Trio Petroleum Corp Announces Commencement of Full Field Development Activities of its South Salinas Project
07 Julho 2023 - 9:00AM
Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the
“Company”), a California-based oil and gas company, today announced
that it has commenced activities for the Full Field Development of
its South Salinas Project (“Project”). The services of an
independent, third-party consulting firm have been engaged to
expand the existing Initial Environmental Impact Report (IEIR) into
a Full Environmental Impact Report (FEIR) and to obtain conditional
use permits and other permits that are necessary for the Full Field
Development of the Project. This firm has prior experience and
expertise at the Project and was instrumental in generating the
IEIR and in obtaining Trio’s existing permits for the HV-1, HV-2,
HV-3A and HV-4 wells.
Trio’s application for a Full Field Development
Permit follows Trio’s existing Exploration Permit and when approved
will enable long-term oil and gas production, the drilling of new
wells (in addition to those with existing permits), the resumption
of oil and gas production at the existing HV-3A and BM 2-2 wells,
the on-site disposal of produced water at the BM 1-2-RD1 well, the
construction of permanent production facilities, etc. The
consulting firm will assist and play a key role in obtaining the
Full Field Development Permit.
The production test of the South Salinas Project
HV-1 discovery well is still expected to commence the week of July
10, 2023, and will include the perforation and acidization (for
borehole acid-cleanup) of the well. The production rig, production
tanks and other necessary equipment are currently moving onto
location. Initial test results are expected to be available late
next week or the following week.
Trio anticipates that oil production from the
HV-1 well will generate cash flow in Q3 2023, and that additional
cash flow will be generated in Q3-Q4 2023 from the planned HV-2 and
HV-4 wells, and from acquisitions of equity interests contemplated
in other producing assets, such as the previously announced and
currently under-review acquisition of an interest in the Union
Avenue producing oil field.
CEO Frank Ingriselli stated: “We are thrilled to
embark on the commencement of Full Field Development activities for
our South Salinas Project, marking an exciting milestone for Trio.
The upcoming testing of our HV-1 well holds immense value in
shaping the design of this plan, which, as previously disclosed,
carries a discounted potential of approximately $2 billion in net
cash flow. We are eagerly looking forward to sharing the final
results with our shareholders in the near future, solidifying our
commitment to transparency and maximizing shareholder value.”
About Trio
Petroleum Corp
Trio Petroleum Corp is an oil and gas
exploration and development company headquartered in Bakersfield,
California, with operations in Monterey County, California. Trio
has a large, approximately 9,267-acre asset called the “South
Salinas Project” where it owns an 85.75% working interest. Trio’s
near-term plans include testing and producing the HV-1 well, and
then drilling the HV-2 and HV-4 wells. Previous operations on this
asset have successfully drilled two (2) production/discovery wells
(i.e., the HV-3A and BM 2-2 wells) that Trio now owns.
Cautionary Statement Regarding
Forward-Looking Statements
All statements in this press release of Trio
Petroleum Corp (“Trio”) and its representatives and partners that
are not based on historical fact are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended (the “Acts”). In particular, when used in the
preceding discussion, the words "estimates," "believes," "hopes,"
"expects," "intends," “on-track”, "plans," "anticipates," or "may,"
and similar conditional expressions are intended to identify
forward-looking statements within the meaning of the Acts and are
subject to the safe harbor created by the Acts. Any statements made
in this news release other than those of historical fact, about an
action, event or development, are forward-looking statements. While
management has based any forward-looking statements contained
herein on its current expectations, the information on which such
expectations were based may change. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of risks, uncertainties, and other
factors, many of which are outside of the Trio's control, that
could cause actual results to materially and adversely differ from
such statements. Such risks, uncertainties, and other factors
include, but are not necessarily limited to, those set forth in the
Risk Factors section of the Trio’s S-1 filed with the Securities
and Exchange Commission (SEC). Copies are of such documents are
available on the SEC's website, www.sec.gov. Trio undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by law.
Investor Relations
Contact:Redwood Empire Financial Communications Michael
Bayes(404) 809 4172 michael@redwoodefc.com
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