Trillion Energy expects first new gas from SASB gas field by end of October

trillion international energy has provided an update on the status of the mobilization of the Uranus platform to the SASB gas field. The Uranus platform is scheduled to leave for the SASB on September 8 and arrive on September 11. A detailed daily program is as follows:

  • September 5 – NDT (Non-Destructive Testing) operations in ballast tank #2
  • September 6 – Estimated completion of welding operations in No. 1 ballast tank, start of non-destructive testing and painting
  • September 8 – Date of departure from the rig
  • September 9 – PSU vessel Altair arrives to load all equipment and materials from shore base to Akcakoca Offshore Platform
  • September 11 – Rig arrives at SASB
Photo - see caption

Location of the SASB gas field (Source: Trillion Energy)

Arthur Halleran, CEO, said

“As investors eagerly anticipated and requested daily updates on rig mobilization for our drill program; I personally kept myself updated on the status of the platform on a daily basis. I am confident that the departure date of September 8 will allow us time to identify and carry out the necessary repairs to the platform.

“As Trillion is now able to sell its natural gas production for US$30.68/mcf; and with today’s announcement that Russia will shut down all natural gas supplies from the Nord-Stream pipeline until sanctions are lifted, we expect further upward pressure on natural gas prices will occur during the winter.

“With the arrival of the rig on September 11, the first new gas production is expected towards the end of October 2022, which will capture high gas prices.”

Trillion is an oil and gas producing company with multiple assets in Turkey and Bulgaria. The Company owns 49% of the SASB natural gas field, one of the first and largest natural gas development projects in the Black Sea; a 19.6% stake (excluding three wells at 9.8%) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a potential unconventional natural gas property.

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Source: One Trillion Energy

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