Trio Petroleum Provides Update on Asphalt Ridge Project, Utah; Says "The Initial Results Of Production Testing With The First Downhole-Heater At The 2-4 Well Have Been Very Encouraging And We Have High Expectations For The Oil Production That May Result From Using The More-Powerful Heater."
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Trio Petroleum Corp (NYSE American: TPET) provided an update on its Asphalt Ridge Project in Uintah County, Utah. The company reported encouraging initial results from production testing with a downhole-heater at the 2-4 well and plans to use a more powerful heater. First oil production is expected in August-September 2024, with the drilling of a third well planned for the same period. The option period to acquire the remaining 17.75% working interest has been extended to October 10.
August 08, 2024 | 12:55 pm
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Trio Petroleum Corp (TPET) has reported promising initial results from its Asphalt Ridge Project, with first oil production expected in August-September 2024. The company is using a more powerful downhole-heater and plans to drill a third well in the same period. The option period to acquire the remaining 17.75% working interest has been extended to October 10.
The positive initial results and the expectation of first oil production in the near future are likely to boost investor confidence in TPET. The extension of the option period to acquire additional working interest further solidifies the company's commitment to the project.
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