Asphalt Ridge Option Period to Acquire Remaining 17.75% Working Interest Extended to February 10, 2025

The Asphalt Ridge project extension represents a significant strategic opportunity for TPET. The initial production success from HSO 2-4 well and imminent production from HSO 8-4 validates the project's viability. With 300,000 barrels EUR per well and initial rates of 40 barrels per day, the economics look promising.

The option extension to acquire additional 17.75% working interest provides TPET valuable time to evaluate performance and secure financing. The project's unique characteristics - low sulfur and wax content - could command premium pricing in specialized markets like shipping. The potential expansion rights to 30,000 acres offers substantial upside.

However, investors should note that heavy oil production requires specialized techniques and higher operating costs compared to conventional oil. The success will largely depend on oil prices and the effectiveness of downhole heating technology.
Trio Petroleum Extends Option to Expand Utah Oil Project Stake to 20% | TPET Stock News