Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) (FRA:3P2N) told investors Thursday it plans to evaluate geological trends in its SASB gas field in the Black Sea to identify additional prospects to test for gas as the oiler also commented on its recent share activity.
It comes after the previously announced discovery in August, by the Tuna-1 well in the Sakarya field in the western portion of the Black Sea by the Turkish national petroleum company (TPAO) - Trillion's partner in the SSAB field.
In addition, on October 17 this year, TPAO announced a further increase to the size of the Sakarya field as the Tuna-1 well encountered a further 30 meters (m) of gas pay, noted Trillion.
This latest discovery has reportedly added 3 trillion cubic feet (TCF) to the discovery size for a total of 14 TCF in the field so far. In August, Turkish officials had estimated the size of 9 trillion cubic feet (TCF) based on drilling done up to that point.
"In light of the recent announcement by TPAO in this part of the Black Sea sedimentary basin, we plan to evaluate the geological trends in SASB to identify additional prospects to drill and test for gas," said Art Halleran, the chief executive of Trillion in a statement.
"Existing seismic has already identified anomalies warranting reprocessing the seismic where we plan on developing a geological model for deeper potential undiscovered reservoirs on SASB. Our existing license rights extend deeper into the SASB field than what we have drilled to date.”
The SASB gas fields lie in shallow water of the Black Sea and Trillion holds a 49% interest. It is located around 150km south of the Tuna 1 well.
SASB was discovered at a depth of around 1,200m over a decade ago and have produced about 41 billion cubic feet (BCF) natural gas to date.
TPAO's Sakarya gas field discovery suggests substantial volumes of natural gas have been generated from source rocks in this Western region of the Black Sea during the evolution of this sedimentary basin.
However, Trillion noted that there was "no guarantee that additional gas deposits other than what has already been discovered at SASB will be made".
Trillion Energy shares closed Wednesday at C$0.10 in Toronto, up 5% on the day. The stock has risen around 43% since October 9 this year, when it stood at C$0.070.
In today's statement, Trillion also confirmed that "the company has no material undisclosed news".
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