Trillion Energy International Inc. (CSE:TCF, OTCQB:TCFF) told investors it has hired oilfield services and tech giant Schlumberger (SLB) for its new well drilling program at the SASB gas field in the Black Sea.
Trillion aims to drill over 13 wells, bringing one new well into production every 45 days, starting in the third quarter this year and for the duration of 2023.
Schlumberger will design long reach, directionally drilled development wells, capable of reaching more than 2 kilometers (km) horizontally from the rig location /production platforms, eliminating the necessity for costly subsea tie-ins for most wells.
"SLB brings best in class engineering and drilling support services to our tool kit at SASB," said Trillion CEO Art Halleran. "Using their long reach drilling technology, directional drilling tools, and their vast hands-on engineering experience, SLB significantly lowers our capital costs for bringing new wells into production and increases the anticipated returns. They also significantly lower our drilling risks."
READ: Trillion Energy says it's moving closer to bringing SASB field into production this year as energy markets strengthen
SLB's services will include the design and engineering of: well directional trajectories, offset analysis, casing requirements, drilling mud programs and directional tools.
Initial engineering and planning services will be delivered during the second quarter this year, with drilling expected to commence in the third.
Trillion said each well was anticipated to cost around US$8.7m (100% interest - US$4.3 million net to Trillion).
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