Trio Petroleum Corp., an oil and gas exploration and development company focused on strategic, high growth energy projects in California , announced that the Ensign Drilling Rig #540 has moved onto location at the South Salinas Project where Trio’s HV-1 well is expected to commence drilling within 24 hours.
The HV-1 confirmation well is a two-mile step-out from Trio’s 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 location was chosen based on interpretation of three-dimensional seismic data and the well will help define the magnitude of this new oil and gas field, in which Trio owns an 85.75% working interest.
Mr. Frank Ingriselli, Trio’s Chief Executive Officer, commented “Since our IPO only two weeks ago, we have moved quickly to contract a drilling rig and increase our leased mineral acreage in the South Salinas Project through our May 1 st lease expansion. We are now poised to commence the drilling of this first well in our multi-well development plan to commercialize and produce from our asset. We will provide more details as we begin drilling our well.”