Trillion Energy International Inc. (CSE: TCF, OTCQB: TCFF) announced the results of an updated reserve and resource estimate for the SASB gas field in the Black Sea, in which the net present value (NPV) of the project has “significantly increased” due to rising commodity prices.

The company noted that the combined NPV, using a 10% discount rate, for 2P gas reserves (proven and probable) plus the risky average case estimate of the gas outlook, is 169.3 million. dollars, up from the previous estimate of $ 138.6 million.

And, the combined NPV of 3P reserves (proven, probable, and possible) plus high prospect estimates is US $ 288 million, up from US $ 243.3 million previously.

READ: Trillion Energy International Post Third Quarter Profit of $ 5.4 Million, Rising Commodity Prices Boosting Performance of European Oil and Gas Operations

Trillion Energy has indicated its intention to realize the gas value stated in the report with the initial SASB redevelopment scheduled for mid-2022.

In addition, he reported that 13 additional exploration gas prospects, comprising stratigraphic channels and also known thin-bed gas layers in existing fields, will be further assessed in 2022 and 2023 using a seismic update when available.

The company also said it plans to assess some exploration prospects surrounding the block with great blue sky potential, all after funding and launching the existing short-term development project.

He added that he is currently taking advice on a financing structure and that he plans to make an announcement after the shareholders’ meeting scheduled for December 17, 2021, in the event of a positive vote.

The report does not contain an assessment of the Phase V gas work program or the Company’s petroleum properties.

Vancouver-based Trillion Energy International owns 49% of the SASB natural gas field, one of the Black Sea’s first and largest natural gas development projects; a 19.6% interest (except three 9.8% wells) in the Cendere oil field; and in Bulgaria, the Vranino 1-11 block, a future unconventional natural gas property.

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