of the 7 well drilling program for SASB gas field at this time. The price of gas and demand is very high and we expect to show significant revenues as we ramp up production. We are also seeing strong revenue growth for oil at this time as prices increase.”  

KeyFacts Energy: Trillion Turkey country profile