GSP Offshore – Trillion Energy Drilling Contract for SASB Gas Field Offshore Turkey

Trillion Energy International’s subsidiary, Park Place Energy Turkey, has signed a definitive offshore drilling services contract with Romanian based GSP Offshore to secure a jack-up rig for its 2022 – 2023 drilling program on its South Akcakoca Sub-Basin (SASB) natural gas field located offshore Turkey.

The SASB gas field encompasses a total license area of 12,385ha, being one of the biggest natural gas production and development projects located in the Black Sea, offshore Turkey.

Scope of work comprises drilling of 5 wells from existing wellhead production platforms, using the GSP Uranus jack up rig.

GSP Uranus is a three-legged, self-elevating unit, cantilever type, Marathon Le Tourneau Class 116-C design drilling rig, maximum water depth up to 100 m and 7.600 m maximum drilling depth.

“We are pleased to partner with Canadian company Trillion Energy. We are confident that our expertise from previous successfully completed projects in the Black Sea stands as a guarantee for the activities that will be performed under the SASB Project,” stated Gabriel Comanescu, President and CEO of GSP Group.

The contract provides a daily rig services rate of USD$95,000/day and a minimum of 100 days of drilling time, however, Trillion anticipates the total project time as 8-9 months. Trillion has made an advance payment of USD$1.0 Million and a mobilization cost of USD $0.8 million.

Mobilization of the Uranus jack-up rig is expected in late July 2022 from Romania arriving in August 2022 onsite, following the completion of its current operations in Romania.

Trillion intends to drill 5 wells from existing wellhead production platforms using the Uranus rig, which allows the Company to put the wells onto production as soon as they are completed. The first well may be spud August 2022 and each of the subsequent 4 new wells is expected to take approximately 40 days, plus completion time. In addition to drilling operations, the same rig will be utilized for re-entry and re-completion of two existing wells, which still have behind pipe reserves proved using PNN logs.

“The Company is excited to have secured one of the best and most suitable drill rigs located in the Black Sea area. The SASB drilling program will provide instant online natural gas reserves production during a time of historically high natural gas prices,” Arthur Halleran, CEO of Trillion stated.

Trillion Energy is an oil and gas producing company with multiple assets throughout 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.

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