Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) said that an evaluation of its Zagros Basin Derecik oil property in Turkey has yielded “promising results".
The exploration licenses in the Hakkari area are nearby several producing oil fields in the Zagros Basin, which straddles the border of Iraq and Turkey.
Trillion told shareholders that surface mapping, seismic interpretation and geological evaluation on the Derecik license determined the stratigraphy was identical to a number of producing fields in Iraq.
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Vancouver-based Trillion has a 100% interest in the Derecik licenses, which cover just over 42,800 hectares. The property is near prolific oil fields such as the Atrush Field located 65 kilometres away that produces around 41,700 barrels of oil per day (bopd) and boasts an estimated resource of around 2 billion barrels of oil.
On the Turkish side of the basin, the nearest well is 85 kilometres from Derecik and never reached the targeted reservoir, indicating a “significantly underexplored” region, according to Trillion.
“Successful exploration efforts on the Derecik play have the potential to yield a significant conventional oil discovery accessible for low production costs, competitive in today’s oil environment,” Trillion CEO Arthur Halleran said in a statement.
“We are excited about our evaluation of the property’s drilling prospects, given its proximity to super major fields and our data analysis conducted to date.”
Trillion said its evaluation has identified seven leads on the Derecik property, with two of those leads, Balkayalar-1 and Derecik-1, currently drill ready. The two locations are expected to contain similar reservoirs as those found in the Shaikan Field located 90 kilometres south of the locations, which produced around 33,000 bopd in 2019.
The company said it is deciding on its next steps at Derecik and estimates the cost of drilling a well to be around $10 million.
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