- Park Place Energy Turkey Ltd, a subsidiary of Trillion Energy (TCF), has signed a definitive offshore drilling services contract with GSP Offshore SRL (GSP)
- The agreement is for the purposes of securing a jack-up rig for its 2022-2023 drilling program on its SASB natural gas field located offshore Turkey
- The contract provides a daily rig services rate of US$95,000 per day and minimum 100 days of drilling time
- Trillion intends to drill 5 wells from existing wellhead production platforms
- Trillion Energy is an oil and gas-producing company with multiple assets throughout Turkey and Bulgaria
- Shares of Trillion Energy are down 4.69 per cent, trading at $0.305 at 9:45 am ET
Park Place Energy Turkey, a subsidiary of Trillion Energy (TCF), has signed a definitive offshore drilling services contract with GSP Offshore SRL (GSP).
The agreement is for a jack-up rig for its 2022-2023 drilling program on its SASB natural gas field located offshore Turkey.
However, Trillion anticipates the total project time as 8-9 months. Trillion has made an advance payment of US$1.0 Million and mobilization cost of US $0.8 million.
The Uranus jack-up rig is expected to arrive on-site in August, following the completion of its current operations in Romania.
Trillion intends to drill 5 wells from existing wellhead production platforms using the Uranus rig, which allows the company to put the wells onto production as soon as they are completed.
The first well may be spud August 2022 and each of the subsequent 4 new wells is expected to take approximately 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.
“The company is excited to have secured one of the best and most suitable drill rigs located in the Black Sea area,” said Arthur Halleran, CEO of the company.
“The SASB drilling program will provide instant online natural gas reserves production during a time of historically high natural gas prices,” he added.
Trillion Energy is an oil and gas-producing company with multiple assets throughout Turkey and Bulgaria.
Shares of Trillion Energy are down 4.69 per cent, trading at $0.305 at 9:45 am ET.
