The discovery was made at HV-1 well, which is located two miles (3.2km) away from the company’s HV-3A well and was drilled through nearly 1,800ft of the Monterey Formation with major indications of oil and gas to a total depth of 6,631ft
Trio discovers oil and gas in South Salinas project. (Credit: WORKSITE Ltd. on Unsplash)
US-based oil and gas company Trio Petroleum has confirmed a major accumulation of oil and gas in the Presidents Field in its South Salinas project in Monterey County, California.
The discovery was made at HV-1 well located two miles (3.2km) away from the company’s HV-3A well which discovered high-quality, mid-gravity oil at a depth of 3,750 to 5,100ft.
The well was drilled through nearly 1,800ft of the Monterey Formation with major indications of oil and gas before it reached a total depth of 6,631ft.
Trio is currently running well casing from surface to total depth to complete the well and is commencing its evaluation of the well data collected.
Trio CEO Frank Ingriselli said: “We are very excited and pleased with our discovery of oil and gas at the HV-1 well and with the positive impact that we expect this well will have on Trio’s future and our commitment to grow shareholder value.
“We plan to put the HV-1 well on production after we finalise completion operations and our evaluation of the new data we are acquiring from the well, after which we will have a better understanding of production rates, which we plan to announce when available.”
The HV-1 well was drilled on a new oil and natural gas field, which the company refers to as the Presidents Field, as described in the company’s public filings with the SEC.
The Presidents Field is a large oil and gas development project located in the company’s South Salinas Project in Monterey County.
Trio said that the location of the HV-1 well was selected based on the interpretation of three-dimensional seismic data to confirm and define the magnitude of the new oil and gas field.
The company owns an 85.75% working interest in the new oil and gas field.
Earlier this month, Trio strengthened its core acreage position in the South Salinas project by leasing an additional 667 mineral acres at the project.