Company: TPET
Filing Date: 2025-01-17
Form Type: 10-K
Source: 0001493152-25-002760
Chunk: 283

Company: Trio Petroleum Corp.
Filing Date: 2025-01-17
Form: 10-K
Item: Item 1
Chunk 283
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 and/or gas);
  
    ●
    the
    porosity, permeability and fluid saturations (i.e., oil, gas and/or water saturation) of the oil and/or gas reservoirs;
  
    ●
    the
    oil, gas and/or water production rates that will be achieved initially and during extended reservoir performance;
  
    ●
    the
    volumes of oil and/or gas that can be economically extracted from the oil and/or gas reservoirs;
  
    ●
    the
    extent of natural fractures that will be encountered in the naturally-fractured Monterey Formation oil and gas reservoirs (e.g.,
    the Monterey Yellow Zone and Monterey Blue Zone that are discussed hereunder and in the Reserve Report and Reserve Supplement Report);
  
    ●
    pore
    volume compressibility and its impact on reservoir pressure and thus on reservoir performance; and
  
    ●
    the
    oil- and gas-prices during the life of the Project. 

It
is possible that few or none of our wells to be drilled in the future will find accumulations of oil/gas in commercial quality or quantity.
Any significant variance between actual results and our assumptions could materially affect the quantities of oil attributable to any
particular prospect.

The
drilling of wells is speculative, often involving significant costs that may be more than our estimates, and drilling may not result
in any discoveries or additions to our future production or future reserves, or it may result in disproving or diminishing our
current reserves. 

Exploring
for and developing oil involves a high degree of operational and financial risk, which precludes definitive statements as to the time
required and costs involved in reaching certain objectives. The budgeted costs of planning, drilling, completing and operating wells
are often exceeded and can increase significantly when drilling costs rise due to a tightening in the supply of various types of oilfield
equipment and related services or unanticipated geologic and/or mechanical conditions. Before a well is spud, we may incur significant
geological and geophysical (seismic) costs, which are incurred whether a well eventually produces commercial quantities of oil/gas, or
is drilled at all. Drilling may be unsuccessful for many reasons, including geologic conditions, weather, cost overruns, equipment shortages
and mechanical difficulties. Exploratory wells bear a much greater risk of loss than development wells. Furthermore, the successful drilling
of a well does not necessarily result in the commercially viable development of a field. A variety of factors