Trillion Energy (CSE: TCF) yesterday revealed its production results for the SASB gas field found in Turkey for the month of November. At the same time, the company indicated its revenue profile for the month off the back of those production numbers.
Revenue for the month of November is expected to come in at US$1.2 million after royalties are paid, with the revenue generated via two producing wells. South Akcakoca-2, which was put into production early in November, produced for 27 days during the period. Akcakoca-3 meanwhile was placed into production the final week of the month, adding to production capacity.
The revenue figure is after both royalties and Trillion’s 49% interest in the wells is taken into consideration.
Concurrently, the firm also provided expected production results for the month of December, based on the first 15 days of production during the month. The company expects to generate approximately US$2.1 million in revenue for the final month of the year, which is net to Trillion after royalties.
The two wells are currently producing 451 boe/d after royalties net to Trillion.
The two wells meanwhile are expected to generate between US$20 and US$24 million in revenue during 2023 based on current gas prices. The company expects natural gas prices to remain high for the foreseeable future.
In terms of 2023, the company expects both Guluc-2 and West-Akcakoca to come online in the first quarter of the year, with eight wells in total expected to enter production in 2023, further boosting the firms production profile. The firm has previously indicated that Guluc-2 is expected to enter production towards the end of January, while West Akcakoca-1 will be completed in March.
WATCH: Energy Markets “Will Still Be Oil & Gas” — With Arthur Halleran of Trillion Energy
“Trillion’s execution of the SASB development program and the immediate well production captured the highest gas prices seen in Turkiye and increased Trillion’s share of SASB production from almost zero to over 500 boe/d* in just a few months. We are confident that Trillion can execute its program in a timely and efficient manner,” said CEO Art Halleran on the announcement.
Trillion Energy last traded at $0.45 on the CSE.
FULL DISCLOSURE: Trillion Energy is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Trillion Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
