Trio Petroleum Corp Announces The Restart Of The McCool Ranch Oil Field
Portfolio Pulse from Benzinga Newsdesk
Trio Petroleum Corp (NYSE:TPET) announced the restart of the McCool Ranch Oil Field, with production from six previously producing wells. The San Ardo Water Disposal Well WD-1 has been refurbished, and on-site facilities are being tested and repaired. The field, idle since 2015 due to low oil prices, is expected to provide significant cash flow for the company with current oil prices and approved permits. The field has the potential for additional drilling, and the restart is seen as a positive step towards increasing shareholder value.
January 04, 2024 | 9:17 pm
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Trio Petroleum Corp's restart of McCool Ranch Oil Field is expected to enhance production and cash flow, positively impacting the company's financials and potentially its stock price.
The restart of the McCool Ranch Oil Field indicates a strategic move by Trio Petroleum Corp to capitalize on current oil prices and increase production. The successful refurbishment of key facilities and the potential for additional drilling suggest a positive outlook for the company's production capabilities and financial performance. This news is likely to be received well by investors, potentially leading to a short-term increase in TPET's stock price.
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IMPORTANCE 90
RELEVANCE 100