Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 264

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 264
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 of reservoir continuity at structural positions above lowest known hydrocarbons (LKH), and where engineering
evidence indicates the reservoir will have the requisite porosity, permeability and oil saturation to produce commercial quantities of
oil and gas. The assignment of Possible reserves does not incorporate a larger reservoir area, but rather Possible reserves are assigned
to the same wells having Probable reserves because the probabilistic methods employed indicate there may be a greater percentage recovery
of hydrocarbons than is appropriate for the ‘Most Likely’ reserve estimates.”

The
estimates of Probable (P2) Undeveloped reserves and Possible (P3) Undeveloped reserves and their respective estimated future cash flows
have different risk and/or uncertainty profiles and should not be summed arithmetically with each other. For example, estimates of permeability,
oil saturation, reservoir thickness and estimated ultimate recovery (EUR) are higher for the P3 reserve estimates than for the P2 reserve
estimates (see for example Figure 25 and Table 2 in the Current Reserve Report).

The
Probable (P2) and Possible (P3) reserves in the below Table are considered to be undeveloped as of the report’s effective date
of April 30, 2024. The HV-3A and BM 2-2 wells are capable of oil and/or gas production but additional investments at both of these wells
are anticipated in Phase 1 prior to establishing commercial oil/gas production and, therefore, the reserves at both of these wells are
considered undeveloped.

The
effective date of the reserves and net cash flows in the Table below is April 30, 2024. If the Company’s working-interest in the
South Salinas Project, and/or the size of the Company’s leasehold position at the South Salinas Project, were in the future to
increase or decrease, then the reserve estimates would increase or decrease accordingly (note: the Company’s %WI and leasehold
position may increase but are not expected to decrease). Similarly, changes in the future of estimates of oil and/or gas that can be
economically recovered, in the market values of oil and/or gas, in estimates of reservoir properties such as thickness, oil saturation,
porosity, etc., and various other possible changes in the future, would accordingly result in revised reserve estimates and/or revised
estimates of net cash flow. No significant discovery or other favorable or adverse event has occurred since April 30, 2024