SASB Gas Field Development Project
South Akçakoca Sub-Basin, Black Sea

The SASB gas field is producing critical domestic supply of natural gas during the energy crisis gripping Europe at this time. SASB is a conventional gas field located in the Southwestern Black Sea, consisting of numerous conventional natural gas pools located in shallow water. The fields have produced over 42+ BCF since initial development in 2007. Production platforms, pipelines, initial wells and gas plant cost in excess of US$600m (100% interest). Trillion is redeveloping the field with a planned 21+/- well program commenced in 2022.

License block size: 12,387 Hectares. Expiration: licensed to 2032; renewable until 2042.
Royalty: 12.5%. Corporate tax rate: 22.5%. 2022 Projected CAPEX: USD$50m


Program A:
10+ new wells to be drilled, completed and produced (2P reserves)
Program B:
Drill prospective resources (est. 10 wells)
Program C:
Exploration of Stratagraphic and Channel prospects
Program D:
Offblock exploration proximate to SASB licence area (land acquisition pending)
Sep 2022 June 2023 Dec 2023 Dec 2025
Programs A & B Reserves and Development
Discoveries + Reserves
10+ Development Wells
  • South Akcakoca Sub-Basin, Western Black Sea
  • Block boundaries
  • 2d seismic
  • 3d seismic
  • Existing SASB gas field offshore platforms
Programs C & D - Exploration

Additional Exploration Targets 
Targets proximate to the platforms & pipelines Includes Stratigraphic Targets


Explore off-block for large natural gas structures

3,100 km of 2D seismic data delineating targets off block for future exploration

Trillion Energy
Trillion Energy
Trillion Energy
Trillion Energy
Record High Natural Gas Prices
Trillion Energy
US$17 /MCF
BOTAS Natural gas pricing Turkey
12 .5%
>$ 17
<$ 6
5 WELLS Funded through Equity Capital Raise
+15 WELLS Funded Through Future Cashflow
  • SASB Development Costs
  • $42m+ equity financing (2022)
  • High Regional Natural Gas prices USD $17/MCF
  • Drilling Commenced in Sept 2022 - 3 wells completed to date
  • 11 New wells to come online in 2023
  • Take or pay contract for all gas
  • Cashflows reinvested into Programs B, C & D
Program A
  • Drill 5 Wells
  • Recomplete 2 Existing Wells
  • Focus on reserves
  • Drill 3 sidetrack wells
Program B
  • Drill 10+ Wells
  • Re-Enter 2 Existing Wells
  • Drill 1 Stratagraphic Well
  • Add 1 platform
  • Subsea Tie-In
Program C
  • Exploration - Stratagraphic Prospects and channel sands
  • Exploration about the field expected to yield new discoveries
  • Exploration of Cretaceous Akveren Formation for oil and gas
Program D
  • Off-block exploration
  • Deep-water $30m + per well (100% interest)
  • Shallow water
  • Tie-ins for production extra
  • Paid for by Cashflow from Program A, B and C
Third Party Assessed Reserves and Resources
Reserves and resources for the SASB Gas field as prepared by GLJ, Ltd (“GLJ”), an independent third-party consulting firm with effective date of October 31, 2021. The Company plans to produce these 17 wells through its drilling program to commence in 2022.
ItemClassBCFNPV 10% $US MillionClassBCFNPV 10% $US Million
Reserves2P20.23$75.75 m3P31.4$129.2 m
Prospective Resources, RiskedMedium Estimate23$93.6 mHigh Estimate36.4$156.0 m
TOTAL 40.3US$169.35 m 62.4US$285.2 m
   CND$216 m  CND$367 m

*The Report has been prepared in accordance with resource definitions, standards, and procedures contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. The resource definitions used in preparing this report are those contained in the COGE Handbook and the Canadian Securities Administrators National Instrument 51-101 (NI 51-101).

**NPV 10 Valuation is the discounted value of the reserves after all capital development, operating costs, and royalties before taxes discounted to present-day dollars.

***Prospective resources have both an associated chance of discovery and a chance of development to derive a final chance commercially. GLJ has assigned a 90% chance of development for all six prospects and a chance of discovery ranging from 50% to 90% resulting in a range of chance of commerciality from 45% to 81%.

© 2022 Trillion Energy