Oil and Gas Properties

3 Months Ended

Mar. 31, 2023

Oil And Gas Properties

Oil and Gas Properties

4. Oil and Gas Properties

	SASB			Cendere			Total
Cost
As at December 31, 2021	$	1,398,676		$	2,453,485		$	3,852,161
Additions		44,369,191			-			44,369,191
JV Contribution		(6,656,785	)		-			(6,656,785	)
Change in ARO estimate		(3,865,772	)		(5,562	)		(3,871,334	)
Currency translation adjustment		(4,748,897	)		-			(4,748,897	)
Impact of hyperinflation		837,908			110,090			947,998
As at December 31, 2022		31,334,321			2,558,013			33,892,334
Additions		19,927,785			-			19,927,785
JV Contribution		(14,734,816	)		-			(14,734,816	)
Change in ARO estimate		331,643			-			331,643
Currency translation adjustment		182,995			-			182,995
Impact of hyperinflation		2,611,566			283,992			2,895,558
As at March 31, 2023	$	39,653,494		$	2,842,005		$	42,495,499
Accumulated depletion
As at December 31, 2021	$	743,647		$	1,687,901		$	2,431,548
Depletion		1,263,556			187,476			1,451,032
Impact of hyperinflation		(34,215	)		(5,825	)		(40,040	)
As at December 31, 2022		1,972,988			1,869,552			3,842,540
Depletion		1,933,788			25,365			1,959,153
As at March 31, 2023	$	3,906,776		$	1,894,917		$	5,801,693
Net book value
As at December 31, 2022	$	29,361,333		$	688,461		$	30,049,794
As at March 31, 2023	$	35,746,718		$	947,088		$	36,693,806

TRILLION ENERGY INTERNATIONAL INC.

Notes to the Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2023 and 2022

(Expressed in U.S. dollars)

(Unaudited)

4. Oil and Gas Properties (continued)

Cendere oil field

The Cendere onshore oil field, which is located in South East Turkey has a total of 25 wells. The Cendere Field was first discovered in 1988. Oil production commenced during 1990. The operator of the Cendere Field is Türkiye Petrolleri Anonim Ortaklığı (“TPAO”). The Company’s interest is 19.6% for all wells except for wells C-13, C-15 and C-16, for which its interest is 9.8%.

The South Akcakoca Sub-Basin (“SASB”)

The Company owns offshore production licenses called the South Akcakoca Sub-Basin (“SASB”). The Company now owns a 49% working interest in SASB in partnership with TPAO. SASB has four producing fields, each with a production platform plus subsea pipelines that connect the fields to an onshore gas plant. The four SASB fields are located off the north coast of Turkey towards the western end of the Black Sea.

Management assesses each field for impairment indicators at each reporting date. As at March 31, 2023, no impairment indicators were identified.