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Vranino 1-11 Gas
Overview
High Average Net Coal Footage per Well
Over 60 substantial seams
Depth ranges 1200-2200m
Potential for horizontal lateral wells
Ready Market
Gas pipeline connection within 15km
Excellent fiscal terms
High gas demand, high gas prices (>$8/mcf)
Extensive Database
Over 220 wells drilled 1960-1990 to assess deep mining potential
Potential
Potential World Class Resource Potential
100% interest in 98,205 acres (397 km2) license in NE Bulgaria for CBM in 2014
Natural gas charged coal seams in concentrated area of license present excellent opportunity for Coalbed Methane (CBM) play
Anticipating regulatory approval to commence operations
Fiscal Terms
Tax
10% Corporate tax rate
Royalty
Sliding scale Royalty starting at 2.5%
Royalty based on R Factor; 2.5% up to R=1.5 up to max royalty of 25.5% when R>3.0
2.5% GOR
Term
Initial Term of 5 years with 2 two year extensions
Minimum License Work Commitment Over 5 Years
Years 1-3: Geological & Geophysical
Data evaluation
Acquire new 2D and/or 3D seismic
Years 4-5: Drilling
Drill 10,000 meters of new wellbore
May be drilled vertically, horizontally or diagonally and may be new wells or deepening or sidetrack of existing wells
Work program is flexible – will permit early drilling to be followed by seismic acquisition
Investor Information
CSE: TCF | Frankfurt: Z62 | OTC: TRLEF
Corporate Presentation