Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) has kicked off its operational program at the SASB Gas field in Turkey.
The program will span a two-month timeline, according to a statement from Trillion.
The work plan includes phases targeting seven or eight wells, incorporating those drilled or completed last year alongside older wells historically troubled by water loading issues.
Approximately 16,500 meters of velocity strings and new well heads are en route to the shore base near the Akcakoca port.
The procurement process, ongoing for the past month, is set to continue as the work program unfolds. Service contractors have been enlisted for perforations, tubing running services, and marine vessels tasked with transporting equipment offshore.
In June, Trillion will focus on perforating 49 meters of gas pay in four wells and initiating velocity string installation in the AKK-3 well, a process anticipated to take 20 days.
The subsequent phase in July will see the installation of gas velocity strings in multiple wells on the Akcakoca Platform and two tripods, with pump installations slated for older wells as necessary.
Concurrently, the company has announced its intention to conduct a non-brokered private placement, aiming to raise up to $1.35 million through the issuance of 15 million units priced at $0.09 per unit. Each unit will consist of a common share and a warrant exercisable at $0.18 per share for two years, with management committing to subscribe for at least 20% of the offering.
Completion of the offering is expected around May 28, 2024.