Good news continues to come for Trillion Energy (CSE: TCF). The natural gas explorer and producer this morning revealed that the company has received a massive hike to the price of its natural gas being sold in Turkey.
The company has seen the price of its natural gas sold in Turkey increase by a massive 47% as of September 1, with the firm now to receive US$30.68/mcf for gas produced in its SASB gas field. The development follows BOTAS, the state-owned energy firm, indicating that it has raised prices of natural gas for industrial customers by 47.6%, and for domestic use by 20.4%.
Prices for gas have continually rose in the region, with the average price of gas jumping 350% from 2021, when it was trading at US$8.84/mcf. In August, the price was set at US$20.83/mcf, which itself was a substantial improvement over year-ago levels. However, conflict in the region between Russia and Ukraine, and the related sanctions that have been put in place have lead to gas becoming significantly scarce in the region, pushing prices higher.
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“We believe the recent price increases will significantly enhance the economic performance of our seven well drilling program set to commence next week at the SASB gas field. With seven wells producing, we will supply the region with much needed natural gas in a time of acute shortages and high prices,” commented CEO Arthur Halleran.
The company is currently expecting to begin its seven well drill program next week, following the completion of repairs to its contracted drill rig, known as Uranus.
Trillion Energy last traded at $0.44 on the CSE.
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