Trio Petroleum Corp. (NYSE: TPET) stock price is rising after release of a drilling update today, having jumped by 67.19% to $0.39 as of the most recent check. TPET released details of its most recent drilling activities in Utah’s Uintah County at a pivotal point in its operational growth.
Effective Drilling Operations
Trio Petroleum (TPET) successfully finished the drilling of its first two exploratory wells, HSO 8-4 and HSO 2-4. It discovered significant oil-bearing zones at both wells in the Asphalt Ridge and Rimrock sandstones.
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Specifically, the HSO 8-4 well identified over 100 feet of oil pay in the Rimrock Sandstone, and the HSO 2-4 well found a combined total of over 190 feet of oil pay in both the Rimrock and Asphalt Ridge Sandstones. A downhole heater was installed in the HSO 2-4 well, with the heating process commencing on June 3, 2024, and production anticipated to start later in the week.
The HSO 8-4 well is awaiting the delivery of a second downhole heater, expected to be installed by June 15, 2024. The new cores from the tar sand reveal a high degree of oil saturation, with oil visibly dripping from the core upon the application of heat, and rapid separation of bitumen and sand when exposed to boiling water.
Economic Implications And Future Prospects
Based on the newly acquired data, Trio Petroleum’s ownership interest in the Asphalt Ridge project could potentially surpass the economic value of its substantial assets in California. The data suggests that the wells will be highly profitable with stable, long-term production potential, contingent on the accuracy of production and resource estimates.
Trio Petroleum is currently finalizing the necessary steps to bring these wells into production and is evaluating subsequent actions in its development strategy at Asphalt Ridge. With an anticipated total drilling and completion cost of less than $500,000 per well, the initial drilling results corroborate the previously projected well economics.
Leveraging this data, the company plans to exercise its rights to acquire the remaining 17.75% working interest in the initial 960 acres, solidifying its position in the Asphalt Ridge project.
