Natural Gas Supply Shortages to Europe Bolster SASB Gas Development Project
February 25, 2022 – Vancouver, BC – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTC: TCFF.F) (Frankfurt: 3P2N) is providing an update on its SASB natural gas project located in the Southwestern Black Sea in Turkiye’s territorial waters, in light of the recent invasion of the Ukraine and halt of the Nord Stream pipeline. We do not expect to incur any adverse impact from the conflict currently and plan to proceed with our development on schedule.
Europe imports about 40% of its Natural Gas from Russia. On February 22, 2022, Germany announced it halted certification of the Russian Nord Stream II natural gas pipeline to Europe. The Nord Stream 2 was expected to be a key conduit for natural gas to Europe from Russia. Turkiye also imports about 50% of its natural gas from Russia. We believe the Russian actions against Ukraine manifest a significant natural gas supply risk to Europe and Turkiye. Our SASB gas field development plan will help mitigate natural gas supply risk to our region.
As well, numerous sources have predicted further increases in oil & natural gas prices because of renewed uncertainty of supply coming from Russia given its invasion of Ukraine.
Our CEO Art Halleran plans to visit Turkey and Romania during March 2022 to address the planned work program with our relevant partners and suppliers to ensure the project moves along swiftly.
US Trading Symbol Update
The Company is expected to recommence trading today on the OTCQB under the symbol TCFFF in the USA markets.
About the Company
Trillion Energy International Inc. 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.
The Company’s NI 51-101 (effective date December 31, 2020) and updated effective October 31, 2021, and other reports relating to its prospective resources may be found on www.sedar.com as well as the Company’s website. GLJ has assessed 2p reserves of approximately 41 BCF for 100% interest in the SASB gas field, where the Company’s net interest is 49% of the same.
Art Halleran: 1-250-996-4211
Corporate offices: 1-778-819-1585