(WO) – Trio Petroleum Corp., a California-based oil and gas company, announced that the production test of the South Salinas Project HV-1 discovery well is set to commence the week of July 10, 2023, which will include the perforation and acidization (for borehole acid-cleanup) of the well. The production rig, production tanks and other necessary equipment are scheduled to move onto location starting July 6, 2023. Initial test results are expected to be available late the week of July 10, or the following week.
The HV-1 well is a two-mile step-out from Trio’s HV-3A discovery well that found high-quality, mid-gravity oil at depths between 3,750 to 5,100 feet. The HV-1 well drilled through approximately 1,800 feet of the Monterey Formation with major indications of oil and gas prior to reaching total depth at 6,631 feet.
The HV-1 well confirmed that there is a major accumulation of oil and gas in the Presidents Field in its South Salinas Project located in Monterey County, California. Initial oil and gas production rates at the HV-1 well will be announced after initial production tests are completed.
CEO Frank Ingriselli stated, “The success of our drilling program at the HV-1 well has not only surpassed expectations but now pivots to beginning testing operations in the upcoming weeks. The testing operations will play a pivotal role in providing invaluable insights into the production potential of our discovery and the design of our full development plan which, as previously disclosed, has a discounted potential of approximately $2 billion in net cash flow. With the anticipated production from this asset, we are expecting to have cash flowing operations in the third quarter and potentially cash flow positive operations in the fourth quarter.”
