Trillion Energy seeks buyer for Black Sea gas stake, expands Turkey exploration
(WO) — Trillion Energy International is pursuing a potential sale of its stake in a Black Sea natural gas project while advancing new exploration activity in Türkiye, according to a corporate update released alongside its annual shareholder meeting.
The company holds a 49% working interest in the South Akcakoca Sub-Basin (SASB) gas project, with Turkish Petroleum Corporation operating the asset with a 51% stake. Trillion said it is actively seeking buyers for its interest and will provide updates as discussions progress.
At the same time, the company has signed an agreement to earn a 29% working interest in the M47 exploration block in southeast Türkiye, committing up to $15 million in funding tied to drilling and seismic activity.
The planned work program is expected to include new exploration wells and seismic acquisition. Total development costs for the block are estimated at approximately $35 million, with about $18 million already spent by existing partners.
Under the earn-in structure, Trillion will fund $9.5 million toward the 2026 work program and an additional $5.5 million in 2027. The company will also carry a significant portion of near-term drilling and seismic costs, including 80% of expenses for the next two wells.
A joint operating committee will oversee drilling decisions, planning and procurement. Following completion of the earn-in, Trillion’s cost obligations will revert to its proportional ownership stake.
The company also confirmed that previously announced farm-in agreements covering the M47, M46C and M46D blocks have been canceled.
Beyond these assets, Trillion said it continues to evaluate additional upstream oil and gas opportunities across Türkiye and surrounding regions as part of its broader growth strategy.
