Production from Black Sea wells earns Trillion Energy over $1.4 million in revenue

(WO) —Trillion Energy provided revenue and production data for the month of November 2022 from wells in the Black Sea. They also gave production and revenue estimates for December 2022 and Q1 2023.

Trillion’s 49% share of gas sales from South Akcakoca-2 and Akcakoca-3, before royalties for November 2022, was $1,412,073. After royalties, their share was $1,235,564.

Based on the first 15 days of December gas production for both the South Akcakoca-2 and Akcakoca-3 wells, gas revenue for December will be about $2.1 million (after royalties) net to Trillion. Based on current pricing and production rates, revenue after royalty for these two wells will be between an estimated $20 to $24 million for the 2023 calendar year.

In Q1 2023, two additional wells, West-Akcakoca and Guluc-2, are expected to be put into production resulting in further revenue streams. In total, eight additional wells are expected to come online for 2023.

South Akcakoca-2 was put into production on Nov. 4th, 2022; and produced for 27 days in November. South Akcakoca-2 was put online almost immediately after completion. Akcakoca-3 was also put online immediately after perforation and produced from Nov. 24 - 30.