Trio Petroleum Corp. announced that it has leased an additional 667 mineral acres solidifying its core acreage position at its South Salinas Project. This increases Trio Petroleum’s leasehold from 8,600 acres to 9,267 acres, an approximate 8% increase.
This comes on the heels of the company’s announcement last week that it contracted a drilling rig and will, within two weeks, commence drilling operations on the HV-1 well located on its asset called the South Salinas Project. As an update, Trio Petroleum expects that the drilling rig will begin to move to its drilling location within a week. The HV-1 well is a two-mile step-out well to the HV-3A discovery that found and produced mid-gravity oil on Trio Petroleum’s acreage.
“The leasing of this additional core acreage couldn’t have come at a better time for the company. We will very soon commence drilling on its HV-1 confirmation well and now have expanded and solidified our acreage available to carry out our aggressive development plans,” said Frank Ingriselli, CEO, Trio Petroleum Corp. “This expansion should result in our ability to acquire more reserves and increase the net present value of our development project.”
More details on the company’s development plans can be found in its latest Form S-1 filing with the Securities and Exchange Commission (SEC), which can be obtained from the SEC or accessed from Trio Petroleum’s website.
Trio Petroleum Corp. is an oil and gas exploration and development company headquartered in Bakersfield, Calif., with operations in Monterey County, Calif. Trio Petroleum has a large, approximately 9,267-acre asset called the “South Salinas Project Asset” where it owns an 85.75% working interest.