Onshore Oil Exploration · SE Türkiye

The Last Onshore Oil Boom Few Investors Have Heard Of.

Five years ago, Türkiye's Cudi-Gabar province produced zero barrels of oil. Today it produces over 80,000 barrels a day — and Trillion Energy is drilling a 27.6 MMbbl light-oil discovery surrounded by it. Independently certified. 32.4° API. Pipeline-ready.

CSE: TCF · OTCQB: TRLEF · FSE: Z62◆29% Working Interest Earn-In — M47 Block, SE Türkiye◆11 km from Türkiye's Largest Onshore Light Oil Discovery◆Cudi-Gabar Province: 0 → 80,000+ bbl/d in Under a Decade◆27.6 MMbbl 2C Contingent Resource — North Prospect, Net 29% WI◆32.4° API Light Oil Confirmed at C-1 & C-2◆CSE: TCF · OTCQB: TRLEF · FSE: Z62◆29% Working Interest Earn-In — M47 Block, SE Türkiye◆11 km from Türkiye's Largest Onshore Light Oil Discovery◆Cudi-Gabar Province: 0 → 80,000+ bbl/d in Under a Decade◆27.6 MMbbl 2C Contingent Resource — North Prospect, Net 29% WI◆32.4° API Light Oil Confirmed at C-1 & C-2◆CSE: TCF · OTCQB: TRLEF · FSE: Z62◆29% Working Interest Earn-In — M47 Block, SE Türkiye◆11 km from Türkiye's Largest Onshore Light Oil Discovery◆Cudi-Gabar Province: 0 → 80,000+ bbl/d in Under a Decade◆27.6 MMbbl 2C Contingent Resource — North Prospect, Net 29% WI◆32.4° API Light Oil Confirmed at C-1 & C-2◆

A Global Energy Squeeze

Oil Above $100.
Türkiye Imports
Most of Its Crude.
Trillion Is Drilling.

The largest supply disruption on record. OPEC+ cuts holding firm. Global demand near 100 million barrels a day. Trillion Energy is advancing onshore exploration in Southeast Türkiye — zero maritime exposure to Hormuz or Red Sea risk.

The Cudi-Gabar oil province has gone from no production to one of Türkiye's fastest-growing onshore plays. Trillion's M47 block sits inside that fairway — on the same Beloka and Mardin Group carbonate reservoirs that produce the surrounding fields.

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The Setup

Brent Crude

$100+

Brent has traded above US$100 amid the largest supply disruption on record.

Trillion release · Apr 2026

Bpd Global Demand

103M

Global oil demand at 103 million barrels a day, with no structural decline in sight.

IEA / EIA

Bbl/d — The Province

80,000+

Cudi-Gabar province production rose from zero to over 80,000 bbl/d in under a decade.

Trillion release · Apr 2026

To the Discovery

11 km

M47 sits 11 km from Şehit Aybüke Yalçın, Türkiye's largest onshore light oil discovery.

Company Filings

Company Overview

Trillion Energy — At a Glance.

27.6M

Bbl 2C Resource

29%

Working Interest

32.4°

API — Pipeline Grade

Boe/d Target 2028

The Company

Trillion Energy International (CSE: TCF | OTCQB: TRLEF | FSE: Z62) is a Canadian-listed junior E&P company earning a 29% working interest in the M47 block — a 450 km² concession in the Cudi-Gabar province of southeastern Türkiye, actively drilling inside the country's fastest-growing onshore oil province.

The Asset

The M47 block is surrounded by six TPAO-operated producing fields on the same Mardin Group carbonate reservoirs — all within 11 km. The oil is 32.4° API pipeline grade, independently certified at 27.6 million barrels 2C contingent resource, with zero maritime exposure to Hormuz or Red Sea risk.

Drilling Progress

Light oil was confirmed at two wells (C-1 & C-2) in Q1 2026, with 38 m net oil pay at C-1 and best-zone oil saturation above 90%. Seismic acquisition commences July 2026. First commercial production is targeted for mid-2027, with a block run-rate of 5,000 boe/d by 2028 across three drillable structures.

The Halo Around M47

Six Producing Fields. All Within 11 km.

The M47 block sits inside the most active onshore oil fairway in Türkiye. Same Mardin Group carbonates. Same operator (TPAO) bringing wells online in every direction. The geology doesn't stop at the property line.

M47 block in SE Türkiye showing producing oil fields within 11 km

Map: M47 block area play — producing neighbouring fields and discoveries. Source: Trillion corporate presentation, May 2026 (slide 5).

M47 Block — Trillion (29% WI)

27.6 MMbbl 2C · 32.4° API · 81% CoD

~$733M NPV

Şehit Esma Çevik Field

~6 km · ~27,000 bbl/d (2025)

27 K bpd

Şehit Aybüke Yalçın Field

~11 km · Türkiye's largest onshore discovery · 1 Bn bbl OOIP

~54 K bpd

Mehmet İrfan Güler (MIG)

North of M47 · producing

9 K bpd

Agaçyurdu Field

8 wells drilled · 3 producing 400–500 bpd each · 14 wells planned

1.2 K bpd

Field distances and statuses sourced from company technical due-diligence with operator (Derkim) and TPAO public disclosure. Analogue production is not necessarily indicative of M47 results.

Production Ramp-Up · Block Targeted

From Zero Today to 5,000 boe/d by 2028.

Trillion's path to commercial production follows the same growth curve neighbouring fields achieved: first cash flow from sidetracks in 2027, then exploration wells at Mid and South Leads, ramping to a 5,000 boe/d block-targeted run-rate by 2028. Modelled on Chapman initial rates of 500–1,000 bbl/d per well with primary-depletion decline.

Block-Targeted Production · boe/d (net to Trillion 29% WI)

Indicative trajectory based on Chapman initial rates & planned drilling cadence

Target · 5,000 boe/d by 2028

2026
0 bbl/d
Seismic & planning

2027
~700
C-1 / C-2 sidetracks online

2027 H2
~1,800
+ South Lead well

2028 H1
~3,100
+ Mid Lead well

2028 TARGET
5,000 boe/d
Block run-rate

Per-Well Economics~$3.5M drill & complete · 800 bbl/d Chapman best-case IP · ~$5.5M year-1 netback net to Trillion · payback ~1 month at strip pricing.

Drilling Cadence2 sidetracks (C-1ST & C-2ST) + 2 exploration wells (Fındık-2, Central-1) + step-out development wells across the North Prospect through 2028.

Take-AwayTruck haul to Tüpraş Batman ($5–6/bbl) until Gabar pipeline tie-in via Şehit Esma Çevik (next-door). Pipeline capacity >150,000 boe/d under construction.

Illustrative trajectory only — based on Chapman initial-rate assumptions (500/800/1,000 bbl/d Low/Best/High per well), planned drilling cadence and an exponential 22% annual decline. Actual production will depend on drilling results, sidetrack performance, fluid handling and infrastructure timing. Not reserves; contingent and prospective resources only. See Chapman NI 51-101 report on SEDAR+ for full assumptions.

Pipeline & Refinery Access

Two routes to first cash flow

The Gabar pipeline is now operative, with regional/international tie-in capacity of >150,000 boe/d being constructed — Şehit Esma Çevik (next-door to M47) is the first scheduled tie-in. Until pipeline access, 250-bbl tanker trucks haul to the Tüpraş Batman refinery ~130 km away, giving Trillion immediate revenue from day one.

$5–6/bbl pipeline cost

130 km truck haul to Tüpraş Batman

Zero Hormuz / Red Sea exposure

Valuation

The Market Hasn't Caught Up Yet.

Trillion trades at an extreme discount to peers on a $/2C-barrel basis — even against ShaMaran, which produces from the same Zagros Basin carbonate geology as M47. The implied discount today is ~94% vs. ShaMaran and ~92% vs. Sintana.

Enterprise Value / 2C Barrel (USD)

Producing peers at $/total (2P+2C). Discovery-stage peers at $/2C. April 2026 data.

ShaMaran

TSXV:SNM · Zagros carbonates

$3.41

Vaalco

NYSE:EGY · producing

$3.32

Sintana

TSXV:SEI · Namibia

$2.58

TAG Oil

TSXV:TAO · Egypt

$1.45

Trillion (post-raise)

CSE:TCF · M47 — same play

$0.91

Trillion (today)

CSE:TCF · pre-raise

$0.21

Sources: Chapman (Trillion, eff. Dec 31 2025); McDaniel (ShaMaran); NSAI (Vaalco); Galp IRM (Sintana); RPS (TAG). CAD/USD 0.72. Not a securities recommendation.

The M47 Block

Light Oil. Pipeline Grade.
No Blending Required.

Trillion has a binding agreement to earn a 29% working interest in the M47 block — a US$15M earn-in, first payment made May 2026. Every figure below is net to Trillion's share.

US$733.5M

2C NPV-10 · Net 29% WI

Independently evaluated value, with an 81% chance of development.

51.6 MMbbl

Total Resource Potential

Across the block's three prospects — North, Central and Fındık.

27.6 MMbbl

2C Contingent Discovery

North Prospect — backed by 32.4° API light oil confirmed at two wells.

Independently evaluated by Chapman Hydrogen & Petroleum Engineering under NI 51-101; filed on SEDAR+. Contingent resources are not reserves and do not have demonstrated commerciality. Prospective resources are undiscovered — no certainty any portion will be discovered or be commercially producible. NPV-10 is a technical metric, not fair market value.

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2026–2027 Catalyst Path

The Newsflow Starts Now.

Three drillable structures. Two confirmed wells to sidetrack. Active seismic acquisition in July. First commercial production targeted for mid-2027.

Done · Q1 2026

Light Oil Discovery Confirmed — C-1 & C-2

32.4° API light oil confirmed at two wells. 38 m net oil pay at C-1 in Beloka and Mardin carbonates. Best zone >90% oil saturation.

Done · Q2 2026

Chapman NI 51-101 Resource Report

Independent 2C resource of 27.6 MMbbl certified, NPV-10 of $733.5M, 81% chance of development. Filed on SEDAR+.

July 2026

New 2D Seismic Acquisition Begins

Operator Derkim begins seismic acquisition over Mid & South Leads to confirm drill targets.

H2 2026

C-1 / C-2 Sidetrack to Structural Crest

~75–100 m updip sidetrack to reach the untested apex. Management estimates ~1,000 bbl/d initial production from a successful sidetrack.

Late 2026 / Early 2027

Fındık-2 and Central Exploration Wells

Two exploration wells testing 4-way dip closures with combined 21 MMbbl P50 prospective resource net to Trillion.

Mid-2027

Target First Commercial Production

Initial production trucked to Tüpraş Batman refinery (~130 km). Pipeline tie-in expected once regional infrastructure completes.

Leadership & Directors

Operators Who Have Done This Before.

A team that has financed and operated junior E&P projects across Türkiye, the Caspian, Iraq, Africa and beyond — including ReconAfrica, Sea Dragon Energy, Valeura, Vermilion, Weatherford and TPAO partners.

President & Director

Scott Lower, CPA

CPA with a BBA from Simon Fraser University. 15 years of oil & gas experience. Has helped raise ~C$60 million for Trillion to date. Previously President of Park Place Energy. Day-to-day driver of M47 strategy, financing, and shareholder communication.

Chairman & Director

Sean Stofer, P.Eng.

20+ years in energy. UBC engineering graduate and registered Professional Engineer (California). Founder of multiple energy companies spanning gas-to-power, large-scale solar, wind and hydro. Deep project-development and capital-markets experience.

Director

Jay Park, K.C.

Upstream energy lawyer with transaction experience in 50+ countries, including Türkiye. Former CEO and Chairman of ReconAfrica — top-performing 2021 TSXV energy company.

Director · Audit Chair

David Thompson, CMA

30 years of O&G finance. Former CEO of Sea Dragon Energy. Helped raise >US$100 million for Caspian E&P programs. CMA since 1998.

Vice President

Burak Tolga Terzi, M.Sc.

17+ years in Türkiye and internationally — including Valeura Energy, Weatherford and SOCAR AQS. On-the-ground operator running the M47 program in Ankara.

Business Development

Barry Wihak

45 years in oil & gas. Senior roles with Vermilion Energy and Valeura Energy. Negotiated a $100M farm-out with Equinor and Transatlantic Petroleum in Türkiye. BA Geology, Princeton.

Geological Manager

Mokhles Ahmad, M.Sc.

25 years in oil & gas geology and geophysics. M.Sc. in Petroleum Engineering. Technical expertise spans play and prospect assessment, 2D and 3D mapping, seismic interpretation, well planning, field-development planning and reservoir characterization — leads subsurface evaluation at M47.