California’s Trio Petroleum Corp. has begun full field development activities for its South Salinas Project, including commissioning a full environmental impact report and obtaining the permits necessary to achieve full field development, the company announced in a July 7 press release.
Trio’s application for full field development will allow long-term oil and gas production, added drilling of new wells, construction of production facilities, produced water disposal from the BM 1-2-RD1 well and the resumption of oil and gas production from Trio’s HV-3A and BM 2-2 wells.
RELATED: Trio Petroleum Adds Leasehold to South Salinas Project
Trio commissioned an independent, third-party consulting firm with prior experience with the South Salinas Project from generating its initial environmental impact report and obtaining Trio’s existing permits for the HV-1, HV-2, HV-3A and HV-4 wells.
As previously announced, the project’s HV-1 discovery well will have a production test on the week of July 10 and include perforation and acidization for borehole acid-cleanup of the well.
The HV-1 well’s oil production is expected to begin generating cash flow in third quarter 2023. The planned HV-2 and HV-4 wells are expected to generate cash flow in the third and fourth quarters of 2023.
“The upcoming testing of our HV-1 well holds immense value in shaping the design of this plan, which, as previously disclosed, carries a discounted potential of approximately $2 billion in net cash flow,” Trio Petroleum CEO Frank Ingriselli said in the release.
Trio Petroleum is headquartered in Bakersfield, California, with operations in Monterey County.
Recommended Reading
Mach to Sell Additional Common Units to Fund A&D
2024-09-25 - Mach Natural Resources announced that the underwriters of its public offering of 7.27 million units have exercised an option to purchase an additional 1 million common units at $16.50 per unit.
Diamondback to Sell $2.2B in Shares Held by Endeavor Stockholders
2024-09-20 - Diamondback Energy, which closed its $26 billion merger with Endeavor Energy Resources on Sept. 13, said the gross proceeds from the share’s sale will be approximately $2.2 billion.
Marathon Oil Expects ‘Mass Layoff’ After ConocoPhillips Deal Closes
2024-10-31 - Marathon Oil’s merger with ConocoPhillips, which is to close by year-end, will trigger a layoff of more than 500 Houston employees, according to a state regulatory filing.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Exxon Mobil to Cut Almost 400 Jobs in Wake of Pioneer Acquisition
2024-11-14 - A regulatory filing shows more than 90% of layoffs are at Pioneer’s former headquarters in Irving, Texas with the rest being workers in Midland.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.