Trio Petroleum believes it has encountered a “major accumulation” of oil and gas in its South Salinas project located in Monterey County, California. The HV-1 well is a 2-mile stepout from Trio’s HV-3A discovery well that found high-quality, mid-gravity oil at depths between 3,750 to 5,100 ft.
The well drilled through approximately 1,800 ft of the Monterey formation with major indications of oil and gas prior to reaching total depth at 6,631 ft. The company is currently running well casing from surface to total depth to complete the well and is beginning its evaluation of the well data collected.
“We plan to put the HV-1 well on production after we finalize 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,” said Frank Ingriselli, chief executive of Trio.
The well was drilled on a new oil and natural gas field that the company refers to as the Presidents field. Trio owns an 85.75% working interest in the find.