Arthur Halleran, Trillion Energy International's CEO and director of the company, has resigned and retired, effective Dec. 27, 2024.
Halleran served as CEO since 2017 and led the offshore SASB development project to date.
As a result of Halleran's departure, Sean Stofer P.E. has been appointed chairman of the board of directors and will also assume the role of interim CEO while the company completes its executive search for a permanent CEO.
Moreover, Scott Lower CPA has been appointed as president of the company, effective Jan. 3. Lower has served in a consulting role for the company in the public markets and its endeavors and recently was appointed as president of the company's Park Place Energy subsidiary.
In addition, Burak Tolga Terzi has been named a vice president and deputy general manager for the company.
The company also plans to create an advisory board of industry veterans and seeks to add two additional directors as part of its overall transitional plan in first-quarter 2025.
Offshore SASB project updates
A few months ago, Trillion Energy announced plans to ramp up the installation of velocity strings in wells at the SASB gas field in the Turkish sector of the Black Sea to improve the field’s long-term gas production.
Trillion Energy announced today that it successfully installed 2 3/8 inches velocity string tubing into the Alapli-2 natural gas well.
Following the successful completion of this operation, the company will prepare to transport the snubbing unit via crane barge to the East Ayazli tripod, where 2,888 m of 2 3/8 inches velocity string tubing will be run into the Bayhanli-2 well. This phase is expected to be completed within the next week.
Upon the completion of Bayhanli-2, the snubbing crew and crane barge will be released, and nitrogen stimulation activities will begin in both wells to optimize well performance and enhance production levels, the company said.
