Gas prices skyrocket as Russia suspends natural gas deliveries to Bulgaria


Trillion Energy to accelerate Bulgaria natural gas project commencement. (Credit: Terry McGraw from Pixabay)

Trillion Energy International Inc. (“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on the 98,000-acre Vranino 1-11 natural gas exploration license block in the Dobrudja basin, Bulgaria (the “License”) and changes in the energy environment in Bulgaria.

Russia’s Gazprom cut off the natural gas supply to Bulgaria, citing the countries’ refusal to pay in Russian roubles, prompting accusations of “blackmail” and emergency talks at the EU. Bulgaria has historically imported 90% of its natural gas from Russia.

In early April 2022, natural gas prices in Bulgaria reached highs of CAN$28/mcf (US$22.35/mcf). This was before its natural gas supply was cut off.

Trillion Energy had engaged a third-party engineering firm, Netherland Sewell & Associates, Inc. to estimate the un-risked gross (100%) prospective resource (the “Netherland Report”) on its Bulgarian Vranino 1-11 License. The Netherland Report estimates:

In April 2022 the Company recently held meetings with its Bulgarian representatives regarding completion of the pre-license environmental reports necessary to commence work on the License. The Companies exploration program is to drill five new wells. Recent increases in natural gas prices have improved the project economics and prompted the Company to now focus on this project also, as its SASB gas field development is well underway with drilling to commence in July 2022.

Dr. Art Halleran, CEO stated:
“Now more than ever Bulgaria, like most of Europe, urgently needs domestic supply of natural gas for its energy security and survival. The Vranino 1-11 project has significant natural gas potential to supply domestic gas to Bulgaria.”

Source: Company Press Release