Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) (FRA:3P2N) has announced sale price increases for both its oil and natural gas produced in Turkey, which is having a positive impact on revenues and net backs.
The Vancouver-headquartered company said, effective July 1, 2021, natural gas prices increased by 20% to almost $6 per thousand cubic feet (mcf), reaching pre-coronavirus (COVID-19) levels.
Natural gas prices in Turkey are set by state-owned gas importer Botas as most natural gas is imported. Periodic step pricing adjustments occur based on market conditions and international pricing.
Prior to the increase, natural gas prices averaged $5.24/mcf during the year due to COVID-19 compared to over $6/mcf in prior years.
Trillion Energy said it also benefited from the recent run up in international oil prices, which recently reached a five year high. The company now earns $74 per barrel (bbl) for production on its Cendere oil field, an increase of $12/bbl or 19.5% compared to the year-to-date average for 2021 of $61.87/bbl. Net backs increased to approximately $45/bbl from $35.47, an increase of 21%.
“Increases in commodity prices have improved the company’s cash flows and are expected to have a positive effect on the company’s upcoming Saturn Rig drilling program at the SASB gas field, where two new wells will be placed into production this year, as a prelude to a larger development program for the field,” CEO Arthur Halleran said in a statement.
Trillion Energy has multiple assets in Turkey and Bulgaria. It is a 49% owner of the SASB natural gas field, one of the Black Sea’s first and largest natural gas development projects. In addition, it has a 19.6% (except three wells with 9.8%) interest in the Cendere oil field; a 100% interest in a 42,833-hectare oil exploration block covering the northern extension of the prolific Iraq/ Zagros Basin.
In Bulgaria, the company has an interest in the Vranino 1-11 block, a prospective unconventional natural gas property.
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Story by ProactiveInvestors
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