Trillion Energy says exploration and development efforts have paid off in 2022 year-end reserve report

Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) has provided summary results of its third-party December 31, 2022, year-end reserve report, saying its 2022 exploration and development efforts have paid off resulting in very substantial increases in reserves and values during the year.

The Canadian oil and gas producer’s CEO Dr Arthur Halleran commented in a statement: “It is our plan to realize the reserves' value through a development program extending throughout 2023 and beyond. We expect that our 2023 drilling program will further increase our reserves and cash flows. Our reserves values represent a substantial intrinsic value to shareholders.”

READ: Trillion Energy declares “four for four” success at SASB gas field as it discovers 55-plus meters of potential gas pay in West Akcakoca 1 well

Reserve report highlights:

• Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to US$432 million net to Trillion, up from US$82 million at the end of 2021, a 426% year-over-year (Y-o-Y) increase. The US$432 million net NPV 10 value represents US$1.12 per common share;
• Proved and probable conventional natural gas reserves (P2) increased to 48.6 billion cubic feet (BCF) up from 20.1 BCF (2021), an increase of 141% Y-o-Y;
• Net present value of Proved Reserves (P1 - NPV10) increased to US$123.8 million from US$40.4 million (2021), a 206% increase Y-o-Y;
• Net present value (NPV) of proved, probable and possible reserves (P3) NPV10 increased to US$731 million net to Trillion, up from US$137 million (2021), an increase of 433% and US$1.90/ common share net present value;
• Proved and probable oil reserves (2P) of 288,000 barrels of oil (boe) having an NPV10% of US$5.2 million relating to the Cendere oil field; and
• Net present value of P1 oil reserves NPV10 increased to US$4.3 million compared to prior year of US$4.2 million (2021).

The reserve report summary can be found here.

Trillion Energy is focused on natural gas production for Europe and Turkey, with natural gas assets in 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; and, in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.

Contact the author at stephen.gunnion@proactiveinvestors.com