Trillion Energy International Inc. (CSE:TCF, OTCQB:TRLEF, FRA:Z620) said Thursday it has extended and restructured payment terms under its earn-in agreement for the M47c,d oil block in southeastern Türkiye, setting the stage for a ramp-up in drilling and development activity over the next year as the company works toward its goal of bringing the block into production.
The company has advanced US$300,000 as part of its earn-in commitment, pushing back the deadline for the remainder of its next funding tranche to September.
Approximately US$4.35 million is payable by that date, with further payments postponed until September 2027, giving Trillion added financial flexibility as it advances toward production.
Trillion entered into a Farm-In Agreement in January 2026 to acquire a 29% participating interest in the M47 Block.
Several new wells are expected to be drilled over the next 12 months as exploration and development activity increases on the block. Trillion's financial commitment will cover 80% of the next component of the work program, including development activities in the North Block, which the company sees as central to unlocking the block's production potential. One additional well is expected to be covered by another partner, with terms under discussion.
Other block partners are expected to make significant additional financial contributions going forward, and Trillion's commitment will be prorated to its interest once its full $15 million earn-in commitment is expended.
The North Block has potential for up to 80 vertical development wells, subject to commerciality, which independent appraisal has evaluated at an 81% chance of commerciality based on a 95,315 MSTB gross PIIP-derived resource.
Scott Lower, Trillion’s president, said the company remains strongly committed to its investors and partners to make the M47 a producing block, pointing to the region's strong momentum for development ramp-up.
“Meaningful production is targeted to start later this year upon meeting our earn-in commitment and well drilling/workover activities commencing, and this revised agreement provides additional optionality to achieve it,” Lower said in a statement.
The M47c,d oil block covers approximately 450 square kilometres within the Cudi-Gabar petroleum province, about 11 kilometres southeast of the Şehit Aybüke Yalçın field, Türkiye's largest onshore light oil discovery. More than 100 analogue wells operate nearby, pointing to a well-established production trend that the company aims to extend onto its own acreage.