Trio Petroleum provides update on Asphalt Ridge Project

Trio Petroleum (TPET) provided updates on its Asphalt Ridge Project in Uintah County, Utah. TPET announced on January 5, 2024, that it had secured an option to acquire a 20% interest in a sweet, heavy-oil and tar-sand development project at Asphalt Ridge, located near the town of Vernal in Uintah County, northeastern Utah. The company announced on June 11, 2024, the successful drilling and completion of the first two exploratory wells at the project, the HSO 2-4 and HSO 8-4, that the wells encountered substantial oil-bearing pay zones in the Rimrock and Asphalt Ridge tar-sands, and that a downhole-heater was installed in the HSO 2-4 well. On September 12, 2024, Trio announced first oil production from the HSO 2-4 well. This encouraging oil production continues to-date. The HSO 8-4 is scheduled to receive a new downhole heater in early December and should commence oil production shortly thereafter. Engineering for a further six wells has been completed and permits are expected shortly.