California-based oil and gas enterprise, Trio Petroleum Corp, has witnessed a remarkable surge in its stock market performance, following a groundbreaking announcement last week. The company revealed that it had successfully secured a four-month option, complete with exclusivity rights, to acquire a natural gas prospect nestled in the prolific Sacramento Basin. Initial estimates suggest an impressive yield potential of approximately 40 billion cubic feet of gas (BCF).
At the time of this publication, Trio Petroleum Corp stock (TPET) has witnessed a surge.
Trio Petroleum Corp
Current Price: $0.66
Change : +0.17
Change (%): (35.93%)
Volume: 9.4M
Source: Tomorrow Events Market Data
The prospective site, strategically located in close proximity to established gas fields, boasts convenient access to a gas pipeline endowed with surplus capacity. The primary target lies in gas sands situated at an approximate depth of 8,000 feet. The selection of this prospect is underpinned by comprehensive analysis of 3D seismic data. Over the option period, the company will undertake thorough due diligence encompassing geophysical, legal, lease, title, pipeline, market, and permit assessments. Notably, the site is fully leased, and preparations for an exploratory well are in advanced stages of completion.
Trio Petroleum Corp anticipates that this prospective acquisition holds the promise of substantial natural gas output and a robust cash flow stream. The addition of this venture to the company’s expanding portfolio of top-tier development and exploration opportunities is poised to fortify its asset base, ensuring sustained prosperity and expansion.
In a statement issued upon the announcement, Trio’s CEO, Michael L Peterson, expressed his satisfaction, asserting, “We are pleased to have this Option to acquire a potentially significant gas prospect in the Sacramento Basin. We are fulfilling our business plan to make smart acquisitions to help ensure the success of the company and to increase shareholder value. We will continue to search for acquisitions to help diversify and provide significant upside opportunity to our production and cash flow.”
The market has responded positively to this development, as reflected in Trio Petroleum Corp’s recent stock performance. Over the last five days, the company’s stock experienced a notable surge of 139.62%, demonstrating strong investor confidence. Over the course of one month, a commendable growth of 16.46% was recorded. However, the preceding three months saw a marginal dip of -19.24%, indicative of the fluctuating nature of the energy sector.
Trio Petroleum Corp’s strategic move to secure this promising gas prospect in the Sacramento Basin positions the company on an upward trajectory, poised for substantial growth and an augmented market presence. This calculated acquisition underscores the company’s commitment to strategic expansion and its unwavering pursuit of opportunities that promise enhanced value for its shareholders and stakeholders alike.
