Trillion Energy SASB Gas Project Progresses with New Leadership Appointment to Drive Growth

• Trillion Energy successfully installed velocity string tubing in the Alapli-2 well at the SASB gas field and will soon do the same at the Bayhanli-2 well.
• Nitrogen stimulation will be used to kick off gas production in both wells, with the entire operation expected to take about two weeks.
• CEO Art Halleran retired effective December 27, 2024 after serving since 2017 and leading the SASB development project.
• The Board of Directors is searching for a new CEO with capital markets and technical experience to exploit existing assets and enter new plays.
• Several other management changes were announced, including Sean Stofer as Chairman and interim CEO, Burak Tolga Terzi as VP and Deputy GM, and Scott Lower as President.

Trillion Energy International Inc. is an oil and gas company focused on production for Europe and Türkiye. The Company owns a 49% interest in the SASB natural gas field in the Black Sea and a 19.6% interest (except three wells at 9.8%) in the Cendere oil field in Türkiye. Trillion is advancing development of the SASB field to increase natural gas production.

SASB Gas Field Operations Update

Trillion Energy announced it is continuing velocity string tubing operations on two tripods at the SASB gas field after previously completing work on the Akcakoca platform in November. A crane barge arrived at SASB to transport a snubbing unit from Akcakoca to the Akkaya tripod to run 2,996 meters of tubing in the Alapli-2 well.

After finishing Alapli-2, the crane barge will move to the East Ayazli tripod to run 2,888 meters of tubing in the Bayhanli-2 well. Burst discs will be used to float the tubing in the horizontal well sections during installation before being ruptured. The crane barge and snubbing crew will demobilize once the tubing is safely installed.

Nitrogen Stimulation

Nitrogen Stimulation which has proven effective in kicking off SASB gas wells recently, will then be conducted. The entire operation is expected to take about two weeks, weather permitting.

Trillion reported the velocity string tubing was successfully installed in the Alapli-2 well, marking an important step to enhance long-term gas production. The team will next prepare to run tubing in the Bayhanli-2 well, which should be completed within 7 days. Nitrogen stimulation will then be used on both wells to optimize performance and production levels.

Management & Board Changes

Trillion announced that CEO Art Halleran retired from the Company effective December 27, 2024. Mr. Halleran had served as CEO since 2017 and led the SASB development project.

The Board of Directors is conducting a search for a new CEO with capital markets and technical experience. The Board aims to select a CEO who can exploit Trillion's existing assets and strategically enter new plays to increase overall shareholder value.

In the interim, Sean Stofer, P.E., has been appointed as Chairman of the Board and will also serve as CEO until a permanent chief executive is named. Mr. Stofer brings over 20 years of energy industry leadership experience and a track record of delivering high growth through operational excellence.

Other management changes include:

• Burak Tolga Terzi appointed Vice President and Deputy General Manager. Mr. Terzi has over 17 years of experience managing onshore and offshore drilling projects. His background spans technical and commercial roles at major companies like Valeura Energy and Weatherford.
• Scott Lower, CPA, promoted to President effective immediately. Mr. Lower, who holds a BBA and previously served as President of subsidiary Park Place Energy, has served Trillion in a consulting role for several years focusing on public markets.

Trillion also plans to add an advisory board of industry veterans and appoint two additional directors in Q1 2025 as part of the leadership transition.

"We look forward to a transformational year for Trillion, by ramping up production leveraging existing assets and acquiring additional assets. The company is committed to the process of new appointments to drive future growth and success for Trillion shareholders."

Key Takeaways

With the leadership changes and SASB gas field progress, Trillion Energy is positioning itself for a pivotal 2025. Investors should watch for the appointment of a permanent CEO in the coming months who can set Trillion's strategic direction. In the near-term, successful velocity string installations and nitrogen stimulation could boost SASB gas production and cash flow generation. The new management team appears focused on maximizing the value of existing assets like SASB while potentially acquiring new assets that can further drive shareholder returns. If Trillion can execute operationally and secure the right leadership, the Company could be poised for an exciting growth phase.