Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 254

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 254
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    oil/gas shows in the HV-3A discovery well and periodically may have contributed to the flow of oil and gas to surface at said well.

    ●
    The
    3D seismic data indicate that the Yellow and Brown zones have four-way closure (i.e., anticlinal rollover in one of the subsidiary,
    down-plunge anticlines) at the location of the HV-1 well, whereas at this location the Mid-Monterey Clay may have fault closure (within
    the positive flower structure) but lacks rollover. The directional drilling plan for the HV-1 well was designed such that the well
    would penetrate the Yellow and Brown zones near the tops of their anticlinal closures and to continue downward into the Mid-Monterey
    Clay where anticlinal closure apparently does not occur.

    ●
    The
    Yellow Zone, Brown Zone and Mid-Monterey Clay were encountered in the HV-1 well largely as predicted including with respect to depth,
    thickness, lithology, wireline-log characteristics and oil and gas shows including free oil in cuttings and in the mud pit. The Company
    believes that the HV-1 well has confirmed that there is a major oil and gas accumulation in the Presidents Oil Field, as the Company
    announced in a press release on May 16, 2023.

    ●
    Confirmation
    of a major oil and gas accumulation by itself does not confirm whether economic oil/gas production can be established. The HV-1 has
    undergone production testing to evaluate commerciality. Production testing at the HV-1 well was initially carried-out from the bottom
    up (i.e., by testing the deeper Mid-Monterey Clay zone first and working upward to the shallower Brown and Yellow zones), and the
    Brown and Mid-Monterey Clay zones were subsequently retested. The Mid-Monterey Clay, Brown Zone and Yellow Zone all underwent production
    testing. Oil and gas were recovered but commercial production was not established. 

    ●
    Operations
    may continue, for example deepening, sidetracking or additional testing, at the HV-1 well but it is currently idle.

    ●
    The
    HV-1 well is the newest well in the South Salinas Project and is the only exploratory well drilled in the last three fiscal years
    at the project. 

    ●
    The
    Company considers it premature