TRLEF/TCF.cn +.0289 to US$.365
Gas if flowing. Trillion turned on their first SASB well and it's flowing about 3MMCFPD. Operator is monitoring and will likely increase it over time to 3.5 to 5 MMCFPD range.
2nd well is a recompletion. Well had bent tubing that prevented full production. Installed bigger tubing, fished old wiring out of hole and preparing to perforate well this week. Should turn to gas production by this time next week. Expect similar production to AK-2.
First paycheck should be mid December at $31/mcf! Trillion's partner and well operator is the national energy company of Turkey. Trillion has 49% interest in SASB field.
This is my biggest position. Company is guiding for 17 wells to be completed in the next two years. Expects each well to take approximately 45 days from spud to production. Has funds in hand to complete first 7 wells. Expects cashflow from these initial wells to pay for remaining 10. After the first 17 wells, Trillion will explore several prospect sites that have similar characteristics to SASB field where the first 17 wells are located. Onshore production facility can accomodate up to 75 MMCPD and can be expanded. Likely won't need expansion for this initial production phase of 17 wells. If they average 3 to 5 MMCFPD, that will total 51 to 85MMCFPD.
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