Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) said the recent discovery of the largest potential natural gas discovery in the Black Sea near to its own SASB gas field augurs well for the oiler's own asset.
The discovery named the Tuna-1 field, which was formally announced on August 21, was made in the western portion of the Black Sea by the Turkish national petroleum company (TPAO), Trillion's partner in the SSAB field
The Tuna-1 well, which lies around 100 kilometres south of SASB, encountered 100 metres of pay at a total depth of 3,520 meters and Turkish officials estimated 9 trillion cubic feet (TCF) of gas based on the current drilling, noted Trillion.
"In light of the recent discovery by our partner TPAO and their proof of massive volumes of natural gas generation from source rocks in the Western Black Sea sedimentary basin the same basin SASB is contained within, we plan to evaluate the geological trends in deeper zones of SASB to identify prospects to drill and test for gas," Trillion CEO, Dr Art Halleran said in a statement.
"Seismic has already identified anomalies warranting further assessment where we plan on developing a geological model for potential undiscovered deep gas. Our license rights extend deeper into the SASB Field than what we have ever drilled to date."
Turkish officials believe the Tuna-1 discovery is a portion of a giant gas field and they will continue to drill to delineate its full extent, said Trillion, adding that certain media reports have cited an expected 26 trillion cubic feet (TCF) or 800 billion cubic metres of gas.
Currently, almost all Turkish gas blocks in the Black Sea are solely owned by TPAO, except the SASB gas field which is 49% by Trillion Energy, with TPAO owning the remaining 51%.
Historically, US$608 million has been invested to date for the development of the SASB fields, where gas was discovered at about 1,200 metres depth over a decade ago.
SASB has currently produced over 41 BCF of natural gas to date.
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