Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) saw its second quarter revenue increase by 288% year-over-year fuelled by the ramp-up in gas production at the SASB field located in the Southwestern Black Sea.
For the three months ended June 30, 2023, revenue for 2Q was $5.8 million, up from $1.5 million in the year-ago quarter.
It achieved an operating income of $613,232, a significant improvement from an operating loss of $616,660 for the same period in 2022.
Gas production at the SASB gas field averaged 8.16 million cubic feet per day during 2Q, up 42% from the previous quarter when the company achieved gas production of 5.74 million cubic feet per day.
By the end of 2Q, Trillion had five producing wells and each well produced for an average of 1.5 months during the quarter, the company noted.
Trillion CEO Arthur Halleran said that now the company has successfully completed six wells at SASB, its focus is turning to maximizing production of the wells targeting parity with historical production rates through system tweaks and other means of resolving production bottlenecks.
“We have now engaged a third-party provider to provide a quotation and recommendations for increasing production from the six wells,” he said in a statement. “The important takeaways will provide guidance for standard operating procedures in the next phase of SASB gas wells.”
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