Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) has maintained its 2024 production guidance for its South Akcakoca Sub-Basin (SASB) gas field in the Black Sea, with a revised timing to facilitate the evaluation of alternative pump types and installation.
In an operational update, Vancouver-based Trillion said it was pushing its work program for five new wells and one recompletion forward by three months as some of the pumps it received require a remanufacture of well heads to install.
To address water loading challenges, the company said it engaged third-party engineering firm GLJ and is now in the process of ordering pumps, wellheads, new well tubing, and related equipment.
Despite the delay, Trillion maintained its production guidance of 7,547 MCF (1,000 cubic feet) per day before royalties for the initial six wells in 2024, with the program execution occurring over the next few months, starting with the Akcakoca platform wells in the first quarter followed by the two tripod wells in early 2Q. The company aims to fit two or three additional legacy wells with pumps by 2Q, bringing the total to eight producing wells.
"Two of the added wells were initially part of the sidetrack program, however, to save cost, are now slated as recompletions instead of new sidetrack drilling," Trillion said in a statement.
"Production from these wells is in addition to the six wells and is not included in the above production estimates."
Meanwhile, the company said it saw success in reperforating the Guluc-2 and West Akcakoca-1 wells in October 2023. A snag issue affecting Akcakoca-3's perforation has been resolved, allowing for the completion of perforation in the remaining 6 meters of gas pay. In addition, 10.4 metres of gas pay will be perforated in South Akcakoca-2. Trillion said it is confident the perforations will significantly increase production.
The company said the 2022-2023 SASB development drilling program achieved a 100% success rate with six wells, resulting in large volumes of gas reserves being tied into the pipeline for production. The artificial lift solutions being deployed are expected to monetize the reserves for sale, it added.
Trillion is focused on natural gas production for Europe and Turkey with natural gas assets in Turkey.