Why did TPET's EPS remain unchanged in Q3 2023?

The reasons for Trio Petroleum's (TPET) EPS remaining unchanged in Q3 2023 can be analyzed as follows:

1. **Oil and Gas Testing Results**: Trio Petroleum has been actively testing intervals at its HV-1 discovery well, with the first test interval showing oil and gas production rates up to 125 barrels of oil per day (BOPD) and associated natural gas. These positive results suggest that the company's exploration efforts are promising, which could support the notion of stable or improving earnings per share over time.
2. **Future Development Plans**: Trio Petroleum has announced plans to conduct further testing on additional zones at the HV-1 well, which are believed to be even more prospective. This indicates a strategic focus on enhancing production capabilities and potentially increasing oil cuts, which could lead to improved financial performance in the future.
3. **Monterey Formation Potential**: The company's selection of the Monterey Formation Brown Zone as the second test interval reflects confidence in the potential of the formation to deliver oil and gas reserves. This strategic move suggests that Trio Petroleum is optimistic about its ability to capitalize on the resources available to it, which could support long-term earnings growth.

In conclusion, Trio Petroleum's (TPET) EPS remaining unchanged in Q3 2023 can be attributed to a combination of positive oil and gas testing results, future development plans, and the potential of the Monterey Formation. These factors collectively contribute to a stable earnings outlook for the company despite the absence of significant changes in EPS for the period.