Sonoro acquires land, obtains environmental permit, signs LOI for Budong Budong appraisal well program
(firmenpresse) - Sonoro acquires land, obtains environmental permit, signs LOI for Budong Budong appraisal well program
(Not for distribution to U.S. newswire services, or for dissemination in the United States)
CALGARY, Alberta (June 13, 2017)- Sonoro Energy Ltd. (Sonoro or the Company) (TSX-V: SNV) is pleased to announce that it has purchased land, secured its environmental permit, and identified a drilling contractor for its Budong Budong appraisal well program in West Sulawesi, Indonesia.
Sonoros appraisal well program, offsetting the original LG-1 well drilled in 2011, will target the Lariang pliocene 415, 450 and 490 sands, with drilling expected to begin in early August.
- Drilling Rig: A letter of intent (LOI) has been signed with PT Pontil, an Indonesian subsidiary of Major Drilling Group International, a publicly listed Canadian company (TSX: MDI) with over 700 drilling rigs world wide. The drilling rig is a specialized, fit-for-purpose hydraulic rig ideal for the depth of this LG-1 updip well, which Sonoro believes is an efficient and cost-effective tactic toward possible commercial development of such shallow hydrocarbon resources. A contract is being finalized, and with this LOI in hand, PT Pontil is now proceeding in its planning and permitting of the specified rig, currently located across the Makassar Strait in Balikpapan.
- Environmental Permit: Sonoro has received approval from SKK Migas, Indonesias upstream oil and gas regulator, for its environmental plan submitted to drill up to seven (7) wells in the Budong Budong PSC, offsetting the original LG-1 well.
- Land Acquisition: Sonoro has purchased the land for the first appraisal well location, and may now proceed with preparations to construct the land site to accept a drilling rig and its associated services.
Sonoro has further identified and received bids for a majority of the other drilling services involved in the Budong Budong PSC appraisal well program, and hopes to sign these contracts in the next several weeks. With this progress, the Company expects to spud the LG-1 updip well around Aug. 1, 2017, assuming the drilling rig passes its function tests and SKK Migas approvals to commence drilling.
We are very pleased with the rapid progress our team has made in a short amount of time to bring this appraisal well program together, given the number of contractors and local and national government authorities that weve been working with, says Sonoros Chief Executive Officer and Director Richard Wadsworth. Furthermore, a spud date in early August will be a significant achievement for this basin after many years of inactivity, despite the proven hydrocarbons produced here over a century ago.
We are looking forward, adds Mr. Wadsworth, to identifying the productivity of the LG-1 updip well.
About Sonoro
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in West Sulawesi, Indonesia. The Company has commenced planning for a one to two well appraisal drilling program on the Budong Budong license offsetting the LG-1 well.
For further information please contact:
RICHARD WADSWORTH
CEO and Director
+1.403.262.3252
www.sonoroenergy.com
Forward-looking Statements
Certain information in this press release constitute forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates,", "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this press release contains forward-looking information regarding the pursuit of new opportunities in the region of the Budong Budong black.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoros reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release, and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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