Trillion Energy lets rig contract for drilling offshore Turkey

Trillion Energy International Inc. will drill five wells in its SASB natural gas field, offshore Turkey, during its 2022-2023 drilling program.

Park Place Energy Turkey Ltd., a subsidiary of Trillian Energy, has let a contract to GSP Offshore SRL (GSP) to secure the Uranus jackup rig for the program. Mobilization of the rig is expected in late July 2022, arriving onsite in August 2022, following completion of its current operations in Romania.

Trillion intends to drill wells from existing wellhead production platforms and place the wells on production as soon as they are completed. The first well may be spudded August 2022, and each of the subsequent four new wells is expected to take about 40 days, plus completion time. In addition to drilling operations, the same rig will be utilized for re-entry and re-completion of two existing wells, which still have behind-pipe reserves proved using PNN logs.

SASB is a shallow water conventional gas field consisting of four discovered non-produced gas pool reserves and numerous development gas pools. Total 2P net reserves are 20.2 bcf.

The contract provides a daily rig services rate of $95,000/day and a minimum of 100 days of drilling time, however, Trillion anticipates the total project time as 8-9 months. Trillion has made an advance payment of $1.0 million and a mobilization cost of $800,000.

Trillion Energy owns 49% of SASB field.