secwatch.observer — SEC 8-K summary
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Issuer:     Trio Petroleum Corp (TPET)
CIK:        0001898766
Form:       8-K
Filed at:   2024-01-05T23:59:59+00:00
Accession:  0001493152-24-001423
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Trio Petroleum secures option for 20% stake in Utah heavy oil project with 42-92M bbl contingent resources
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- Option to acquire 20% working interest in Asphalt Ridge heavy oil project near Vernal, Utah; initial $200k of $2M paid Dec 29, 2023.
- Independent reserve auditor estimates gross contingent resources: 42M bbl (low), 66M bbl (best), 92M bbl (high) for Phase 1 (240 acres).
- Phase 1 development starts January 2024 with three initial wells; operator Heavy Sweet Oil/Valkor Group plans cyclic-steam with CO2 injection.
- Option covers Phase 1 (240 acres) and Phase 2 (~30,000 acres); Phase 1 has estimated 119 wells with 2.5-acre spacing.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/0001493152-24-001423-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1898766/000149315224001423/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-001423

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer