Trio Petroleum Corp (TPET) Provides Update on Testing of the HV-1 Discovery Well

September 21, 2023 9:16 AM EDT
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Trio Petroleum Corp (NYSE American: TPET) (“Trio” or the “Company”), a California-based oil and gas company, today provided an update on the testing of the HV-1 discovery well at the Company’s South Salinas Project.

The Brown Zone (aka Brown Chert) in the HV-1 well was perforated on September 7 with 350 feet of perforations across a gross interval from 5,465 to 5,850 feet measured depth and then acidized for borehole clean-up. The well was then tested by swabbing for seven days during the September 8-18 timeframe. A pumping unit is now being installed at the HV-1 well for further testing of the Brown Zone and temporary tanks and other facilities are also being installed at the well site. Results of pumping will be announced when available.

The Brown Zone in the HV-1 well is mechanically isolated from the deeper Mid-Monterey Clay zone that we previously tested with results previously announced. Swab testing to-date suggests that the Brown Zone and the Mid-Monterey Clay collectively, if commingled, might deliver approximately 145 barrels of oil per day (BOPD), with potentially significantly higher oil production rates when the well is on pump.

Trio’s CEO, Frank Ingriselli, stated: We continue to be encouraged by the preliminary test results at the HV-1 well. We should get a much better understanding of the potential rates of oil and gas production at the well by having it on pump. Though our original primary objective was the Yellow Zone, also known as the Yellow Chert, which we still believe will be the most prolific producing zone of the structure, we have been very encouraged by the results in the Brown Zone and the Mid-Monterey clay. Given the greater than expected positive results, we may decide to initially produce from the Brown Zone, or to produce from the Brown Zone and the Mid-Monterey clay commingled for the foreseeable future and wait moving up-hole to the top of the anticline to test and produce from our primary objective - the Yellow Zone. We will continue to announce results as additional information becomes available.”

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