Definitive Contract Secures Rig for SASB Drilling Program Slated for Q3 2022

Trillion Energy International today announced that its 100% subsidiary, Park Place Energy Turkey Limited has signed a definitive offshore drilling services contract with Romanian based GSP Offshore SRL (“GSP”) to secure a jack-up rig for its 2022 - 2023 drilling program on its SASB natural gas field located offshore Turkey. 

The contract provides a daily rig services rate of USD$95,000/day and minimum 100 days of drilling time, however, Trillion anticipates the total project time as 8-9 months. Trillion has made an advance payment of USD$1.0 Million and a mobilization cost of USD $0.8 million.

Mobilization of the Uranus jack-up rig is expected in late July 2022 from Romania arriving August 2022 onsite, following the completion of its current operations in Romania. 

Trillion intends to drill 5 wells from existing wellhead production platforms using the Uranus rig, which allows the Company to put the wells onto production as soon as they are completed. The first well may be spud August 2022 and each of the subsequent 4 new wells is expected to take approximately 40 days, plus completion time. In addition to drilling operations, the same rig will be utilized for re-entry and re-completion of two existing wells, which still have behind pipe reserves proved using PNN logs. 

Arthur Halleran, CEO of the Company stated:
“The Company is excited to have secured one of the best and most suitable drill rigs located in the Black Sea area. The SASB drilling program will provide instant online natural gas reserves production during a time of historically high natural gas prices.” 

KeyFacts Energy: Trillion Turkey country profile