Trillion Energy International Inc. (CSE: TCF) (OTC
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Posted On: 09/13/2024 7:20:09 PM
Trillion Energy International Inc. (CSE: TCF) (OTCQB: TRLEF) Production Numbers Indicate Potential for Growth Amid Increasing Global Gas Demand
- IEA forecasts global increase in gas demand.
- Trillion Energy is reporting August production numbers that show robust performance, significant gas revenue.
- Trillion Energy’s growth represents company’s strengthening foothold in the European energy market.
As the International Energy Association (“IEA”) predicts a global increase in demand for gas (https://ibn.fm/qY8sl), Trillion Energy International (CSE: TCF) (OTCQB: TRLEF), a company focused on oil and natural gas production for Europe and Türkiye, is releasing its August production update for its oil and gas fields. The report indicates the company’s expectations of “robust performance and strategic developments” along with “significant gas revenue growth” (https://nnw.fm/MJuVX ).
“Natural gas markets moved to more pronounced growth in the first half of 2024, with initial estimates indicating that global gas demand increased at a rate well above its historical average during this period,” stated the IEA’s Q3 2024 gas market report. The report noted that demand growth, which is primarily supported by higher gas use in industry, is fragile, citing geopolitical tensions causing price volatility.
“Natural gas prices increased across all key markets in the second quarter of 2024, reflecting tighter market fundamentals,” the report continued. “For the full year of 2024, natural gas demand is forecast to increase by 2.5% in 2024, primarily driven by fast-growing Asian markets.
“Geopolitical instability represents the greatest risk to the short-term outlook. LNG trade has practically halted across the Red Sea since the start of the year, while Russia is increasingly targeting energy infrastructure in Ukraine, including underground gas storage facilities. In this context, security of supply for natural gas remains a key aspect of energy policy making and the risks related to our outlook highlight the need to strengthen international co-operation, including in assessing and implementing flexibility options along gas and LNG value chains.”
Trillion Energy’s update reflects the company’s performance in August. Specifically, the report noted that during the month, “the 100% gas production from SASB was about 133.13 MMcf giving a gross total of $1,456,400 and a Trillion 49% value of $713,640 with a realized natural gas price of about $10.94. Trillion’s gross oil revenue from Cendere is $342,700. Trillion’s total gross production revenue for August is $1,056,340.” (Note: All numbers are in U.S. dollars.)
In addition, the report noted that gas revenue from SASB is 95% from Guluc-2 and South Akcakoca-2, which are both stabilized, and 5% from West Akcakoca-1, which has not stabilized and produces intermittently. SASB’s total average production for August was 4.6 MMcf/d while Akcakoca-3 well head pressure (“WHP”) continues to increase, currently reaching 583 psi compared to the initial WHP of 100 psi; the company noted that the well will soon be opened for a flow test.
Trillion Energy’s August numbers indicate the company’s strengthening foothold in the European energy market. “With the SASB gas field contributing significantly to revenue, Trillion is poised for future growth as it explores production optimization techniques,” the company stated. The company also noted that the potential installation of velocity string in the wells should increase gas production significantly.
“Trillion’s August gross revenue of $1.46 million illustrates the future potential of increasing the monthly revenue once we have more than just two gas wells producing,” said Trillion Energy CEO Arthur Halleran. “The VS (2-3/8-inch production tubing) installation in all 6 wells will substantially increase the gas production at SASB. The 10 legacy wells at SASB between 2007 and 2021 produced a total of 42.19 Bcf of gas utilizing 2-3/8-inch production tubing, about 4.2 Bcf/well. We can expect the same with our wells once we put in the 2-3/8-inch. Even with the 4-½-inch production tubing, we have produced 2.71 Bcf of gas from our 2022–2023 wells. Our gas price is $10.94/mcf whereas the Henry Hub Gas spot price is $1.91.”
Trillion Energy is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The company is 49% owner of the SASB natural gas field, a Black Sea natural gas development, and has a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The company also has a 50% interest in three oil exploration blocks in southeast Türkiye.
For more information regarding Trillion Energy, visit the company’s website at www.TrillionEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to TRLEF are available in the company’s newsroom at https://nnw.fm/TRLEF
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
- IEA forecasts global increase in gas demand.
- Trillion Energy is reporting August production numbers that show robust performance, significant gas revenue.
- Trillion Energy’s growth represents company’s strengthening foothold in the European energy market.
As the International Energy Association (“IEA”) predicts a global increase in demand for gas (https://ibn.fm/qY8sl), Trillion Energy International (CSE: TCF) (OTCQB: TRLEF), a company focused on oil and natural gas production for Europe and Türkiye, is releasing its August production update for its oil and gas fields. The report indicates the company’s expectations of “robust performance and strategic developments” along with “significant gas revenue growth” (https://nnw.fm/MJuVX ).
“Natural gas markets moved to more pronounced growth in the first half of 2024, with initial estimates indicating that global gas demand increased at a rate well above its historical average during this period,” stated the IEA’s Q3 2024 gas market report. The report noted that demand growth, which is primarily supported by higher gas use in industry, is fragile, citing geopolitical tensions causing price volatility.
“Natural gas prices increased across all key markets in the second quarter of 2024, reflecting tighter market fundamentals,” the report continued. “For the full year of 2024, natural gas demand is forecast to increase by 2.5% in 2024, primarily driven by fast-growing Asian markets.
“Geopolitical instability represents the greatest risk to the short-term outlook. LNG trade has practically halted across the Red Sea since the start of the year, while Russia is increasingly targeting energy infrastructure in Ukraine, including underground gas storage facilities. In this context, security of supply for natural gas remains a key aspect of energy policy making and the risks related to our outlook highlight the need to strengthen international co-operation, including in assessing and implementing flexibility options along gas and LNG value chains.”
Trillion Energy’s update reflects the company’s performance in August. Specifically, the report noted that during the month, “the 100% gas production from SASB was about 133.13 MMcf giving a gross total of $1,456,400 and a Trillion 49% value of $713,640 with a realized natural gas price of about $10.94. Trillion’s gross oil revenue from Cendere is $342,700. Trillion’s total gross production revenue for August is $1,056,340.” (Note: All numbers are in U.S. dollars.)
In addition, the report noted that gas revenue from SASB is 95% from Guluc-2 and South Akcakoca-2, which are both stabilized, and 5% from West Akcakoca-1, which has not stabilized and produces intermittently. SASB’s total average production for August was 4.6 MMcf/d while Akcakoca-3 well head pressure (“WHP”) continues to increase, currently reaching 583 psi compared to the initial WHP of 100 psi; the company noted that the well will soon be opened for a flow test.
Trillion Energy’s August numbers indicate the company’s strengthening foothold in the European energy market. “With the SASB gas field contributing significantly to revenue, Trillion is poised for future growth as it explores production optimization techniques,” the company stated. The company also noted that the potential installation of velocity string in the wells should increase gas production significantly.
“Trillion’s August gross revenue of $1.46 million illustrates the future potential of increasing the monthly revenue once we have more than just two gas wells producing,” said Trillion Energy CEO Arthur Halleran. “The VS (2-3/8-inch production tubing) installation in all 6 wells will substantially increase the gas production at SASB. The 10 legacy wells at SASB between 2007 and 2021 produced a total of 42.19 Bcf of gas utilizing 2-3/8-inch production tubing, about 4.2 Bcf/well. We can expect the same with our wells once we put in the 2-3/8-inch. Even with the 4-½-inch production tubing, we have produced 2.71 Bcf of gas from our 2022–2023 wells. Our gas price is $10.94/mcf whereas the Henry Hub Gas spot price is $1.91.”
Trillion Energy is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The company is 49% owner of the SASB natural gas field, a Black Sea natural gas development, and has a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The company also has a 50% interest in three oil exploration blocks in southeast Türkiye.
For more information regarding Trillion Energy, visit the company’s website at www.TrillionEnergy.com.
NOTE TO INVESTORS: The latest news and updates relating to TRLEF are available in the company’s newsroom at https://nnw.fm/TRLEF
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or republished: http://NNW.fm/Disclaimer
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