Trio Petroleum Corp. announced on December 19, 2024, that it has entered into a non-binding Letter of Intent (LOI) to acquire a 100% working interest in certain petroleum and natural gas properties held by Novacor Exploration Ltd. These assets are located in the prolific Lloydminster, Saskatchewan heavy oil region.
The Novacor assets are situated in an area known for economic development and low operational costs, with market accessibility and a favorable regulatory process. This strategic move is expected to position Trio Petroleum to expand its operations into one of North America’s promising heavy oil basins.
The properties currently include seven producing wells with an approximate production of 70 barrels per day. There is potential for an additional four re-entry wells and two fully equipped locations to be reactivated, each capable of adding 70 barrels per day, offering significant upside for long-term production and reserve growth.
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