Trio Petroleum contracts Ensign to drill HV-1 well at ~$18,250/day; hires IR firm

Trio Petroleum Corp

Trio LLC and Ensign signed drilling contract for HV-1 confirmation well at Presidents Oilfield; day rate ~$18,250, work starts May 3, 2023.
Initial term covers HV-1 well completion; option to extend for additional wells upon mutual agreement.
Trio holds ~82.75% working interest in 8,600-acre South Salinas Project operated by Trio LLC.
Company entered investor relations agreement with Apollo Shareholder Relations Ltd. for marketing and outreach services.
Drilling contract requires Trio LLC to pay mobilization/demobilization fees and reimbursable costs for fluids and materials.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Trio Petroleum Corp entered into Drilling Contract with Ensign United States Drilling (California) Inc. valued at approximately $18,250 per day (effective 2023-04-19).

Action: entry
Counterparty: Ensign United States Drilling (California) Inc.
Value: approximately $18,250 per day
Effective: 2023-04-19

Exact text from the filing

On April 19, 2023, Trio LLC entered into a Drilling Bid Proposal and Daywork Drilling Contract – U.S. (the “Drilling Contract”) with Ensign United States Drilling (California) Inc. (“Ensign”).

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Trio Petroleum Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-013532

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