Trillion Energy International today announced the results of its January 31, 2023 reserve report update for the SASB gas field offshore Turkey, representing a significant increase due to additional discoveries being made after year-end.

Reserve Report Highlights

• Proved and probable conventional natural gas reserves (P2) increased to 63.3 BCF(1) up from 48.6 BCF (YE 2022), an increase of 30%
• Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to USD $548 million(1) net to Trillion, up from USD $426 million(1) (YE 2022) a 29% increase. The US $548 million NPV 10 value represents USD $1.43 per share(2)
• Net present value of Proved Reserves (P1 - NPV10) increased to US $153.7(1) million from US$ 119.5(1) million (YE 2022) a 29% increase;
• Net present value of proved, probable and possible reserves (P3) NPV10(1) increased to USD $925 million net to Trillion, up from USD $725 million (YE 2022), an increase of 28%; representing USD $2.41/ share NPV10(2)

(1) Trillion’s 49% interest before income tax and royalty   
(2) basic common shares

Dr. Arthur Halleran, CEO stated:
“We are very pleased that our initial 2023 exploration and development program efforts have already begun to pay off with a substantial increases in reserves already this year. We expect that our continued drilling program will continue to grow our reserves throughout the year, further enhancing value to shareholders.”

SASB Gas Field Development Project
South Akçakoca Sub-Basin, Black Sea

The SASB gas field is producing critical domestic supply of natural gas during the energy crisis gripping Europe at this time. SASB is a conventional gas field located in the Southwestern Black Sea, consisting of numerous conventional natural gas pools located in shallow water. The fields have produced over 42+ BCF since initial development in 2007. Production platforms, pipelines, initial wells and gas plant cost in excess of US$600m (100% interest). Trillion is redeveloping the field with a planned 21+/- well program commenced in 2022.

License block size: 12,387 Hectares. Expiration: licensed to 2032; renewable until 2042.
Royalty: 12.5%. Corporate tax rate: 22.5%. 2022 Projected CAPEX: USD$50m

KeyFacts Energy: Trillion Turkey country profile