Company: TPET
Filing Date: 2025-01-30
Form Type: 10-K/A
Source: 0001493152-25-004268
Chunk: 20

Company: Trio Petroleum Corp.
Filing Date: 2025-01-30
Form: 10-K/A
Chunk 20
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 and a final subsequent payment of $ 175,000, for a total of $ 200,000within 120 days of the effective date for exclusive rights to the option to purchase 80% of the 100% Before Project Payout Working Interest(“BPPWI”) in Lantos’ oil and gas leasehold interests in Solano County, California (referred to as the Old Man Prospect). As of January 31, 2024, the Company has paid approximately $ 25,000towards the purchase of this option. Due to technical risks identified during due diligence and due to other considerations, the Company did not make the final $ 175,000payment and as a result the 120-day option period has expired.

Optioned Assets – Asphalt Ridge Leasehold Acquisition & Development Option Agreement

On November 10, 2023, the Company entered into the ARLO Agreement with HSO for a term of nine months which gives the Company the exclusive right to acquire up to a 20% interest in a 960acre drilling and production program in the Asphalt Ridge leases for $ 2,000,000, which may be invested in tranches by the Company, with an initial tranche closing for an amount no less than $ 500,000and paid within seven days subsequent to HSO providing certain required items to the Company.

On December 29, 2023, the Company entered into an amendment to the ARLO Agreement, whereby the Company funded $ 200,000of the $ 500,000payable by the Company to HSO at the Initial Closing, in advance of HSO satisfying certain required items for a 2% interest in the leases; such funds are to be used by HSO solely for the building of roads and related infrastructure in furtherance of the development of the leases. As of October 31, 2024, the Company has paid a total of $ 225,000to HSO in costs related to infrastructure and has obtained a 2.25% interest in the leases; such costs are capitalized costs and are reflected in the balance of the oil and gas property as of October 31, 2024.

Per the most recent amendment to the ARLO Agreement signed in September 2024, the Company has until December 10, 2024 to pay HSO an additional $ 1,775,000to exercise an option for the remaining 17.75% working interest in the initial 960acres of the Asphalt Ridge Leases