The oil exploration blocks are situated in Turkiye's recently defined Cudi-Gabar petroleum province, located in the southeastern region of the country
Trillion Energy International has signed a farm-in agreement with Turkish firm Derkim Poliüretan Sanayi ve Ticaret to earn a 50% working and revenue interest in three oil exploration blocks in Turkiye.
Trillion Energy announces farm-in deal for three Turkish oil exploration blocks. (Credit: Bruce Tunget from Pixabay)
The oil exploration blocks are located in the newly defined Cudi-Gabar petroleum province in the southeastern part of the country. The Eastern and Western Blocks that are involved in the deal are spread over an area of 151,484ha.
In order to obtain the 50% stake, Trillion Energy has to acquire 351km of 2D seismic this year apart from drilling four wells in 2024.
The seismic survey is expected to cost around $4m, while the drilling of the wells will need an amount of $12m to be spent by the Canadian firm.
During 2025, three more exploration wells are planned to be drilled with an investment of $9m to be met by both parties on a 50:50 basis. The following year, an equal number of exploration wells are expected to be drilled at the same costs.
Trillion Energy will be the operator of the drilling works as well as future development.
According to Trillion Energy, the Cudi-Gabar province holds strategic importance as a core component of an active petroleum system that extends from Iraq and Syria into Turkiye. Within Turkiye's portion, the region hosts significant oil resources, including oil fields like Sehit Esma Cevik, which was discovered last year, and Sehit Aybuke Yalcin, which was discovered this year.
The Eastern Block spans roughly 15km by 30km and is situated around 12km from the recently discovered Sehit Aybuke Yalcin oil field at Mount Gabar.
As for the Western Blocks, they cover an area of approximately 30km by 60km and are located approximately 30km west of the Eastern Block, with the historic Raman oil field about 5km away.
To date, there have been no economic discoveries made on the three oil blocks following Trillion Energy's farm-in, and there is no assurance of any future oil discoveries.
Trillion Energy CEO Arthur Halleran said: “We are excited about the exploration opportunities considering recent discoveries made in the province proximate to the Eastern Block.
“Wells drilled to date in the southwest of our targeted area have good to very good oil staining and asphalt in the rocks. This indicates a working petroleum system on the Eastern Block where oil has been generated and migrated within the system.”
