Trio Petroleum raises $225k via convertible note, extends Asphalt Ridge option, expects first oil Aug-Sep 2024

Trio Petroleum Corp

Raised gross $225k, net $199,250 via 12% note due May 30, 2025; convertible at 75% of market price (floor $0.18).
Option to acquire additional 17.75% working interest in Asphalt Ridge extended to October 10, 2024.
Upgraded downhole-heater to 300°F at HSO 2-4 well; first oil expected August-September 2024.
Third well drilling planned for August-September 2024.
Current 2.25% working interest in 960 acres; option for up to 17.75% more and additional acreage.

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