Company: TPET
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001493152-25-005014
Chunk: 110

Company: Trio Petroleum Corp.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 110
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 respectively. These expectations assume the realization of the Probable (P2) reserves that are based on the ‘most
likely’ forecasts of production. The KLSP report also provides the incremental volumes and cash flows associated with the realization
of Possible (P3) reserves and are provided in the Table below. The BOE’s cited in the Table use a conversion factor of 6 Mcf of
gas per BOE.

The combined Phases 1-3 (Total South Salinas Project) areestimated to recover 40.2 million stock tank barrels of oil (MMSTB) and 42.4 billion standard cubic feet of gas (BCF). This represents 47.3 million BOE of Probable (P2) Undeveloped reserves. The estimated incremental reserves associated with Possible (P3) reserves are 100.7 MMSTB of oil and 168.5 BCF of gas, or 128.7 million BOE (part “F” of the Table below). The combined Phases 1-3 estimated net cash flow to the Company, discounted at 10%, is $474.5 million for the Probable (P2) Undeveloped reserves. Realization of the forecasts associated with Possible reserves provides an additional $2.5 billion for Trio’s interest in the South Salinas Project (again, as shown in part “F” of the Table below).

<div align='center'>Table 1: Estimated Undeveloped Reserves and Cash Flow</div>

ESTIMATED UNDEVELOPED RESERVES AND CASH FLOW

| A. | Phase                            
 1 Undeveloped Reserve Categories |     | Net         
 Trio        
 Undeveloped 
 Oil         
 Reserves    
 (Stock      
 Tank        
 Barrels)    |             |     | Net         
 Trio        
 Undeveloped 
 Gas         
 Reserves    
 (1000       
 CF,         
 or          
 MCF)        |             |     | Net         
 Trio        
 Undeveloped 
 Reserves    
 (Barrels    
 Oil         
 Equivalent) |             |     | Trio         
 Undiscounted 
 Net          
 Cash         
 Flow         
 ($)          |                |     | Trio       
 Net        
 Cash       
 Flow       
 Discounted 
 at         
 10% ($)    |                |
|:---|:---------------------------------|:----|:------------|------------:|:----|:------------|------------:|:----|:------------|------------:|:----|:-------------|