Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) hailed the results of a new evaluation of six of its gas prospects offshore Turkey, which add significant upside value to the oiler's existing reserves and resources.
The prospect resource report by GLJ consultants studied the South Akcakoca Sub Basin gas field (SASB) with six exploration prospects — Akcakoca South, Akcakoca-6, Bayhanli, Eskikale East, Eskikale West and Guluc North.
SASB is a Black Sea offshore development consisting of four platforms and currently has five gas wells producing from the Eocene Kusuri Sandstones.
Production started in 2007 with around 41 billion cubic feet (Bcf) having been produced to date from four gas pools.
For the six prospects, the Undiscovered Petroleum Initially in Place (UPIIP) was put at a best case estimate of 65.9 Bcf with an unrisked best estimate of 37.5 Bcf and 23 Bcf risked.
At a best case estimate, that puts the net present value (NPV) before tax (with a 10% discount) for SASB at US$136 million.
In addition, Trillion's petroleum reserves, which GLJ estimated at the end of December last year, stood at 2P reserves of 20.2 Bcf (net), which means a before tax, estimated net present value discounted at 10% of US$79.5 million.
The group's total net 2P reserves plus the risked prospective resources from the six prospects evaluated is 43.2 Bcf with a NPV (10% discount) of US$162.5 million.
"The SASB prospects add significant upside value to our existing petroleum reserves and resources," said Dr Arthur Halleran, the CEO of the company.
"In addition, we plan to update our report on Trillion’s 100% owned Vranino 1-11 lease located in the Dobrudja Basin, Bulgaria, which was estimated having Unrisked Original Gas In Place of mid-case 572BCF and high case 1.2 Trillion Cubic Feet (TCF), as per Netherland Seawell’s resource report dated September 14, 2014," he added.
Trillion owns 49% of the SASB natural gas field, one of the Black Sea’s first and largest scale natural gas development projects.
It also has a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; a 100% interest in the 42,833 hectare oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin, and in Bulgaria, the Vranino 1-11 block which is a prospective unconventional natural gas property.
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