Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) expects to produce an average of 23,096 MCF (1,000 cubic feet) per day at its South Akcakoca Sub-Basin (SASB) gas field in the Black Sea during 2024.
Based on optimization work at the SASB field to ensure all six drilled and completed wells are able to produce concurrently, the company said it expects to exit 2023 with SASB field production of 15,397 MCF per day.
Optimization work includes the addition of a compressor at the Cayagzi gas process facility to reduce inlet pressure from 125 to 135 pounds per square inch (psi) to 50 to 60 psi and the installation of an artificial lift to reduce water loading in two of the six wells.
Trillion said to meet its 2024 production guidance, it intends to drill five new sidetracked production wells from existing platforms at the SASB gas field to raise the total number of producing wells to 11.
It also plans to drill at least one exploration well targeting potential stratigraphic natural gas prospects, with works at the SASB gas field to total $26 million in capital expenses.
Trillion also plans to complete seismic acquisition and drill two exploration wells at its oil exploration blocks in Southeast Türkiye, at a cost of $9 million.
“We are 100% focused on realizing the production potential at SASB through both our current and future development programs,” Trillion CEO Arthur Halleran said in a statement.
“Overall, we are pleased with the amount of gas we have discovered in our initial six wells and now it is time to profit from it. With SASB well on its way, we also look forward to adding high-impact oil exploration to Trillion for 2024 in the prolific Cudi-Gabar Oil Petroleum Province.”
Trillion shares rose following the release of its 2024 guidance, up 4.6% at US$1.14 shortly after the opening bell on Monday.
Trillion is focused on natural gas production for Europe and Turkey with natural gas assets in Turkey.
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