Trillion Energy International provides the following corporate update. 

South Akcakoca Sub-Basin (“SASB”)

The Company, through its wholly owned Cayman Islands subsidiary Park Place Energy Inc. (“PPE”), holds a 49% working interest in the SASB natural gas project located in the Black Sea. The Turkish Petroleum Corporation (TPAO), the Turkish national oil and gas company, is the 51% owner and operator of SASB. The Company is actively seeking buyers for its 49% interest in SASB and will provide further updates as they become available.

The Company, through a wholly owned subsidiary, has signed a new agreement for Trillion to earn a 29% working interest in the M47 Block located in SE Turkey in exchange for a total investment of US$15 million. The earn in is subject to, inter alia, the Company paying for certain work program costs on a timely basis. The Work Program is expected to include new exploration wells and acquisition of seismic data. 

The total work program cost for the M47 block shared between the existing parties to the M47 block is approximately USD $35 million, of which approximately $18 million has been expended to date. As part of the contemplated earn in, the Company will bear 80% of the cost of the next two wells as well as certain seismic costs.   

The Company is responsible for advancing two funding tranches: the first tranche is US$9.5 million for the 2026 work program, and the second tranche is US $5,500,000 for the 2027 work program. The 29% earn in interest is subject to the Company meeting its funding commitments as set out herein.

A Joint Operating Committee will determine all drilling decisions, planning and procurement matters.

Following Trillion’s investment, the parties to the M47 Block shall thereafter bear costs in proportion to their participating interests. The Company’s cost contribution shall thereafter be reduced to its pro rata interest. 

The previously announced farm in agreements on M47 and M46C and M46D blocks have been cancelled.

In addition, the Company is actively pursuing further oil and gas opportunities across Türkiye and the broader region. Management continues to evaluate a pipeline of prospective oil and gas assets and welcomes discussions with potential partners and asset holders. The Company believes its technical expertise and established in-country presence position it well to identify and execute on additional value-accretive opportunities as they arise.

KeyFacts Energy: Trillion Turkey country profile