The production test for the South Salinas Project HV-1 discovery well will take place the week of July 10, Trio Petroleum announced today in a press release.
The HV-1 well is located two miles from Trio’s HV-3A discovery well. The HV-1 well drilled through 1,800 ft of the Monterey Formation with major indications of oil and gas before reaching a total depth of 6,631 ft. The HV-1 well confirmed a major accumulation of oil and gas in the Presidents Field in Trio’s South Salinas Project in Monterey County, California.
“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,” Frank Ingriselli, CEO of Trio Petroleum, said in a press release.
Trio believes production from the HV-1 well will generate cash flow in third quarter 2023, with additional cash flow in quarter three and quarter four from the planned HV-2 and HV-4 wells. Further production is also expected from acquisitions of equity interests in other producing assets, such as the tentative acquisition of an interest in the Union Avenue producing oil field.
The production rig, tanks and other necessary equipment are scheduled to move onto location starting July 6. Oil and gas production rates at the HV-1 well will be announced after initial production tests are completed.
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