Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 284

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 284
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, including regulatory,
geologic and/or market-related, can cause a field to become uneconomic or only marginally economic. All of our prospects will require
significant additional exploration and development, regulatory approval and commitments of resources prior to commercial development.
The successful drilling of a single well may not be indicative of the potential for the development of a commercially viable field. Furthermore,
if our actual drilling and development costs are significantly more than our estimated costs, we may not be able to continue our business
operations as proposed and may be forced to modify our development plans.

We
have been an exploration stage entity and our future performance is uncertain.

We
have been an exploration stage entity and will continue to be so until we generate revenue. Exploration stage entities face substantial
business risks and may suffer significant losses. We have generated substantial net losses and negative cash flows from operating activities
since our inception and expect to continue to incur substantial net losses as we continue our exploration and appraisal program. We face
challenges and uncertainties in financial planning as a result of the unavailability of historical data and uncertainties regarding the
nature, scope and results of our future activities. We will need to develop additional business relationships, establish additional operating
procedures, hire additional staff, and take other measures necessary to conduct our intended business activities. We may not be successful
in implementing our business strategies or in completing the development of the facilities necessary to conduct our business as planned.
In the event that one or more of our drilling programs is not completed, is delayed or terminated, our operating results will be adversely
affected and our operations will differ materially from the activities described in this Annual Report. There are uncertainties surrounding
our future business operations that must be navigated if we transition from an exploration stage entity and commence generating revenues,
some of which may cause a material adverse effect on our results of operations and financial condition.

20

We
are dependent on certain members of our management and technical team.

Investors
in our common stock must rely upon the ability, expertise, judgment and discretion of our management and the success of our technical
team in identifying, discovering, evaluating and developing reserves. Our performance and success are dependent, in part, upon key members
of our management and technical team, and their loss or departure could be detrimental to our future success. We depend to a significant
degree upon our recently appointed Chief Executive Officer, Robin Ross, and our Chief Financial Officer, Gregory L. Overholtzer. Our
performance and success are dependent to a large extent on the efforts