South Akçakoca Sub-Basin, Black Sea
The Company’s petroleum reserves for SASB were recently assessed by GLJ Petroleum Consultants*, in a report effective December 31, 2019, as follows:
|Billion Cubic Feet Gas (Bcf)*||Net Present Value (NPV)10%**
US $ (Millions)
|Intrinsic Value of Reserves /share*|
Proven + Probable Undeveloped
|Proven + Probable + Possible Undeveloped||27.5 BCF||$127.23 m**||
*Based on 87.6 million common shares issued and outstanding as at May 30, 2020 (excluding convertible securities such as warrants and options) as at the effective date of the GLJ Reserve, December 31, 2020.
**NPV 10 is a discounted cash flow estimate from reserves, which includes projected future revenue from the production of the proven, probable, or possible reserves where applicable, less royalties, operating and development costs, but excluding income taxes.
SASB was the Black Sea’s first commercial natural gas development project which was developed at the time by a consortium of local and international energy companies.
Phases I & II of the project were developed during 2008 – 2012, where Trillion Energy’s 100% subsidiary Park Place Energy Turkey Limited “PPETL” invested approximately US $170m. Several other partners invested funds, to meet the total project cost at the time of US $608m.
Since 2008 SASB has produced approximately 41 BCF of Natural Gas (100%). During 2017/18 – Trillion Energy acquired PPETL, which at that time owned 36.75% of the SASB Gas field and during 2018 it acquired an additional 12.25%.
Commencing 2018 Trillion Energy embarked on an assessment of the future potential for the SASB Gas field, which study was completed in 2020 with positive results including identification of substantial proven and probable reserves. Assessments on additional resources are still pending.
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