Trio Petroleum reports increases in estimated oil, gas reserves

Trio Petroleum provided an update on estimates of oil and gas reserves and future net cash flows at its South Salinas Project in Monterey County, California. The Company recently filed with the Securities and Exchange Commission a Registration Statement on Form S-1 that included an updated reserve report, effective April 30, 2024 for the Company’s assets at the South Salinas Project. The Reserve Report was prepared by an independent third-party engineering firm, KLS Petroleum Consulting LLC. The updated Reserve Report calculated approximately $475 million in estimated discounted net cash flow to the Company from its Probable Undeveloped Reserves of combined Phases 1-3 in the South Salinas Project, which is an increase of approximately $67 million from the Company’s earlier reserve report as filed with the SEC. The Reserve Report recognizes Probable Undeveloped Reserves and Possible Undeveloped Reserves for three project development phases, namely existing wells and permitted drilling locations, an additional 12-well drilling program, and the full development of the field over a four year period. The Reserve Report indicates that the Probable Undeveloped Reserves of combined Phases 1-3, net to TPET, are approximately 40 million stock tank barrels of oil and 42 billion cubic feet of gas, or 47 million barrels of oil equivalent, that the associated Undiscounted Net Cash Flow to TPET is approximately $2.1 billion, and that the associated Discounted Net Cash Flow to TPET is approximately $475 million.