Trio Petroleum Corp. (TPET) (“Trio”) announced that on April 19, 2023 it signed a drilling rig contract with Ensign Drilling, securing a fully equipped ADR 350 rig (#540) that can drill to a depth of 10,000-feet. Drilling operations are expected to commence in approximately 2 weeks at Trio’s HV-1 well, located on the company’s 8,600-acre asset called the South Salinas Project in Monterey County, California. The HV-1 well is a confirmation/development well and is a two-mile step out from the HV-3A discovery well that found high-quality, mid-gravity oil at depths of about 3,750 to 5,100 feet. The HV-1 well is designed to produce from and define the magnitude of this new oil and gas field, in which Trio owns an 85.75% working interest. Trio anticipates that the well will take approximately 30 days to fully drill and complete. If the well is successful, Trio should be able to begin production within about 30 days of completion.
Mr. Frank Ingriselli, Trio’s CEO, commented "We are pleased to sign a drilling rig contract to drill our confirmation well HV-1 to initiate the development and production from our South Salinas project. We are fully permitted to drill and produce this well and additional wells planned to be drilled in 2023. We believe that this well is a confirmation step-out from the discovery well previously drilled on this asset now owned by Trio. Trio plans to continue its aggressive plan to develop its South Salinas Asset so as to aim to drive positive shareholder value.”