Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) (FRA:3P2N), the Turkey and Bulgaria-focused oiler, has issued its 2020 end of year reserves report, which was prepared by GLJ Consultants.
The report assessed oil reserves on the group's Cendere oil field as well as four developed, unproduced gas pools on the SASB gas fields, Black Sea. It did not include any assessment of risked development prospects contiguous to the reserves.
The total reserves for 2P (proven and probable) of discovered but non-producing prospects along with a medium estimate for risked development prospects was 40.3 billion cubic feet (Bcf) with a combined net present value of EBITA/cashflows, discounted at 10% was US$139.8 million.
READ: Trillion Energy International announces plans to expand its offshore acreage at the SASB Gas field
For 3P reserves (proven and probable and possible) plus high estimates, the total was 62.4 Bcf with a value of US$243.3 million.
Trillion noted in the release that it aims to assess the 13 unassessed gas prospects during the initial redevelopment of SASB, which will add further gas reserves and resources.
Trillion is the 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest-scale natural gas development projects.
It also has a 19.6% interest in the Cendere oil field in Turkey (excepting three wells with a 9.8% interest) and a 100% interest in 42,833 hectares oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin, In Bulgaria, Trillion Energy has the Vranino 1-11 block, a prospective unconventional natural gas property.
Contact the author at giles@proactiveinvestors.com