Vancouver, B.C., July 20, 2023 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce that it is exploring strategic energy opportunities in the Bulgaria and Turkiye region with a global energy trading company. The parties have signed a non-disclosure agreement to share information on a confidential basis regarding potential new business opportunities to be advanced together, the aim is to advance the Vranino 1-11 exploration block in Bulgaria, which has coal bed methane natural gas exploration potential, as well as opportunities in Turkiye.
What precipitated the initiative is the mutual recognition that discovering new sources of natural gas in the European region is paramount, Trillion’s recent technological success in the Black Sea using long-reach directional drilling technology and Trillion’s Vranino 1-11 natural gas exploration block which has significant gas resources, and which remains unexplored by Trillion.
The natural gas trading company had 2022 revenue of >US$100 billion and is involved in buying, distributing, and selling natural gas. There are significant opportunities to gain access to pipeline infrastructure to transport gas in the region, with the implementation of the interconnector Greece-Bulgaria (IGB) as well as the expanded infrastructure in Turkiye and Bulgaria. With the expansion of the infrastructure in Turkiye, Bulgaria, Romania, Hungary, and Slovakia pipeline conduits will be available.
As previously detailed in the Company’s press release of April 28, 2022, the Vranino license block is 98,205 acres (397 km2) with third-party resource estimates(1) of the following:
| Undiscovered OGIP (Best Estimate)* | Gross Prospective Natural Gas Resource -Best Estimate (Unrisked)* | |
| Estimated resource | 1.15 Tcf* | 573 Bcf* |
(1) Netherland Sewell & Associates Inc, 2014*
About the Company
Trillion Energy is focused on natural gas production for Europe and Türkiye with natural gas assets in Türkiye and Bulgaria. The Company is 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest-scale natural gas development projects; and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. More information may be found on www.sedar.com, and our website.
Contact
Corporate offices: 1-778-819-1585
e-mail: info@trillionenergy.com
Website: www.trillionenergy.com
About the Netherland Sewell & Associates report
*The Netherland Sewell & Associates report is effective December 19, 2014 and was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) ("COGEH") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The resources definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101). Prospective resources are those quantities of gas which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. TCF means Trillion Cubic Feet of natural gas. BCF means Billion Cubic Feet of natural gas.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings for the first quarter of 2023. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and our Prospective Resource report effective October 31, 2021. Additional information on the Company’s reserves and resources is included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1 filed on SEDAR March 24, 2023.
