Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF) has provided investors with a production update for the SASB gas field offshore Türkiye.
The company said its SASB revitalization program has achieved a complete return on perforation costs within 35 days of production.
In the first phase of the workover, all remaining gas pay zones on the Akcakoca platform were perforated, including the three long-reach, deviated gas wells (Guluc-2, South Akcakoca-2, and West Akcakoca-1) and the recompleted legacy well Akcakoca-3, which were all drilled in the 2022/2023 program.
The wells began production staggered from July 9 to July 28 and have produced 140 million cubic feet (MMcf) of gas to date.
South Akcakoca-2 has been in production for 36 days, with a stable rate of approximately 2.75 MMcf/d.
Guluc-2 has been producing for over three weeks, averaging 2.0 MMcf/d, and now produces at a stable rate of approximately 1.25 MMcf/d.
West Akcakoca-1 has produced an average of 0.60 MMcf/d over two weeks with some irregularities and has not yet stabilized.
Akcakoca-3 was perforated but initially did not produce gas. However, the well head pressure (WHP) has increased from 100 psi to 478 psi, indicating that production may start soon.
Since the perforation program's completion, the Akcakoca Platform has averaged 4.6 MMcf/d in gas production.
“The wells on the Akcakoca Platform have been completed successfully with gas production and WHP continuing to increase. This early return on our investment is a clear indicator of the field’s robust production potential,” Trillion Energy CEO Arthur Halleran said.
“The results are very positive, giving us good indications that decreasing the production tubing size from 4 ½” to 2 3/8” using velocity strings, should stabilize gas production at the targeted rates.”
Further, the company announced that its board has authorized the grant of stock options to certain directors, officers, employees and consultants under its Stock Option Plan.
It granted 8,800,000 shares at $0.14 per share for five years, expiring August 12, 2029.