Trillion Energy aims to speed up start of gas drilling in Bulgaria

Trillion Energy, formerly known as Park Place Energy, met with its Bulgarian representatives last month to discuss environmental reports required ahead of project start, the Canadian company said in a statement on Friday.

The company's renewed interest is seen through the prism of record-high gas prices, which have increased the economic viability of the development.

Trillion Energy owns a 98,205-acre block (397 square kilometres) in the Dobrudja basin, close to the city of Dobrich. The company, which signed the licence agreement with the Bulgarian government in 2014, plans to drill five new wells.

A preliminary survey commissioned from engineering firm Netherland Sewell & Associates in 2014 showed that undiscovered gas reserves amounted to some 1.15 billion cubic feet (32.6 million cu m), according to best estimates.

"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," Trillion Energy CEO Art Halleran said.

Over 220 wells were drilled at Vranino between 1960 and 1990 to assess the site's deep mining potential. In 2017, the environment ministry said that Trillion Energy must submit an environmental appraisal of the overall development project before exploitation of the licence may begin.