Trillion Energy International today provides a corporate update.

Natural Gas Prices 

Prices for natural gas in Europe continue to remain strong with upwards pressure due to several sources: the recent curtailment of Iraqi natural gas entering Turkey; increases consumption throughout Europe and the region; regional continued supply shortage and speculation that restrictions in natural gas supply may occur due to an impending conflict in Ukraine. As a result, the Company expects to receive further natural gas price increases which bodes well for its SASB natural gas project development.

Rig Update

The Company is in the process of negotiating a letter of intent with a drilling services provider located proximate to the Black Sea region for the supply of one or more drilling rigs to the SASB natural gas field later this year. The jack up drilling rigs are in Romania, thus, conveniently located reducing the costs of mobilization to the SASB field. The Company anticipates the rig will be able to commence service at the SASB gas field during July 2022, subject to a definitive agreement being signed.

Art Halleran, Trillion Energy CEO, stated:
“Securing our rig to conduct our work program on SASB brings us one step closer to realizing our goal of bringing SASB into production during the year. Energy markets continue to strengthen our outlook and opportunities continue to improve, and we are on track for a July 2022 development program start subject to financing being received.”

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