Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 746

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 2
Chunk 746
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and, which had a thickness of 59 feet. Oil production
has commenced using downhole heaters, whereas the operator plans to transition to production using advanced cyclic-steam and steam-drive
methods.

Carbon
Capture and Storage Project as part of Company’s South Salinas Project

We
are committed to attempting to reduce our own carbon footprint and, where possible, that of others. For this reason, we are taking initial
steps to launch a Carbon Capture and Storage (“CCS”) project as part of the South Salinas Project, which appears ideal for
such a task. 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
excellent candidates for use as CO2 injection wells. A CCS project in the future may help reduce our 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 our CCS Project. We have 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. We believe it is 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.

36

Going
Concern Considerations

We
have only begun to generate revenues in the current fiscal year and have incurred significant losses since inception. As of October 31,
2024, we have an accumulated deficit of $20,073,679 and a working capital deficit of $2,025,480, and for the year ended October 31, 2024,
a net loss of $9,626,797 and cash used in operation activities of $3,840,744. To date, we have been funding operations through proceeds
from the issuance of common stock, financing through certain investors, the consummation of our IPO