Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 258

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 258
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for a CCS project. The South Salinas Project covers a vast area and is uniquely situated at a deep depocenter where there are thick geologic
zones (e.g., Vaqueros Sand, up to approximately 500’ thick), about two miles deep, which could accommodate and permanently store
vast volumes of CO2. Four existing deep wells in the South Salinas Project (i.e., the HV 1-35, BM 2-2, BM 1-2-RD1 and HV 3-6 wells) are
candidates for use as CO2 injection wells. A CCS project in the future may help reduce TPET’s carbon footprint by sequestering
and permanently storing CO2 deep underground at one or more deep wells, away from drinking water sources. Furthermore, three of the aforementioned
deep wells are directly located on three idle oil and gas pipelines that could be used to import CO2 to the Company’s CCS Project.
TPET has opened discussions with third parties who wish to reduce their own greenhouse gas emissions and who may be interested in participating
in our CCS project. TPET believes it feasible to develop the major oil and gas resources of the South Salinas Project and to concurrently
establish a substantial CCS project and potentially a CO2 storage hub and/or Direct Air Capture (DAC) hub. See “Item I. Business
- Recent Developments” for further information on the CCS project.

7

Evaluation
of Reserves and Net Revenue

Our
evaluation and review of oil and gas reserves and future net revenue attributable to the Company’s interests in the South Salinas
Project are based on independent analyses prepared by KLS Petroleum Consulting LLC (“KLSP”), Denver, Colorado. The Company
in previous filings with the SEC provided two reserve reports by KLSP, one being entitled “Reserves Attributable to Trio Petroleum
Corp South Salinas Area for Development Plan Phases 1 and 2,” (“Prior Reserve Report 1”) and the other entitled “S.
Salinas Area, Full Development Reserves Supplement to SEC Report Dated 1-28-2022,” (“Prior Reserve Report 2”) both
of which had an effective date of October 31, 2021. KLSP has provided an updated reserve report, with an effective date of April 30,
2024, which is entitled “Reserve Attributable to Trio Petroleum Corp. South Salinas Area for Phased and Full Development”
(the “Current Reserve Report”), which is included as an exhibit