Trio Petroleum Corp. announced on November 26, 2024, a further extension for its option to acquire an additional 17.75% working interest in 960 acres at the Asphalt Ridge Project in Utah. The new deadline to exercise this right is February 10, 2025.
The company confirmed that oil production from its HSO 2-4 well continues since its initial announcement on September 12, 2024. Additionally, the HSO 8-4 well is scheduled to receive a new downhole heater in early December and is expected to commence oil production shortly thereafter.
Engineering for an additional six wells at Asphalt Ridge has been completed, with permits expected in the near future. The Asphalt Ridge Project is recognized as one of North America's largest heavy-oil and tar-sand deposits outside of Canada, with typical wells having an estimated ultimate recovery of 300,000 barrels of oil and an initial production rate of approximately 40 barrels per day.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.