Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 253

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 253
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 Field is a large anticlinal feature covering an area of approximately
1,300 acres, with a major structural, anticlinal high at the location of the HV-3A discovery well, and with two separate, four-way closed
anticlines at the northwest, down-plunge-end of the feature. The structural feature at Presidents Oil Field is best characterized as
a positive flower structure resulting from transpressional deformation along strike slip faults including the major Rinconada Fault.
The Company has determined that production testing may resume at the HV-3A discovery well at Presidents Field. Testing on pump at this
well resumed on March 22, 2024.

5

One
of our initial objectives was to drill the HV-1 confirmation well at the President Oil Field. This objective has been accomplished. The
following is a discussion of the HV-1 well and its significance:

    ●
    The
    HV-1 well is located about two miles northwest of the HV-3A discovery well and for this reason it is considered a “confirmation
    well” intended to help confirm the size of lateral extent of the field. The HV-1 surface hole location (“SHL”)
    is located in about the center of T24S-R10E-Section 14. The well was directionally drilled approximately 2,600 feet toward the southeast
    and its bottom hole location (“BHL”) is located in T24S-R10E-Section 13.

    ●
    The
    HV-1 well spud on about May 5, 2023, and was completed at its total depth (“TD”) of about 6,641 feet (measured depth)
    on about May 15, 2023. 

    ●
    The
    HV-1 confirmation well is located on the larger of the aforementioned two down-plunge, four-way closed anticlines. 

    ●
    There
    were primarily three reservoir objectives in the HV-1 well, being the Yellow Zone (aka Yellow Chert), the underlying Brown Zone (aka
    Brown Chert) and the underlying Mid-Monterey Clay, all of which are stratigraphic subunits of the Miocene-age Monterey Formation.
    The Yellow and Brown zones are both attributed oil and gas reserves at Presidents in the Company’s reserve report as filed
    with the SEC. The Mid-Monterey Clay is nowhere assigned reserves in the Company’s reserve report, although it did have significant