Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 269

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 269
---
 conflicts of interest for County to directly
compensate the Environmental Consultant from funds paid to County by the Operator. The Company has a reasonable expectation that the
Full EIR will determine that the full-development project will have “a less than significant environmental impact” with a
“mitigated negative declaration”, meaning that the Project will be deemed environmentally acceptable with specific, delineated
mitigation-measures being taken to protect and prevent, as far as possible, damage to life, health, property, natural resources, climate
and other similar matters (e.g., water and air quality, scenic views or “viewshed”, etc.). The Company has a reasonable expectation
that it will be able to obtain a Full EIR with a mitigated negative declaration for the full-field development project that should help
expedite approval of necessary permits.

The
surface lands at the Project are privately owned by the Porter Ranch and the subsurface mineral rights are privately owned by Lessor
Bradley Minerals Company. The Porter Ranch is a multi-use working-ranch with operations that include the Company’s oil and gas
operations as well as extensive agricultural and livestock operations. The Porter Ranch (surface owners) and the Bradley Minerals Company
(mineral owners) are fully-aligned in their desire to develop the oil and gas resources at the Project. The Company has a reasonable
expectation that the surface and mineral owners will be fully-aligned and fully-supportive of the Company’s full-field development
plan and that this undivided support should help expedite approval of necessary permits.

CalGEM
has statutory mandates to ensure both energy production and environmental protection. The Company has a reasonable expectation that CalGEM
will have a favorable view of the Company’s full-development plan for the South Salinas Project and that CalGEM accordingly will
determine that the Company’s applications for necessary permits should be approved. The Company furthermore has a reasonable expectation
that State Water Boards will, similarly to CalGEM, have a favorable view of the Company’s full-development plan for the South Salinas
Project and that Water Boards accordingly will determine that the Company’s applications for necessary permits should be approved.

The
Company has a reasonable expectation that the County Commissioners and more importantly the County Supervisors (the Supervisors are a
higher authority than the Commissioners) of Monterey County will determine that the Company’s applications for necessary permits
should be approved. This reasonable expectation is based, in part, on the expected benefits of the Project to the County and to the State
of California