Trillion Energy International says its Cendere oil field regains profitability as oil prices recover

Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) announced Tuesday that its Cendere oil field in Turkey is now operating at a profit. Cendere is a 25-well operation in Turkey with 16 wells currently producing. Trillion owns a 19.6% interest in the majority of the wells and a 9.8% interest in the remaining three. In a statement, the Vancouver-based oil company said that the low decline rate and long-term production characteristics ensure the field will continue production into 2026. READ: Trillion Energy International saw an increase in natural gas production from its SASB project during the pandemic Cendere is contiguous with the K Karakus oil field that contains extensive pipeline and refining infrastructure. Approximately 1.3 million standard barrels remain to be produced, with 45 million standard barrels oil in place, according to the company. The field has produced around 20.6 million standard barrels as of May 2020. Cendere currently produces around 735 barrels per day, of which 125 barrels are net to Trillion, at a total operating cost averaging US$23.55 plus $7.81 in royalties. The current oil price hovers around US$37 per barrel, making Cendere profitable at today’s figures. “With the recent resurgence in oil prices, our Cendere field returns to profitability,” Trillion CEO Arthur Halleran said in a statement. “Trillion intends to evaluate the field for vertical and horizontal wells with a vison of extending the known oil field and increasing existing production levels.” Trillion owns a number of strategic oil and gas assets in Turkey and Bulgaria, including the SASB Gas field – one of the Black Sea region’s largest undeveloped natural gas projects, of which Trillion has a 49% interest. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas