Canada-listed Trillion Energy on April 5 announced a “significant” increase in SASB gas field reserves due to additional discoveries being made after year-end.
The proved and probable conventional natural gas reserves of the SASB field, located in the Turkish Black Sea, increased to 63.3bn ft3 from 48.6bn ft3, an increase of 30%.
“We are very pleased that our initial 2023 exploration and development program efforts have already begun to pay off with a substantial increase in reserves already this year,” Trillion CEO Arthur Halleran stated. “We expect that our continued drilling program will continue to grow our reserves throughout the year, further enhancing value to shareholders.”
The company said that the net present value of proved and probable natural gas reserves increased to $548mn net to Trillion, up from $426mn, a 29% increase.
Trillion is focused on natural gas and has assets in Turkiye and Bulgaria. The company is 49% owner of the SASB natural gas field; a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a prospective unconventional natural gas property.