Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 286

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 286
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, and the cost of producing from those oil reserves could increase significantly,
which would adversely affect results of operations and financial condition. Our current drilling operations are limited, and availability
of essential drilling assets may not become a risk factor until such time as we increase drilling operations.

Our
business plan requires substantial additional capital, which we may be unable to raise on acceptable terms in the future, which may in
turn limit our ability to develop our exploration, appraisal, development and production activities.

We
expect our capital outlays and operating expenditures to be substantial over the next several years as we expand our operations. Obtaining
and/or reprocessing and/or reinterpreting seismic data, as well as exploration, appraisal, development and production activities entail
considerable costs, and we expect that we will need to raise substantial additional capital, through future private or public equity
offerings, strategic alliances or debt financing.

Our
future capital requirements will depend on many factors, including:

    ●
    the
    scope, rate of progress and cost of our exploration, appraisal, development and production activities;

    ●
    oil
    prices;

    ●
    our
    ability to produce oil or natural gas;

    ●
    the
    terms and timing of any drilling and other production-related arrangements that we may enter into;

    ●
    the
    cost and timing of governmental regulatory approvals of permits, and;

    ●
    the
    effects of competition from other companies and/or third-parties operating in the oil and gas industry

21

Additional
capital may not be available on favorable terms, or at all. In addition, if we are successful raising additional capital through the
sale of our securities, at such time our existing stockholders would, in all likelihood, be further diluted and new investors may demand
rights, preferences or privileges senior to those of existing stockholders. If we raise additional capital through debt financing, the
financing may involve covenants that restrict our business activities. If we choose to farm-out our interests, we may lose operating
control or influence over such assets.

Assuming
we are able to timely commence exploration, appraisal, development and/or production activities, and/or to maintain oil/gas production,
and/or to maintain force majeure status, then our rights to our mineral leasehold should extend for certain periods of time and/or for
life of production. If we are unable to meet our commitments we may be subject to significant potential forfeiture of all or part of
the