Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) told investors it is on track to meet its production targets as it makes progress with the three-well perforation program at its South Akcakoca Sub-Basin (SASB) gas field in the Black Sea.
The company said in a statement that it has commenced or successfully completed two well operations. As a result, it said total combined production at SASB is currently 14.4 million cubic feet per day (MMcf/d) — 7,056 MMcf/d net to Trillion — into the gas sales pipeline.
Trillion said perforations are currently ongoing in the West Akcakoca well and are yet to commence in the Akcakoca-3 well, with the work program expected to be completed later this week.
“We are pleased with the results of our ongoing perforation program at SASB which is about half-way completed at this time,” Trillion CEO Arthur Halleran commented.
“We are well on our way to following through with our work program and hitting the production targets as set out in our September 25 news release this year. The current program is just the beginning, we will continue to work on increasing gas production at SASB until we are satisfied with the results.”
The company noted that it received natural gas sale prices for October of US$12.33/mcf (thousand cubit feet). It pays operating costs of $90,000 per month for SASB and a 12.5% royalty on gas sales.
November gas prices are expected to be set over the next few days by the government regulator BOTAS, it added.
The company also said it recently installed a new compressor at the Cayagzi gas field to reduce back pressure from the field into the gas processing plant. Installation of well pumps and reduced tubing sizes will come at a later date.
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