Trillion Energy International (Trillion Energy) has signed a farm-in agreement with Derkim Poliüretan Sanayi ve Ticaret for three Turkish oil exploration blocks.

As per the agreement, Trillion Energy will receive a 50% working and revenue interest in the oil blocks within the Cudi-Gabar petroleum province in Southeastern Turkey.

Sehit Esma Cevik, discovered in 2022, and Sehit Aybuke Yalcin, discovered in 2023, are among the key oil fields in the Cudi-Gabar area.

The farm-in agreement is for the Eastern Block (BlockM47C3, C4), which is around 15km by 30km in size, and Blocks M46C, D (the Western Blocks) that have a combined area of 30km by 60km and are nearly 30km west of the Eastern Block.

These oil blocks are surrounded by several other oil fields such as the Raman oil field, Sehit Esma Cevik and Sehit Aybuke Yalcin.

Under the agreement, Trillion Energy will collect 351km of 2D seismic [data] in 2023 and drill four wells in 2024 to receive the 50% share.

Trillion Energy expects the sole exploration phase to cost around $16m (Tl431m). Six further exploration wells will be drilled as part of the joint exploration phase with Derkim.

Trillion Energy will be the operator of these phases and future development.

No discoveries have yet been made on the oil blocks, and there is no assurance that any oil discoveries will be made, Trillion Energy warned.

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. When you are surrounded by large, discovered oil fields, you know you are in elephant hunting grounds.”

In March this year, Trillion Energy made a gas discovery at the South Akcakoca Sub-Basin gas field offshore Turkey.