Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) has unveiled its operational and financial achievements for the year ending December 31, 2023, highlighting two major financings raising a total of C$25.8 million.
These financing rounds were pivotal in advancing the development of Trillion’s SASB gas drilling project, offshore Turkey in the Black Sea.
The year was marked by robust operational undertakings, including the successful drilling of five new wells and the recompletion of an additional well.
Trillion introduced new wellheads and initiated the use of artificial lift pumps to resolve water-loading issues encountered during the drilling phase.
In a strategic move to streamline its share structure, Trillion executed a share consolidation on September 15, 2023, reducing its outstanding shares from 389,677,325 pre-consolidation to 77,935,465 post-consolidation shares.
This restructuring aimed to improve the company’s stock market positioning and shareholder value.
Looking ahead, Trillion Energy is focused on expanding its exploratory efforts and optimizing production.
Plans are in place to deploy new reprocessed 3D seismic technologies to enhance the delineation of potential reserves and to pinpoint new exploration targets around the SASB block.