We spoke with sponsor Trillion Energy CEO Art Halleran. He just announced plans to accelerate natural gas production in the SASB Field and expects gas to start flowing in late Q4. This is a major breakthrough for the company. It has large proven Black Sea gas reserves and has been working on a major financing to get it all into production. Covid-induced relays have occurred. Undeterred, Art has come up with a plan to get cash flowing to the tune of $1-$2 million dollars per month, with the lowest possible capex. By drilling from existing platforms, costs are dramatically reduced, as are production times. The larger deeper wells will be drilled shortly after completion of the larger financing.
Art is doing this through a combination of financing mechanisms: including internal cash, warrant exceleration and royalty sales. While it hasn’t been an easy ride by any strectch, Art gives us his three key factors in making SASB a reality, in his own words, “Persistence, persistence, persistence.”
And that’s exactly what he’s done throughout his 4 year tenure at Trillion. To conserve cash, he’s accepted a reduced salary paid in company stock and he’s implemented a number of other cash conservation policies. Now, he’s closer than ever to commencing drilling in the gas-rich SASB fields and seeing production begin in Q4. Persistence does indeed pay off. Shareholders should see the benefits shortly. (We own shares in TCF)
www.TrillionEnergy.com
Tickers OTC: TCFF - CSE: TCF
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