Trillion Energy International Inc. has reported that the revitalization program at its SASB field in Turkey is “off to a great start.”
The program fully recouped recent perforation costs in just 35 days of production, Trillion said in a press release.
The first phase of the workover involved perforating all remaining gas assets on the Akcakoca platform, including three long-reaching deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 and the rehabilitated legacy well Akcakoca-3. The wells began production in a staggered period from July 9 to July 28 and have already produced 140 million cubic feet (MMcf), representing a payback of recent perforation investments within 35 days, the company said.
South Akcakoca-2 has been producing for 36 days and has stabilized at about 2.75 MMcfpd. Guluc-2 has been producing for over three weeks with an average production of 2.0 MMcfpd and is now producing steadily at about 1.25 MMcfpd, according to Trillion.
In addition, West Akcakoca-1 has produced an average of 0.60 MMcfpd over two weeks with some irregularities and has not yet stabilized. Akcakoca-3 was perforated and although there was no gas flow initially, the wellhead pressure (WHP) has steadily increased from 100 psi to 478 psi and production is therefore expected to commence soon.
Trillion noted that gas production from the Akcakoca platform has averaged 4.6 MMcfpd since completion of the perforation program.
CEO Arthur Halleran said: “Drilling on the Akcakoca platform has been successfully completed and gas production and WHP continue to increase. This early return on our investment is a clear indication of the field’s robust production potential. The results are very positive and give us good indications that reducing the production tubing size from 4 ½ inches to 2 3/8 inches using velocity lines should stabilize gas production at targeted levels.”
Meanwhile, Trillion’s Board of Directors has approved the grant of stock options to purchase 8,800,000 common shares of the Company at an exercise price of $0.14 per share for a term of five years ending August 12, 2029. The stock options will be granted to certain directors, officers, employees and consultants of the Company.
Trillion announced in July that its drilling program at the SASB gas field in Turkey was successful. The company had started its operating program at the SASB gas field in May. The field is located in the Black Sea off the coast of Turkey.
Trillion Energy focuses on oil and natural gas production for Europe and Turkey and has natural gas assets in Turkey. The company owns 49 percent of the SASB natural gas field, a natural gas production in the Black Sea, and holds a 19.6 percent interest in the Cendere oil field.
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