Trillion Energy Provides Comments on Potential Super Giant Gas Field Discovery Proximate to SASB Gas Field and Announces Plans to Evaluate Deeper Zones of SASB to Identify New Prospects
VANCOUVER, British Columbia and ANKARA, Turkey, Aug. 25, 2020 (GLOBE NEWSWIRE) — Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF) (Frankfurt: 3P2N) is pleased to comment on a recent discovery made proximate to its offshore South Akcakoca Sub- Basin (“SASB”) gas field in Turkey, the Tuna-1 gas field, which is estimated to be the largest natural gas discovery in the Black Sea to date and potentially one of the largest in Europe in recent history. The new Tuna-1 gas discovery (total depth 3,500 metres) opens new possibilities for exploration of deeper horizons on the SASB Gas Field.
President & CEO, Dr. Art Halleran comments: “In light of the recent discovery by our partner TPAO and their proof of massive volumes of natural gas generation from source rocks in the Western Black Sea sedimentary basin the same basin SASB is contained within, we plan to evaluate the geological trends in deeper zones of SASB to identify prospects to drill and test for gas. Seismic has already identified anomalies warranting further assessment where we plan on developing a geological model for potential undiscovered deep gas. Our license rights extend deeper into the SASB Field than what we have ever drilled to date.”The discovery was made by the Turkish national petroleum company (“TPAO”) in the western portion of the Black Sea, and was formally announced by Turkish government officials on August 21, 2020.The Tuna-1 well was drilled with total well depth planned of 4,525 metres where 100 metres of pay was encountered at a total depth of 3,520 meters. It is expected that an additional 1,000 meters will be drilled to assess two additional structures.Turkish officials estimated 9 TCF based on the current drilling, with area (250 km2), thickness (500 metres), where log and test results were calculated for 11 TCF of reserves. Turkish officials announced they believe this discovery is a portion of a giant gas field and they will continue to drill to delineate the full extent to the gas field. Certain media reports cite an expected 26 trillion cubic feet or 800 billion cubic metres gas.(1)Currently, almost all Turkish gas blocks in the Black Sea are solely owned by TPAO, with the exception of the SASB gas field which is owned 49% by Trillion Energy, with TPAO owning the remaining 51%. Trillion’s SASB gas field license area is approximately 100 km south of the Tuna-1 well.Historically, US$608 million has been invested to date for the development of the SASB fields, where gas was discovered at about 1,200 metres depth over a decade ago. SASB has currently produced over 41 BCF of natural gas to date.About the CompanyTrillion Energy is an oil and gas producing company with multiple assets throughout Turkey and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest scale natural gas development projects; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; a 100% interest in 42,833 hectares oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property. The Company’s NI 51-101 and other reports relating to its reserves as at December 31, 2019 are filed on www.sec.gov , www.sedar.com, www.thecse.com. Contact
Investor Relations: 1-604-618-1768
Art Halleran CEO: 1-250-996-4211
e-mail: [email protected]
Website: www.trillionenergy.comCautionary Statement Regarding Forward-Looking Statements and other information about this news release and the Company reservesThe accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgement. While resources estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoirs performance subsequent to the date of the estimate may justify revision, either upward or downward.Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the resources evaluated herein.This release contains forward-looking statements, which are based on current expectations, estimates, and projections about the Company’s business and prospects, as well as management’s beliefs, and certain assumptions made by management. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “should,” “will” and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to publicly revise or update any forward-looking statements for any reason. These statements include, but are not limited to, statements about the Company’s prospectus listing on the Canadian Securities Exchange, the potential impact on the market for its securities, expansion and business strategies, anticipated growth opportunities, and the amount of fundraising necessary to achieve the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings, including the most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q, 8-K. For a full summary of our oil and gas reserves information, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2019.1 https://www.oedigital.com/news/481113-turkey-makes-significant-black-sea-gas-find