Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 257

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 257
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, it was announced that California Resources Corp (“CRC”) and Aera are
merging. The Company believes that there are potential synergies between our South Salinas Project and the San Ardo Oil Field that is
operated by Aera and Chevron, and possibly soon by CRC. CRC is already an approximate 8% working-interest owner in the South Salinas
Project.

There
is an application for an UIC water disposal operation at the South Salinas Project that is under review by CalGEM and being modified
and updated by Trio LLC. Approval of this water disposal project by CalGEM and Water Boards will be an important part of establishing
an economic oil and gas operations.

All
of the existing seven wells in the South Salinas Project are currently inactive and temporarily shut-in, except for the active HV-3A
well that was restarted on March 22, 2024. When the appropriate permits are in-hand, which will perhaps be in 2025, and when the
required funding is in-place, the Company will assess its plans to return the BM 2-2 well to oil and gas production, to reenter and
sidetrack three of the wells (the HV 1-35, BM 2-6 and HV 3-6 wells) to optimal locations that are indicated in the 3D seismic data
and to then put them on production, and to utilize one well (the BM 1-2-RD1 well) as a water disposal well. TPET is evaluating
options (e.g., deepening, sidetracking, recompleting, etc.) at the new HV-1 well, as discussed above. TPET may drill one or both of
the HV-2 and HV-4 wells in 2025. The HV-1, HV-2, HV-3A and HV-4 wells may each be produced for its own 18-month period, under the
Company’s current exploration/testing permits. TPET is working diligently toward the goal of obtaining permits for full field
development, including long-term production and water disposal. These permits are critical for the proper development of our South
Salinas Project asset.

TPET
is committed to attempting to reduce its own carbon footprint and, where possible, that of others. For this reason, TPET is taking initial
steps to launch a Carbon Capture and Storage (CCS) project as part of the South Salinas Project. The South Salinas Project appears ideal