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Regenx was featured on BNN Bloomberg...
How this cleantech company is recovering precious metals from diesel catalytic converters.
Greg Pendura, CEO of Edmonton-based cleantech company Regenx, discusses how it's using proprietary chemical and processing technology to recover platinum and palladium from recycled diesel catalytic converters.
Video Link:
https://www.bnnbloomberg.ca/commodities/video/how-this-cleantech-company-is-recovering-precious-metals-from-diesel-catalytic-converters~2699541
My timing on this thing is comically terrible! Want to know what NOT to do in the spec market - watch this guy hahaha
Trillion Energy's Bayhanli-2 Gas Well Enters Production
Bayhanli-2 well successfully tested at a rate of 11.9 MMcf/day
June 1, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) announces flow test results for the Bayhanli-2 natural gas well at the SASB gas field, offshore Turkey.
Eight intervals of gas pay with a true thickness of about 21 metres were perforated and tested in Bayhanli-2 and now are producing gas to the sales pipeline. The eight intervals within the E, D, C, A and AA gas sand reservoirs produced at a combined rate of 11.9 MMcf/d for the final flow test. The well is expected to be produced to pipeline with initial flow rates from between 8 and 9MMcf/d.
The Uranus Rig will now be moved to the Akkaya tripod to start drilling Alapli-2, the next well. Alapli-2 is a twin of a previously discovered gas pool but that has never been put onto production.
Arthur Halleran, CEO of Trillion, stated:
“Bayhanli-2 is our fifth well operation successfully drilled and producing gas at SASB. With multiple zones perforated, we expect a good producer which will also help us evaluate how to produce gas at maximum rates.”
I was disappointed that TRLEF was not represented at yesterday’s Emerging Growth Conference, but the work is getting done. Cheers.
Trillion Energy Announces First Quarter Results and Operational Update
Full Quarter Production from AKK-3 and AKK-South wells results in record Revenues
May 30, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce its financial results for the three months ended March 31, 2023 and an operational update.
President & CEO, Arthur Halleran commented:
"We achieved record revenues this quarter, based on production from our first two wells increasing our revenue to over USD$6.15m [CAD$8.3m]. We look forward to experiencing further significant revenues growth during our second quarter 2023 based on our now four producing wells. Our focus is adding additional production at the SASB natural gas field, where we expect to add a fifth production well to be brought on production later this week."
Operational Update
We are well on our way in our multi-well drilling program at SASB, having now completed our fifth well. Additional development on the SASB field in 2023 is expected to include several more long reach directional wells.
The Bayhanli-2 well which we spud on April 5th and reached TD of 3,425 meters on May 13th is currently being tested, where seven perforations have been successfully completed. Flow testing is expected to be completed over the next few days.
Financial and Operating Highlights – First Quarter of 2023
All references herein to $ refer to United States dollars in thousands of United States dollars, except as otherwise noted.
For the first quarter, our average daily sales reached a new quarterly record, with Q1 2023 sales of USD$6.15m (CAD$8.3m). (+6 % from Q4 2022 and 559% from Q1 2022).
Natural gas prices averaged USD $22.26 effective for all natural gas sales between January 1 to March 31, 2023. Higher realized prices and daily sales volumes for our natural gas resulted in the revenue increase.
As of March 31, 2023 the gross gas production rate for SASB was 12.6 MMcfd (100% interest) a significant increase due to two additional wells entering production just prior to month end. The average daily 2023 gross gas production rate for the SASB field is 7.75 MMcfd (100% interest).
We reported net income of USD $2.2 million in Q1 2023, an improvement of $4.2 million compared to Q1 2022.
Oil and gas capital expenditures totaled $6.64 million, including well costs for Guluc-2 and Akk-West on our SASB field, seismic reprocessing costs for SASB and long-lead purchases. Total oil and gas assets rose to $36.7m.
Proved and probable conventional natural gas reserves (P2) increased to 63.3 BCF* up from 48.6 BCF (YE 2022), an increase of 30% as at January 31 2023, as assessed by independent third party report*.
Our cash improved to $2.38m and working capital was ($7.4m) at March 31, 2023.
The consolidated financial statements with the Management's Discussion and Analysis ("MD&A") are available on our website at www.trillionenergy.com, thecse.com, and will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
Presenting on the Emerging Growth Conference on May 31 Register Now
Mentioned: ASPI EFLVF FTXP MIGI NBY OLB SPIR TMGI TRLEF VOXR
GlobeNewswireMay 30, 2023
MIAMI, May 30, 2023 (GLOBE NEWSWIRE) -- EmergingGrowth.com a leading independent small cap media portal announces the schedule of the 57th Emerging Growth Conference on May 31, 2023.
The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.
Register for the conference here.
Submit Questions for any of the presenting companies to:
Questions@EmergingGrowth.com
May 31, 2023, Schedule: (Eastern Time)
For updates, follow us on Twitter
9:30
Virtual Lobby opens.
Register for the Conference. If you already registered, go back to the registration link and click "Already registered" and enter your email.
9:35
Introduction
9:40 - 10:10
Spire Global, Inc. (NYSE: SPIR)
Peter Platzer, CEO
10:15 - 10:45
The Marquie Group, Inc. (OTC Pink: TMGI)
Marc Angell, President / CEO
10:50 - 11:20
ASP Isotopes (NASDAQ: ASPI)
Paul Elliot Mann, CEO & Chairman
11:25 - 11:55
Vox Royalty Corp. (NASDAQ: VOXR) (TSXV: VOX)
Kyle Floyd, CEO
12:00 - 12:30
Foothills Exploration, Inc. (OTC Pink: FTXP)
Kevin Sylla, Executive Chairman
12:35 - 1:05
Trillion Energy International, Inc. (OTCQB: TRLEF) (CSE: TCF)
Arthur Halleran, President
1:10 - 1:40
NovaBay Pharmaceuticals, Inc. (NYSE American: NBY)
Justin Hall, President / CEO & Director
1:45 - 2:15
Mawson Infrastructure Group Inc (NASDAQ: MIGI)
Sandy Harrison VP of IR.
2:20 - 2:50
Electrovaya Inc. (OTCQB: EFLVF) (TSX: EFL)
Rajshekar Das Gupta, CEO
2:55 - 3:05
The OLB Group, Inc. (NASDAQ: OLB)
Ronny Yakov, President / CEO & Patrick Smith, Vice President
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Founded in 2009, Emerging Growth.com quickly became a leader in its space and has developed an extensive history of identifying emerging growth companies that can be overlooked by the investment community.
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Yes. Many macro economic red flags are waving. Stock market bubble, US sovereign bond bubble, central bank induced inflation run smock worldwide, banks collapsing - which in asset value thus far 2023 bank collapses have surpassed ALL bank failure assets in 2008. Then we have this money laundering scheme/proxy war with USA and Russia, insane immigration policies allowing in the size of an average city every week with little to no vetting and then the government funded aid that goes along with it. Everything above is not getting any help from a silly culture war that is fueled nonstop by the media causing unrest in the streets.
I’m extremely nervous for all asset classes. Good luck to all.
I wonder how much of this is the reason for jumps the past week. Bullish either way.
I think the biggest risks here are financial crises (multiple macro crises are ligned up ready to go and any black swan. Make it break type of events that are completely out of Trillion’s control.
So far, everything I’ve seen from this company has given me confidence that they do what they say. Unfortunately there’s always risks outside the control of the operators. Unavoidable. For me that is the scariest risk of my millennial life thus far.
WEEKLY DRILLING REPORT MAY 18, 2023
WELL: Bayhanli-2
Progress: 259 meters
Measured Depth: 3425 metres
Week Summary:
Drill out and drill new 8 ½” hole to 3425 metres
Run in 7” casing and cement
Run in with scraper, bristle brush and Magnostar assemblage
Further Activities:
Clean and scrap 7” casing
Run in with tubing and packer
Perforate, test and turn over to production department
This well had about 44 metres of gas pay. The lower E sand had about 14 metres and will most likely be the first zone to perforate and put on production. Mid next week the well should be perforated and tested.
Hear Colin Robson, VP of Corporate Development speak about this news:
https://stockhouse.com/news/press-releases/2023/05/17/trillion-energy-announces-43-metres-of-gas-pay-in-bayhanli-2-well-at-sasb-gas
TRILLION ENERGY ANNOUNCES 43 METRES OF GAS PAY IN BAYHANLI 2 WELL AT SASB GAS FIELD
Bayhanli 2 successfully drilled to total depth with 43 metres of gas pay identified.
May 17, 2022 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”)(CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the preliminary gas indications from the Bayhanli 2 well, the fifth well in our multi-well program at the SASB gas field, Black Sea, Turkiye. On May 13, 2023, Bayhanli 2 reached 3,425 metres total measured depth (TMD) and true vertical debt (TVD) of 1,231 metres, and discovered an abundance of gas pay.
Initial petrophysical analysis has indicated about total 43 metres gas pay in 6 Sand Units of Akcakoca Member. The thickest pay (14 metres) is in the E Sand and (13 metres) in AA Sand. The 7” production casing is been run in and cemented. The initial perforation intervals are currently being selected to bring the well into production. Completion and flow testing will occur once the well is perforated, with results to be announced next week.
Bayhanli 2 is expected to start generating revenue at the end of May 2023. After completion of the Bayhanli 2 well, the rig will be moved to the Akkaya Tripod to start drilling the Alapli 2 well.
Arthur Halleran CEO of Trillion stated:
“The Bayhanli 2 well gives Trillion Energy 5 wells for 5 activities now at SASB. We are in the process of evaluating how to maximize the gas production from each well as more wells are brought into production. One avenue is to hire an engineering firm that specializes in multi-well gas fields that have different production pressures.”
https://trillionenergy.com/news/trillion-energy-announces-43-metres-of-gas-pay-in-bayhanli-2-well-at-sasb-gas-field
Podcast interview with CEO Greg Pendura and USA President Rick Purdy on The Financial Survival podcast. Full disclosure, Regenx is a sponsor of this podcast. They did not talk about the current offering, but rather positive news on operations.
https://www.financialsurvivalnetwork.com/2023/05/regenxs-replicatable-money-machine/
Is it open to all investors, accredited or non?
Is it open to all investors, accredited or non?
WEEKLY DRILLING REPORT MAY 11, 2023
WELL: Bayhanli-2
Progress: 464 meters
Measured Depth: 3268 metres
Week Summary:
Continue to drill 8 ½” hole to 3400 metres
Conditions hole, run in 7” casing and cement
Clean borehole casing
Further Activities:
Continue to drill 8 ½” hole to 3425 metres
Conditions hole, run in 7” casing liner hanger and cement
Clean borehole casing
Perforate, test and turn over to production department
The measured total depth is about 3425 metres with a true vertical depth of about 1200 metres. This well will take about another 1 day to drill at total depth. After TD, the well will be cased, perforated and put on production.
Can you please post a link? The player is not working. Thanks.
And yet they’re considering more debt financing in the future. Let’s hope they don’t need to. I want to see these wells finance themselves, as per the pro forma we’ve been sold.
I was bummed to see that Art did not present today at the Emerging Growth Virtual Conference. Nonetheless, Scott Lower was representing TRLEF.
Here is a recording of the 30 minute presentation with questions towards the end.
Art will be preseting for approx. 30 minutes at tomorrow's Emerging Growth Conference. You can register here to watch live and submit questions. During the previous EGC that TRLEF participated in this year they spent a decent amount of time answering all questions submitted.
https://emerginggrowth.com/emerging-growth-conference-55/
Article by a bullish Resource World Magazine.
https://resourceworld.com/trillion-energy-is-boosting-production-in-the-worlds-largest-natural-gas-stage-the-black-sea/
Trillion Energy is boosting production in the worlds largest natural gas stage: the Black Sea
Trillion Energy [TCF-CSE; TRLEF-OTCQB; Z62-Frankfurt] is focused on natural gas production in Europe and Turkiye with natural gas assets in Turkey 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; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.
Trillion Energy has been operating in Turkey since 2014 and has achieved significant success in the exploration and production of natural gas. The company’s strategy has been to focus on the Black Sea region, where there are substantial untapped reserves of natural gas. This strategy has paid off in spades, with Trillion Energy becoming one of the leading producers of natural gas in the region.
One of the key accomplishments of Trillion Energy has been its ability to thrive in the face of the global energy crisis. While prices have declined from their peaks, Trillion Energy is still producing natural gas in the highest-priced gas regime on the planet. In Turkey, gas prices are at $17 USD per cubic meter, compared to $4 USD per cubic meter in the United States, $12 USD per cubic meter in Europe and Asia, and $5 USD per cubic meter in South America. Despite these high prices, Trillion Energy has continued to increase its production levels, highlighting the company’s resilience and adaptability.
In fact, Trillion Energy had a blockbuster year in 2022, almost tripling its proved reserves to 63 billion cubic feet (BCF) and increasing its reserves values by 700% to up to $500 million USD (discounted – NPV10) and $800 million USD undiscounted net cashflows after royalty, operating costs, and capital expenditures. Trillion Energy is now 4 for 4 for new wells, having made three new discoveries over the last six months and converting resources to reserves, which has significantly increased the reserve report values. The company plans to drill seven more new wells in 2023, demonstrating its continued commitment to growth and innovation.
Trillion is currently drilling well number 5 “Bayhanli” of a 15+ well program on the SASB. The program has been successful so far with strong production numbers in each well: NPV-10 increases by 426%: Estimated proven reserves increased slightly to 11.6 bcf, with 2.7 bcf of proven undeveloped reserves, reclassified as proven producing. Probable reserves increased by 330% to 37.1 bcf as three of the four successful wells drilled to date targeted contingent resources. Overall, 2P reserves increased by 130% to 48.6 bcf. An additional 35.7 bcf (218% increase) is in the possible reserves category. The before-tax net present value (“NVP-10”) of the 1P reserves value increased by 206% to US$123.8mm on the back of a higher natural gas price forecast. The NVP-10 of the 2P reserves value increased by 426%to US$431.5mm (C$1.50/sh) on new reserves additions and a higher price deck.
Additional highlights of Trillion include: recent Analyst reports from both “8 Capital” who put a 1.50$ price target on Trillion and “Mackie Research” who put a 1.35$ price target on Trillion and recently press released reconfirmation of the target. Trillion just announced the closing of a 15MM$ convertible debenture facility through 8 Capital as well. (Click here for the full news release) This additional funding is going to allow for working capital and capital expenditures related to the development of the company’s assets in Turkey.
TCF drilling campaign has been highly successful as the company has proven that long reach directional drilling technology is effective at targeting existing and new reserves directly from the production platform. We expect significant reserves additions as the company drills an additional 16 wells in the balance of 2023 and into 2024 and we expect stock price appreciation as the Company continues to build its production and cash flow base.
For more information about Trillion Energy, please visit www.TrillionEnergy.com or email: info@TrillionEnergy.com with any questions.
Personally, I’m a big fan of under promos and over deliver. I also recognized Art’s attitude in this interview. I thought he was confident and excited. I’m pumped to see how TRLEF stacks up these milestones throughout the year.
Interview with TRLEF CEO Art Halleran on the Crux Investor YouTube channel recorded on 4/26/2023.
During the 42 minute interview, they talk about the debenture, exploration, past/current/future wells, competitors in the area.
Discover Arthur's latest interview with @CruxInvestor, where he goes in-depth on the production of gas wells, reason for the debenture raise, projection on gas prices, reasons to invest in Trillion Energy, and much more.
— Trillion Energy (@TrillionEnergy) April 30, 2023
Link: https://t.co/7C0DMMI37w$TCF 🇨🇦 $TRLEF 🇺🇸 Z62 🇩🇪 pic.twitter.com/SCHAciwk34
Just wait and see what the market cap will be after opening 4 additional plants in the USA.
My fear is when the financial crisis really kicks into gear small cap spec stocks will sell off. If that happens I’m backing up the truck here.
WEEKLY DRILLING REPORT APRIL 21, 2023
WELL: Bayhanli-2
Progress: 562 meters
Measured Depth: 1058 metres
Week Summary:
Set 13 3/8” casing and cement
Prepare wellhead and BOP
Drill 12 ¼” x 13” hole to 1058 meters (measured depth)
Further Activities:
Continue to drill 12 ¼” x 13” hole to 2840 meters
Set 9 5/8” casing and cement
Drill 8 ½” hole to tatal depth of 3400 meters
Set 7” casing and cement
Perforate, test and turn over to production department
The measured total depth is about 3400 metres, with true vertical depth about 1200 metres. The surface casing was set, and intermediate casing point is 2840 metres MD.
A local industry article...
https://www.offshore-mag.com/deepwater/article/14292673/tpao-produces-first-deepwater-gas-offshore-turkey
LONDON — Turkish Petroleum Corp. (TPAO) has started production from Phase 1 of the deepwater Sakarya field development in the Black Sea.
This represents Turkey’s first deepwater production and also a “fundamental shift in [the country’s] energy security,” said Ashley Sherman, Wood Mackenzie research director, Caspian & Europe Upstream Oil and Gas.
“To date, Turkey has relied almost entirely on gas imports to meet its demand. Sakarya Phase 1 will put a sizeable dent into the country’s energy import bill, which reached an eye-watering $97 billion in 2022.”
Wood Mackenzie expects Phase 1—onstream three years after the discovery in August 2020—to deliver up to 350 MMcf/d from 10 wells, raising the country’s overall gas output nearly tenfold by the end of this year.
“Its fast-tracked lead time almost rivals Eni’s near-peerless Zohr [offshore] Egypt,” Sherman said. “TPAO never deviated from its 2023 startup guidance, defying some initial skepticism. The political will to develop Sakarya quickly has been immense, especially with presidential elections looming. This project delivery success has been particularly impressive given TPAO’s lack of prior deepwater operating experience and the Black Sea’s logistical constraints.”
Phase 2 could cover almost 30% of Turkey’s gas consumption by 2030, Sherman added, allowing the field to deliver 1.4 Bcf/d.
The scale of Sakarya’s resource has strengthened Turkey’s negotiating power with its gas import suppliers, he suggested, with further contracts, including with Russia and Iran, coming up for renewal by the late 2020s.
“Turkey’s deepwater Black Sea gas resources are of huge political and strategic importance. Sakarya is commercially attractive too, thanks to the country's competitive gas pricing and fiscal terms. Nevertheless, risks abound in the Black Sea since Russia’s full-scale invasion of Ukraine in 2022. Although upstream milestones also await in Romanian and Bulgarian waters, the path to gas commercialization could be far less smooth outside of Turkey.”
04.20.2023
The Emerging Growth Conference was supposed to feature TRLEF. They put it off for next month’s, I wonder why? Could some big news be cooking that they’ll want to announce? Could they be avoiding the public’s questions? I sure hope for the former.
No weed stocks in the USA will move without either legalization or banking legislation. Shoot, just wait for the financial crisis to kick into high gear and see how badly they sell off.
New interview with Trillion CEO Art Halleran on the Financial Survival Podcast. TRLEF is a sponsor of the podcast, and the host, Kerry Lutz is a shareholder.
https://podcasts.apple.com/us/podcast/trillion-turns-mothballed-gas-field-into-cash-cow/id485166512?i=1000609078027
Discover Art's latest interview with @KerryLutz, where he unveils the drilling and production of wells, expansion potential for Trillion Energy, plans to drill up to 50-60 wells, the potential for increased reserves, and much more$TCF 🇨🇦 $TRLEF 🇺🇸 $Z62🇩🇪https://t.co/V4SFCukuRn
— Trillion Energy (@TrillionEnergy) April 16, 2023
They’re only at 496 meters, going 3,400...
WEEKLY DRILLING REPORT APRIL 13, 2023
WELL: Bayhanli-2
Progress: 496 meters
Measured Depth: 496 metres
Week Summary:
Spud Bayhanli 2 well
Drill, case and cement 13 3/8” casing
Further Activities:
Drill, case and cement 9 5/8” casing
Drill, case and cement 7” casing
Perforate and test and turn over to production department
The measured total depth is about 3400 metres, with a true vertical depth of about 1200 metres. This well will take about 45 days total to drill, case, perforate and test.
Good news, continued progress. If all goes smoothly, Bayhanli should be set to begin producing around the last week or two weeks of May. What a nice birthday gift from Art, thanks Art!
What a shame. As long as turkey stays out of war and we don’t get more earthquakes, all of the European (and really worldwide) energy volatility is bullish for TRLEF.
WEEKLY DRILLING REPORT APRIL 6, 2023
WELL: Bayhanli-2
Progress: 0 meters
Measured Depth:
Week Summary:
RIG down and start mobilization to East Ayazli Tripod
Performed positioning to East Ayazli Tripod
Jack up and skid cantilever
Install diverter stack
Further Activities:
Spud Bayhanli-2 well
Drill, case and cement 13 3/8” casing
Drill, case and cement 9 5/8” casing
Drill, case and cement 7” liner string
Run completion string
Perforate and test, and turn over to production department
The measured depth is about 3400 metres, with a true vertical depth of about 1230 metres. This well will take about 45 days total to drill, case, completion, perforate and test.
Trillion Energy Announces Significant Increase to SASB Gas Field Reserves and $15 Million Bought Deal Offering Of Secured Convertible Debenture Units
2P reserves increase from 48.6 Bcf to 63.3 Bcf* while NPV10% * increased to US $548 Million
https://trillionenergy.com/news/trillion-energy-announces-significant-increase-to-sasb-gas-field-reserves-and-15-million-bought-deal-offering-of-secured-convertible-debenture-units
April 5, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce the results of its January 31, 2023 reserve report update for the SASB gas field, representing a significant increase due to additional discoveries being made after year-end.
Reserve Report Highlights
Proved and probable conventional natural gas reserves (P2) increased to 63.3 BCF* up from 48.6 BCF (YE 2022), an increase of 30%
Net present value of proved and probable (P2) natural gas reserves (NPV10%) increased to USD $548 million* net to Trillion, up from USD $426 million* (YE 2022), a 29% increase. The US $548 million NPV 10 value represents USD $1.43 per share**
Net present value of Proved Reserves (P1 - NPV10) increased to US $153.7* million from US$ 119.5* million (YE 2022) a 29% increase;
Net present value of proved, probable and possible reserves (P3) NPV10 * increased to USD $925 million net to Trillion, up from USD $725 million (YE 2022), an increase of 28%; representing USD $2.41/ share NPV10**
*Trillion’s 49% interest before income tax and royalty **basic common shares
Arthur Halleran, CEO of Trillion, stated:
“We are very pleased that our initial 2023 exploration and development program efforts have already begun to pay off with a substantial increases in reserves already this year. We expect that our continued drilling program will continue to grow our reserves throughout the year, further enhancing value to shareholders.”
Reserve Report Summary
SASB Gross Reserves*
Conventional
Natural Gas
(Bcf) (Bcf)
Jan. 31 Dec. 31 %
2023 2022 Change
Proved
Producing 2.7 2.7 -3.1%
Developed Non-Producing 2.0 0.0 -
Undeveloped 9.6 8.8 8.9%
Total Proved 14.2 11.6 22.9%
Total Probable 49.1 37.1 32.5%
Total Proved Plus Probable 63.3 48.6 30.2%
Total Possible 47.0 35.7 31.7%
Total PPP 110.3 84.3 30.8%
* Trillion 49% interest, before income taxes and royalties
SASB Net Present Value*
NPV - 10%
Before Income Tax
(US$M) (US$M)
Jan. 31 Dec. 31 %
2023 2022 Change
Proved
Producing $37.3 $39.2 -4.8%
Developed Non-Producing $28.5 $0.0 -
Undeveloped $87.9 $80.3 9.5%
Total Proved $153.7 $119.5 28.6%
Total Probable $394.6 $306.8 28.6%
Total Proved Plus Probable $548.3 $426.3 28.6%
Total Possible $376.9 $298.3 26.4%
Total PPP $925.1 $724.6 27.7%
* Trillion 49% interest before income taxes and royalties
Bought Deal Convertible Debenture Private Placement
Trillion is also pleased to announce that it has entered into an agreement with Eight Capital, pursuant to which Eight Capital has agreed to purchase for resale, together with a syndicate of underwriters (together with Eight Capital, the “Underwriters”), on a bought deal private placement basis, 15,000 units of the Company ("Units") at a price of $1,000 per Unit, for gross proceeds of $15,000,000 (the "Placement"). Each Unit will consist of $1,000 principal amount secured convertible debenture (a "Debenture") and 1,667 common share purchase warrants of the Company (a "Warrant"), each having the terms described below.
The Debentures will mature on April 30, 2025 (the "Maturity Date") and will accrue interest at the rate of 12.0% per annum, payable semi-annually in arrears beginning on October 31, 2023 (the "interest"). At the holders' option, the Debentures may be converted into common shares of the Company ("Conversion Shares") at any time and from time to time, up to the earlier of the Maturity Date and the date fixed for redemption of the Debentures, at a conversion price of $0.60 per common share (the “Conversion Price”), subject to adjustment in certain circumstances, which represents a premium of approximately 58% to yesterday’s closing price of $0.38 on the CSE.
The Company will be entitled to redeem the Debentures at 105% of par plus accrued and unpaid interest at any time following April 30, 2024.
The Debentures will include a negative pledge on the part of the Company, such that the Company will not be able to incur new debt in excess of the Priority Charge Limit (defined herein) prior to repayment or conversion of the Convertible Debentures. For the purposes of the pledge, the "Priority Charge Limit" shall be calculated as follows: 40% * After tax value of the Company’s PDP Reserves discounted at 10%, as evaluated by a 3rd party reserves engineer using strip pricing at the time of the issuance of the priority ranking debt.
Each Warrant will be exercisable for one common share of the Company (each a "Warrant Share") at an exercise price of $0.50 per Warrant Share, subject to adjustment in certain events, and shall have an expiry date of June 29, 2025.
The net proceeds of the Offering will be used to fund working capital and capital expenditures related to the development of the Company’s assets in Turkey and for general corporate purposes.
The Debentures, any common shares of the Company issuable thereunder, the Warrants and any Warrant Shares sold in the Placement will be subject to a four month hold period in Canada commencing on the date of closing.
The Placement is expected to close on or about April 20, 2023 and is subject to customary closing conditions, including listing of the Conversion Shares and the Warrant Shares on the CSE and receipt of any required approvals of the CSE and applicable securities regulatory authorities.
Arthur Halleran, CEO of Trillion, stated:
“We are pleased to have achieved this milestone of being funded for our continuous drilling program on our highly prospective SASB block in Turkey. Securing this financing from a small group of strategic long term shareholders is a strong vote of confidence in Trillion’s ability to grow production and cash flow for the benefit of all shareholders. In addition, the negotiation of a 58% conversion premium to Trillion’s current share price not only reduces dilution from this financing but is also an indication of the value our strategic long term shareholders see in Trillion’s shares which is further supported by today’s updated reserve report.”
About the Reserves Evaluation
For the year period ended January 31, 2023, the Company's reserves were evaluated by GLJ, Ltd. ("GLJ"), 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") and are based on the Company's reserves as evaluated by GLJ in their report with an effective date of January 31, 2023 (the "Reserve Report"). GLJ is an independent qualified reserves evaluator as defined in NI 51-101. Additional reserves information as required under NI 51-101 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. See "Advisory Note Regarding Oil and Gas Information" section in the "Advisories", at the end of this news release.
https://trillionenergy.com/news/trillion-energy-announces-significant-increase-to-sasb-gas-field-reserves-and-15-million-bought-deal-offering-of-secured-convertible-debenture-units
WEEKLY DRILLING REPORT MARCH 30, 2023
WELL: Bayhanli 1
Rig is currently mobilizing to Ayazli Tripod
Progress: 0 metres
Measured Depth: 0
Week Summary:
Perforate and test West Akcakoca-1, turn over to Production Department
Skid rig back to Guluc-2, perforate, test and turn over to Production Department
RIG down and start mobilization to East Ayazli Tripod
Further Activities:
Set RIG up at East Ayazli Tripod and start to drill Bayhanli 2
We have now successfully completed drilling three of the extended reach directional wells, including the most challenging and longest one, all subsequent wells will be less technically demanding. This achievement should demonstrate to our investors that these wells have become another normal/routine part of Trillion Energy's operations.
Or even better, force those shorts buy our shares due to a squeeze.
Art Halleran interview with the Mining Stock Education podcast.
https://www.miningstockeducation.com/2023/03/trillion-energys-new-gas-wells-exceed-expectations-explains-ceo-art-halleran/
I don't know the challenges of the Bayhanli-2 well, but Art has said several times in past interviews that approximately every 45 days a well should be coming online. If that's the case for #5, then we're looking at mid May. Add a safety factor for things like fish, tooling logistics, more earthquakes, etc. and we're still looking at late spring/early summer for the Bayhanli-2 well. End of August could be eyeing well # 7 -
best case scenario in my opinion.
More good news!
If this was a baseball game, a batter hitting 4 for 4 would be on every ESPN show.
Onto the Bayhanli-2 well. More excitement on the way as this one was never previously produced.
Trillion Energy's West Akcakoca Well Enters Production
The West Akcakoca-1 Successfully Tested at 5.9 MMcf/day
March 28, 2023 - Vancouver, B.C. - Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to announce flow test results for the West Akcakoca-1 natural gas well at the SASB gas field, offshore Turkey.
The West Akcakoca well two lower “D” sands with a combined total of 7 metres of natural gas pay were perforated on March 24, 2023. These two zones were flow tested at a rate of 5.9 MMcf/day. Shut-in pressure was 1620 psi. The well will now enter long-term production. 48 metres of gas pay remains to be perforated in the future and will ensure a long-term production horizon for the well.
On March 24th, the Uranus Rig was skidded over to the Guluc-2 well. Preparations are currently being made to perforate the gas bearing zones to put the well into production, which is expected in a matter of days.
Arthur Halleran, CEO of Trillion, stated:
“We are very pleased that our gas production is expected to double with two additional wells entering production for April 2023 for a total of four new producing wells from our SASB development program. Since drilling program commenced last year, we have successfully drilled and produced from four out of four targets. Results to date demonstrate the long reach directional technology being used to revitalize the SASB gas field is working well. Now is just the beginning of our planned development; many more wells are to come.”