Trillion Energy International Inc has updated shareholders on its SASB natural gas project in the southwestern Black Sea in Turkey's territorial waters in light of the Russian invasion of Ukraine and halting of the Nord Stream pipeline.
In a statement, the company said it "does not expect to incur any adverse impact from the conflict currently and plans to proceed with its development schedule."
Europe imports about 40% of its natural gas from Russia, but on February 22, 2022, Germany announced that it had halted certification of the Russian Nord Stream II natural gas pipeline to Europe.
READ: Trillion Energy says it's moving closer to bringing SASB field into production this year as energy markets strengthen
The Nord Stream 2 was expected to be a key conduit for natural gas to Europe from Russia. Turkey also imports about 50% of its natural gas from Russia.
“We believe the Russian actions against Ukraine manifest a significant natural gas supply risk to Europe and Turkey,” the company said. “Our SASB gas field development plan will help mitigate natural gas supply risk to our region. As well, numerous sources have predicted further increases in oil & natural gas prices because of renewed uncertainty of supply coming from Russia given its invasion of Ukraine.”
Trillion said CEO Art Halleran plans to visit Turkey and Romania during March 2022 to address the planned work program with the company’s partners and suppliers to ensure the project moves along swiftly.
The company is 49% owner of the SASB natural gas field, one of the Black Sea's first major natural gas development projects.
Meanwhile, Trillion also said that it expects to recommence trading today, February 25, on the OTCQB under the symbol TCFFF.
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