Trillion Energy International Inc. said on Thursday that it is exploring energy opportunities in Bulgaria and Turkey with a “global energy trading company”.
The name of Trillion’s potential partner was not disclosed as the parties had signed non-disclosure agreements “to confidentially share information about potential new business opportunities that can be advanced together,” the Vancouver-based oil and gas producer said in a press release.
However, Trillion said its goal is to advance the Vranino 1-11 exploration block in Bulgaria, which has coalbed methane natural gas exploration potential, as well as opportunities in Turkey. The company said its recent technological success in the Black Sea using long-range directional drilling technology and the potential of the Vranino 1-11 natural gas exploration block spurred the initiative.
The 98,205-acre (397 sq km) Vranino license block, located in Bulgaria’s Dobrudja Basin and not yet explored by Trillion, has third-party resource estimates of unrisked 2P gross natural gas resources of 573 billion cubic feet, and best estimate resources of 1.15 trillion cubic feet, according to the new release. Trillion Energy had hired a third-party engineering firm, Netherland Sewell & Associates Inc., for the estimates.
The unnamed natural gas trading company had 2022 revenue of less than $100 billion and is involved in the purchase, distribution and sale of natural gas, Trillion said, adding that “there are significant opportunities to access pipeline infrastructure to transport gas in the region, with the implementation of the Interconnection Greece-Bulgaria (IGB), as well as the expanded infrastructure of Turki and Bulgaria. With the expansion of infrastructure in Turkey, Bulgaria, Romania, Hungary and Slovakia will be available pipelines.”
Earlier in the week, Trillion announced a pay zone of 130 feet of net gas in a sixth well in the SASB field offshore Turkey.
“The offset exploration well Alapli-1 drilled several years ago (but never produced) tested 7.1 MMcf/d [million cubic feet a day] of a set of three zones with a measured thickness of 15 meters [49.21 feet]Trillion said in the previous announcement.
Trillion calls the field one of the largest gas development projects in the Black Sea. Trillion has a program of about 20 wells for the field, where it owns 49 percent. SASB hosts “numerous” shallow-water pools of conventional gas and since the start of development in 2007 has produced more than 43 Bcf, according to Trillion’s website.
In a separate press release, Trillion announced the completion of the West Akcakoca-1 gas well, resulting in an increase in production to 5.3 MMcf/da SASB.
Two additional gas pad intervals totaling 19.7 feet (6.0 meters) were drilled and brought into production at about 5.3 MMcf/d with a final accumulation pressure of 1,794 psi, Trillion said.
“Drilling of the new gas pay at West Akcakoca-1 was wireline and does not require the drill rig. These new holes are the start of our efforts to maximize gas production from our new wells,” said Arther Halleran, CEO of Trillion.
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