Trillion Energy International announced the Uranus drilling rig, owned by Romania’s GSP Offshore, is currently being prepared to move to the SASB natural gas field, Black Sea, for the company’s multi-well drilling program and is expected to arrive on August 29, 2022.
Trillion Energy International’s multi-well drilling development program initially includes seven natural gas production wells set to come online during a time when acute natural gas shortages are menacing Europe and Turkey. Natural gas prices continue to spike through historical records as the prospect of a cold winter looms with the worst shortages expected to come.
“The rig is currently undergoing a rigorous inspection, survey and permitting process, where we have hired ModuSpec UK to carry out an inspection and testing before the rig is deployed. The process is going as planned, with no major problems being identified to date. Final inspection and acceptance are anticipated on or about August 26th at which time the rig will be hauled by marine ships to the SASB Gas field,” Trillion Energy International’s representatives said.
Transport time is expected to be 3 days. When it arrives, the rig will be positioned at the Akcakoca offshore production platform. Positioning and jack up of the rig should take one day, weather permitting. Other preparations will take two more days before the first well is spud on or about September 1 this year.
“We are pleased to announce a clear path to drilling and gas production – we are counting the days before we embark on this historic milestone achievement bring substantial new gas production into the region at a critical time,” Arthur Halleran, Trillion Energy CEO, stated.
Back in February 2022, Trillion’s 100 per cent subsidiary, Park Place Energy Turkey Limited, and GSP Offshore announced a memorandum of understanding (MOU) for the Uranus jack-up rig, which was followed three months later by a definitive offshore drilling services contract. At the end of July, the firm explained that this rig was released from its previous project and was getting ready for transit to the SASB field, which is a shallow water conventional gas field in the Black Sea.
Trillion selected GSP as its Uranus jack-up drilling rig is currently located in the Black Sea, thus, reducing costs of mobilization and because GSP has previously successfully drilled prior wells on the SASB gas field.
The MOU anticipates drilling five new wells and two recompletions. The initial program will target primarily prior 41BCF (billion cubic feet -100% interest) natural gas discoveries assessed as 2P reserves by GLJ, an independent reserves consultant. The duration of the initial project is expected to be 7 months with one new well being put into production every 15-45 days.
The new wells are anticipated to produce immediately upon completion with production sold into the existing pipeline grid under contract, where high demand exists for the company’s production as natural gas prices hit a record high of over USD $13 MCF during February 2022.
The company also desires to utilize the GSP rig for an additional 7-10 new well drillings/workovers continuously after the completion of the initial program, on the same or similar fiscal terms as the initial project. This subsequent project primarily includes low-risk development wells and or additional wells drilled into producing gas pool reserves. The exact number of wells targeted for the second program will depend on the results of the initial program.
It is the company’s plan to drill all 17 wells, more or less continuously, bringing one new well into production every 45 days starting the 3rd quarter of 2022 and then throughout the duration of 2023, thereby significantly ramping up the company’s production over that time frame.
The Uranus jack-up rig is expected to carry out a seven-well drilling programme for Trillion. According to Trillion, these seven natural gas production wells are set to come online during a time when “acute natural gas shortages are menacing Europe and Turkey. Natural gas prices continue to spike through historical records as the prospect of a cold winter looms with the worst shortages expected to come.”
About Trillion Energy International
Trillion Energy International 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 major natural gas development projects; a 19.6% (except three wells with 9.8%) ownership interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.