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Canadian Business Journal, 1 trillion energy fully funded to increase natural gas production as Europe scrambles amid supply crisis

VANCOUVER, British Columbia, October 4, 2022 (GLOBE NEWSWIRE) — Trillion Energy International Co., Ltd. (“Trillion” or “Company) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is in the process of drilling the first new well in a multi-well development in the SASB natural gas field offshore Turkiye (former Turkey). Trillion is now fully funded to run its first seven well development programs and an additional ten wells using the cash flow generated from the first seven wells.

Natural gas production at SASB is scheduled to start in November of this year, providing significant new natural gas to the region. This supply is vital as multiple sources of gas that Europe previously relied on are coming offline, with the Nord Stream I and II pipelines now suffering from last week’s explosions and ExxonMobil-owned flow The Ningen gas field and Shell have been forced by the Dutch government to reduce production from more than 4 BCM in 2022 to less than 2 BCM in 2023. Also last week, Russia cut gas supplies to Italy, he cut gas supplies in Moldova by 30%, and a pipeline to Europe via Ukraine.

Trillion Energy has natural gas pipelines and an onshore facility in Turkiye and does not rely on gas transportation systems that have caused problems elsewhere in Europe. The Trillion development will provide much-needed natural gas during times of acute shortage at over $30/mcf at current pricing.

Trillion CEO Arthur Halleran said:

“Trillion Energy is pleased to bring new heating and power production online just in time for the cold winter months. We are very pleased to have the gas delivered.The SASB region of the Black Sea has a promising potential to supply more gas to Turkiye and Europe as more production is brought online.”

About the company

Trillion Energy has natural gas assets in Turkiye and Bulgaria and is focused on natural gas production for Europe and Turkey. The company is a 49% owner of the SASB natural gas field, one of the first and largest natural gas development projects in the Black Sea. 19.6% interest in the Cendere field (excluding his three wells of 9.8%). In Bulgaria, it is the Vranino 1-11 block and a potential unconventional natural gas asset. For more information, please visit his website at www.sedar.com and our company.

Art Halleran: 1-250-996-4211
Headquarters: 1-778-819-1585
Email: [email protected]
Website: www.trillionenergy.com

Forward notes– look statement

This news release may contain certain forward-looking information and statements. regularaTrierapproval Appointment of Executive Officers and DirectorsExcept for statements of historical fact, all statements contained herein are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update forward-looking information, except in accordance with applicable securities laws.

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Accordingly, actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors. These factors include unanticipated securities regulatory challenges, COVID, oil and gas price volatility, operational and geological risks, and our ability to raise the necessary funding for development. results of commercial negotiations; changes in technical or operating conditions; The cost of extracting gas and oil is so high that it may be uneconomical and unprofitable, and other factors, including the company’s annual report on recently filed forms, www.sedar.com are explained from time to time in the filing documents. 20-F and subsequent Q1 2022 filings. For a complete overview of Turkey’s oil and gas reserves information, please refer to Form F-1,2,3 51-101 filed at www.sedar.com. Alternatively, request a copy of the Reserves Report effective December 31, 2021 and the Probable Resources Report effective October 31, 2021.

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Canadian Business Journal, 1 trillion energy fully funded to increase natural gas production as Europe scrambles amid supply crisis

Source link Canadian Business Journal, 1 trillion energy fully funded to increase natural gas production as Europe scrambles amid supply crisis

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