TRIO PETROLEUM – THE CALIFORNIAN OIL DREAM GOES ON IN SOUTH SALINAS
Trio Petroleum, a California-based oil and gas company has commenced activities for the Full Field Development of its South Salinas Project.
Trio’s application for a Full Field Development Permit follows Trio’s existing Exploration Permit and when approved will enable long-term oil and gas production, the drilling of new wells (in addition to those with existing permits), the resumption of oil and gas production at the existing HV-3A and BM 2-2 wells, the on-site disposal of produced water at the BM 1-2-RD1 well, the construction of permanent production facilities, etc.
Trio anticipates that oil production from the HV-1 well will generate cash flow in Q3 2023, and that additional cash flow will be generated in Q3-Q4 2023 from the planned HV-2 and HV-4 wells, and from acquisitions of equity interests contemplated in other producing assets, such as the previously announced and currently under-review acquisition of an interest in the Union Avenue producing oil field.
Trio Petroleum Corp is an oil and gas exploration and development company headquartered in Bakersfield, California, with operations in Monterey County, California.
(Source and image: Trio Petroleum – Trio drilling rig in South Salinas)