Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to December 10, 2024

Core Viewpoint - Trio Petroleum Corp is advancing its Asphalt Ridge Project in Utah, which has significant potential due to its large tar-sand deposits and low sulfur content, making it a desirable source of oil for various industries [5]. Group 1: Project Updates - Trio Petroleum secured an option to acquire a 20% interest in a heavy-oil and tar-sand development project at Asphalt Ridge, with successful drilling of two exploratory wells, HSO 2-4 and HSO 8-4, revealing substantial oil-bearing pay zones [2][4]. - The HSO 2-4 well has begun oil production, with initial test results showing encouraging oil cut during dewatering [3][4]. - The project is noted for its potential to be one of the largest tar-sand deposits in North America outside of Canada, with a typical well estimated to recover 300,000 barrels of oil and an initial production rate of approximately 40 barrels per day [5]. Group 2: Ownership and Options - Trio currently holds a 2.25% working interest in 960 acres at Asphalt Ridge and has the option to acquire an additional 17.75% interest in the same area, along with a 20% interest in an adjacent 1,920 acres [4][6]. - The company has secured a two-month extension on its option, now valid until December 10, 2024, to acquire the remaining interest in the initial 960 acres [4].