Trillion Energy International Inc has reported oil and gas revenues of US$1,957,817 for the six-month period ending June 30, 2021, a 53% year-over-year increase, due primarily to increases in the sale price for oil and gas.
The company said modest production increases also contributed to increasing revenues.
As well, Trillion noted revenues are expected to continue to increase due to escalating natural gas prices in Turkey, which recently hit US$5.80 per million cubic feet (MCF).
READ: Trillion Energy says it is benefitting from rising petroleum prices
The company also revealed it is set to ramp up production at the South Akcakoca Sub-Basin (SASB) natural gas field beginning in early 2021 through additional natural gas wells being brought into production through drilling efforts.
In addition, Trillion Energy has announced its shareholders have approved an amendment to the company certificate to increase the number of authorized shares of common stock to 400 million from 250 million.
The company said the increase in share capital is intended to allow room for financing the contemplated multi-well development of SASB, which is anticipated to cost about US $10-$20 for the first several wells and is expected to escalate to more than US$60 million in capital expenditures (CAPEX) over the following years as more new wells come online.
It added its current plan is to raise between US$10 million and $20 million to finance the next stage of SASB gas field development, then drill more wells through cash-flow generated from the initial wells.
Trillion said it is confident that it will close a financing for the SASB redevelopment during its next fiscal quarter, with further news on the capital raise anticipated in early September 2021.
Trillion Energy International has a 49% interest in the SASB natural gas development project in Turkey, one of the Black Sea region’s largest undeveloped natural gas projects with 23 shallow water wells and four offshore platforms, as well as pipeline infrastructure and a gas processing plant.
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