Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) revealed its 2023 year-end reserve report highlighted by a 31% increase in natural gas reserves.
The report, which reflects the year ended December 31, 2023, included a net present value 10% (NPV10%) of total proved plus probable natural gas and oil reserves stands at USD $420.5 million net to Trillion, equivalent to USD $3.44 per common share.
Total proved plus probable conventional natural gas reserves have increased to 55.75 billion cubic feet (Bcf), marking a notable 31% increase from 2022.
NPV10% of total proved reserves have risen to US $134.3 million, representing an 8% increase from the previous year.
The NPV10% of total proved plus probable plus possible reserves is USD $712.7 million net to Trillion.
Total proved plus probable oil reserves for the Cendere oil field are reported at 240 thousand barrels (Mbbl) compared to 252 Mbbl in 2022.
“We have had steadily increased our reserves year over year as a result of our new drillings in 2023, and even as prices settle from 2022 highs, we have still realized a net reserves value gain,” CEO Arthur Halleran said in a statement.
Halleran noted that “very little” of the gas from SASB has been produced to date, adding that the firm is aiming to monetize its reserves through artificial lift and tubing size optimization “in the near future.”
At the Cendere oil property, reserves only were reduced by 14 million bbl of oil even after producing 32 Mbbl of oil in 2023 as oil reserves also increased during the year through workovers, Halleran added.
Trillion's 49% interest, before income taxes and after royalties amounts to total proved plus probable (PPP) reserves increased by 30.1% to 16,390 thousand barrels of oil equivalent (Mboe).