Mr. Art Halleran reports

TRILLION ENERGY ANNOUNCES SASB UPDATE AND ALAPLI 2 WELL RESULTS

Trillion Energy International Inc. has released the Alapli-2 well flow test results and provided an update on future drilling programs at the SASB gas field in Turkiye.

Alapli-2 well results

Alapli-2 has 32 metres of total gas pay in the A, B, C and D sands of the Akcakoca member, which is 22.7 metres thicker than the offset well Alapli-1. Gas pay of 15.1 metres in thickness was perforated and tested in Alapli-2 -- 9.1 metres of A sand and six metres of D sand. A combined flow rate of 11.9 million cubic feet per day was obtained using a 24/64ths-inch choke. Alapli-2 will be producing to the sales line in two days.

Operational update for SASB drilling program

After drilling five successful long-reach directional wells and one recompletion well at SASB, Trillion will continue to perform several new perforations of existing wells and begins to recalibrate the future drilling program to optimize capital expenditures to get the best return.

The next phase of drilling is expected to resume during mid-2024 and includes several sidetrack wells, long-reach directional wells as well as stratigraphic exploration wells.

For the remainder of 2023, Trillion will focus on: (a) conducting field analysis to determine how to maximize gas production and ascertain which gas pools require additional wells in the next phase of drilling; (b) completing reprocessing and remapping of the 3-D seismic to delineate new stratigraphic exploration; (c) planning and organizing the next drilling phase to maximize returns on deployed capital.

For the 2024 SASB drilling program, five sidetrack wells have been engineered, with certain long-lead items purchased. These wells are expected to be drilled first, followed by several stratigraphic exploration prospects. New 3-D seismic reprocessing is expected to be completed by October, 2023, to facilitate the 2024 drilling program, as previously detailed in the company's Jan. 31, 2023, press release. The new 3-D seismic reprocessing is expected to define stratigraphic exploration targets as well as to delineate reserves in structural traps.

Rig contract

Trillion's Uranus rig contract signed in 2022 mandated a minimum of 100 days of drilling time and allowed for up to seven well operations. This contract corresponded with the company's anticipated phase I program at the time of seven wells. Trillion will be seeking ways to maximize economics for the 2024 drilling program. Trillion has been actively negotiating a new drilling contract for the 2024 SASB drilling program. After the completion of the Alapli-2 well, the current drilling program will be concluded for 2023. During recalibration for the next phase, the Uranus rig will return to Constanta.

Update on well production

Trillion is continuing with its operations to maximize gas production at SASB. After the perforation of Alapli-2, the wire-line unit and tractors will be moved to the Akcakoca platform to carry out some additional perforations. Guluc-2 will have additional gas pay to be perforated as well as the Akcakoca-3 and West Akcakoca-1 wells. West Akcakoca-1 will be the pilot well for the slim-hole ESP (electrical submersible pump) to lower water loading.

Art Halleran, chief executive officer, stated: "Almost one year ago, we began drilling at the SASB gas field using advanced drilling technology to reach previously unreachable gas pools. We are pleased with the results of the first drilling campaign at SASB and believe our success on the field will continue. We look forward to opening a new dimension with the assessment of stratigraphic gas prospects on the SASB block and to maximize returns for drilling at SASB. The revenue generated by SASB gas production will now build a material cash balance and be used for other ventures."

Annual general meeting

The company will hold its AGM on Thursday, Aug. 10, 2023, at 11 a.m., at the offices of DS Lawyers Canada LLP at Suite 800, 333 7th Ave. SW, Calgary, Alta., T2P 2C1. The company has set the record date for the AGM at July 6, 2023. The notice of meeting, the accompanying management information circular and related meeting materials are now available under the company's profile on SEDAR and were mailed out to shareholders as of the record date of July 14, 2023.

About Trillion Energy International Inc.

Trillion Energy is focused on natural gas production for Europe and Turkiye with natural gas assets in Turkiye and Bulgaria. The company is 49-per-cent owner of the SASB natural gas field, one of the Black Sea's first and largest-scale natural gas development projects; and a 19.6-per-cent (except three wells with 9.8 per cent) interest in the Cendere oil field.

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