Trio Petroleum provides operational update on oil, gas assets

Trio Petroleum provided an operational update on each of its current oil and gas assets, by field. The update details the specific operational activities the Company is taking to increase daily oil and gas production. McCool Ranch Field: Production has been stable for a number of months averaging about 20 BOPD from the HH-1 and 35X wells collectively and we are actively continuing operations to increase oil production. The Company is planning to acidize the HH-1 and 35X wells and anticipates a notable increase in oil production. Planning is underway to return the 58X, HH-3 and HH-4 wells to production over the next several months. Operations continue to prepare the field for cyclic-steam operations – when our current five oil wells were initially steamed in 2014-2015 oil production steadily increased over a nine month period from 30 BOPD to a peak of about 400 BOPD. Presidents Field, South Salinas Project: First oil sales from the HV-3A well occurred in August 2024. We believe production at HV-3A may be improved with acid treatments, by adding up to 625 feet of perforations across the proven oil-producing zones, and/or opening deeper behind-pipe oil zones that are currently below a bridge plug. We expect workovers at HV-3A, whether acidizing, perforating and/or opening deeper zones, will result in notable increases in oil production. Initially we expect to acidize the currently open 250 feet of perforations and anticipate production of at least 30 BOPD, and potentially a much higher oil rate. Asphalt Ridge: The HSO 2-4 well is currently producing, utilizing a downhole heater, and the operator, Valkor LLC, expects that production may stabilize at approximately 40 BOPD. Asphalt Ridge is known to be one of the largest tar-sand deposits in North America outside of Canada, and to have now established first-oil at this project is of utmost significance to the Company. Downhole heater operations are expected to be operational shortly at the 8-4 well. We expect at least one additional well at Asphalt Ridge by year’s end. Valkor LLC projects that these 3 wells collectively will produce roughly 120-150 BOPD.