Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 252

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 252
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 Operator of the South Salinas Project on behalf of the
Company and of the other working interest partners.

There
are two contiguous areas of notable oil/gas accumulations in the South Salinas Project, being the Humpback Area (“Humpback Oil
Field”) that occurs in the northern part of the project, and the Presidents Area (“Presidents Oil Field”) that occurs
in the southern part of the project. Discovery wells have been drilled and completed at both Humpback Oil Field and Presidents Oil Field.
The HV-3A well is the first well drilled at the Presidents Oil Field and is its discovery well. About five wells have been drilled at
the Humpback Oil Field and of these we consider the BM 2-2 well as its discovery well.

The
primary oil and gas objectives in the South Salinas Project are classic fractured Monterey Formation reservoirs (i.e., zones with abundant
brittle/fractured intervals of chert, dolomite, limestone and porcelanite) and the Vaqueros Sand. Fractured Monterey Formation is one
of the most important and prolific oil/gas reservoirs in California. The primary oil and gas reservoirs occur at approximately 4,000-8,000’
depth. The oil is mid- to high-gravity (18-40° API). The oil and gas targets are in structural traps - this is not a resource play.
The structural traps are imaged in 30 square miles of 3D seismic data that is owned by the Company. Importantly, the 3D seismic was acquired
after the drilling of all wells in the area except for our HV-3A and HV-1 wells. The 3D seismic provides critical information about how
prior wells were not properly located and, more importantly, how the South Salinas Project potentially may be successfully exploited
going forward.

The
Monterey Formation oil and gas zones have been tested at various wells at the South Salinas Project. The Vaqueros Sand has not yet been
tested but the Company believes that it is potentially productive behind-pipe in the BM 2-2 well. TPET intends to perforate and test
the Vaqueros Sand in the BM 2-2 well as soon as the necessary permits are in-hand.

We
own approximately 30 square miles of three dimensional seismic data (“3D seismic”) at the project. An integrated interpretation
of the 3D seismic data and of well data indicates that Presidents Oil