Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 290

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 290
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oil and natural gas business involves a variety of operating risks, including, but not limited to:

    ●
    fires,
    blowouts, spills, cratering and explosions;
  
    ●
    mechanical
    and equipment problems, including unforeseen engineering complications;
  
    ●
    uncontrolled
    flows or leaks of oil, well fluids, natural gas, brine, toxic gas or other pollution;
  
    ●
    gas
    flaring operations;
  
    ●
    formations
    with abnormal pressures;
  
    ●
    pollution,
    other environmental risks, and geological problems; and
  
    ●
    weather
    conditions and natural disasters.

23

The
development schedule of oil and natural gas projects, including the availability and cost of drilling rigs, equipment, supplies, personnel
and oilfield services, is subject to delays and cost overruns.

Historically,
some oil and natural gas development projects have experienced delays and capital cost increases and overruns due to, among other factors,
the unavailability or high cost of drilling rigs and other essential equipment, supplies, personnel and oilfield services. To the extent
we locate commercially viable reserves through our exploration and development activities, the cost to develop our projects will not
have been fixed and will remain dependent upon a number of factors, including the completion of detailed cost estimates and final engineering,
contracting and procurement costs. Our construction and operation schedules may not proceed as planned and may experience delays or cost
overruns. Any delays may increase the costs of the project, requiring additional capital, and such capital may not be available in a
timely and cost-effective fashion.

Participants
in the oil and gas industry are subject to numerous laws that can affect the cost, manner or feasibility of doing business.

Exploration
and production activities in the oil and gas industry are subject to local laws and regulations. We may be required to make large expenditures
to comply with governmental laws and regulations, particularly in respect of the following matters:

    ●
    permits
    for drilling, long-term production, water disposal, conditional use and other matters;
  
    ●
    licenses
    for drilling operations;
  
    ●
    tax
    increases, including retroactive claims;
  
    ●
    unitization
    of oil accumulations;
  
    ●
    local
    content requirements (including the mandatory use of local partners and vendors); and
  
    ●
    environmental
    requirements and obligations, including remediation or investigation activities.

Under