|December 22, 2022 – Vancouver, B.C. – Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62). Trillion is pleased to provide certain revenue and production data for the month of November 2022.
South Akcakoca-2 was put into production on November 4th, 2022; and produced for 27 days in November. South Akcakoca-2 was put online almost immediately after completion. Akcakoca-3 was also put online immediately after perforation and produced from November 24th to November 30th. Trillion’s 49% share of gas sales from these wells, before royalties for November 2022, was US $1,412,073 and after royalty was US $1,235,564.
Based on the first 15 days of December gas production for both the South Akcakoca-2 and Akcakoca-3 wells, gas revenue for December will be about US$ 2.1 Million (after royalties) net to Trillion. Based on current pricing and production rates, revenue after royalty for these two wells will be between an estimated US $20 to $24 Million for the 2023 calendar year.
In Q1 2023, two additional wells, West-Akcakoca and Guluc-2, are expected to be put on production resulting in further revenue streams. In total, eight additional wells are expected to come online for 2023.
Natural gas prices in Turkiye have remained constant over the last three months at US $30+/MCF and are historically the highest gas prices for Turkiye to date. We expect natural gas prices to remain high for the foreseeable future into 2023.