• Substantial proven and probable reserves confirmed by independent technical report prepared by GLJ Consultants by report valued at over $100M CND net to us, as below
  • The Black Sea’s first shallow water natural gas field development located offshore Turkey in shallow water
  • High natural gas sale prices sold between USD $6.50 and USD $7.60 into regional markets, at a substantial premium to European and North American markets
  • Production Lease is covered by 300km2 3D seismic acquired in 2004 and 2275 line KM of 2D with high-resolution survey with gas-bearing sands clearly indicated
  •  23 wells drilled to date with 81% success rate
  • Phase III and IV gas field development planned for 2020 – 2022 where up to 17 new wells and several re-entries are planned
  • We are poised for substantial revenue growth as new production comes online from redevelopment of SASB

Natural Gas Reserves

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 Undeveloped

10.1 BCF

$34.93 m**

US $0.40/share*

Proven + Probable Undeveloped

17.7 BCF

$74.66 m**

US $0.84/share*

Proven + Probable + Possible Undeveloped 27.5 BCF $127.23 m**

US $1.44/share*

*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.

Investor Information