SNV:CC - Sonoro Energy Ltd. Commences Drilling First Well
(TheNewswire)
This press releaseis not to be disseminated in the United States
Calgary, Alberta – TheNewswire – November 16, 2023- Sonoro Energy Ltd. ("Sonoro" or the"Company") (TSXV:SNV) is pleased to announce that it has commenced drilling the 11-30-32-23W3 wellin Kerrobert, Saskatchewan.
The vertical development well is currentlybeing drilled to a planned total depth of approximately900 metres. The well is targeting the Wascana channel sand, whichhas been extensively delineated in this area. This is the same channel sand in which lies Baytex’sKerrobert field that is producing over 1,800 bbls/d and directlyoffsets three Baytex wells that have produced over 252,000 barrels ofoil. Thewell presents a low-risk step-out location that can beimmediately brought into production. Completion operations areexpected to commence immediately after rig release with subsequent oilsales occurring shortly afterwards.
Sonoro is also in the process of preparing the secondlocation, which would represent it’s first multileg horizontal welland expects to license this well once surface land is acquired.
The Company will make further announcements asappropriate.
Richard Wadsworth, CEO, commented:
"Commencement of drilling signifies an earlymilestone in Sonoro’s strategy to establish cashflow for the Companyin a demonstrated low cost region in Saskatchewan. Our objective is todrill a subsequent multi-lateral horizontal well shortly thereafterapplying new technology and further proving our capabilities toimprove productivity and reserves with the potential to then leveragethis to opportunities being reviewed in the MENA region."
Forward-lookingStatements
Certain information in this news release constitutesforward-looking statements under applicable securities laws. Anystatements that are contained in this news release that are notstatements of historical fact may be deemed to be forward-lookingstatements. Forward-looking statements are often identified by termssuch as "may," "should," "anticipate,""expects," "estimates," "seeks" andsimilar expressions. In particular, without limiting the generality ofthe foregoing, this news release contains forward-looking informationregarding the opportunities discussed.
Forward-looking statements necessarily involve knownand unknown risks, including, without limitation, risks associatedwith oil and gas exploration, development, exploitation, production,marketing and transportation, loss of markets, volatility of commodityprices, currency fluctuations, imprecision of resource and reserveestimates, environmental risks, competition from other producers,inability to retain drilling rigs and other services, delays resultingfrom or inability to obtain required regulatory approvals, changes inlegislation including but not limited to income tax, environmentallaws and regulatory matters, the effectiveness of the technology to beemployed by the Company, the Company’s ability to spud each well inaccordance with the Farmin Agreement and its ability to accesssufficient capital from internal and external sources. Readers arecautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance onforward-looking statements as there can be no assurance that theplans, intentions or expectations upon which they are placed will occur. Such information, althoughconsidered reasonable by management at the time of preparation, mayprove to be incorrect and actual results may differ materially fromthose anticipated. Forward-looking statements contained in this newsrelease are expressly qualified by this cautionary statement.
Additional information on these and other factors thatcould affect Sonoro's operations or financial results are included inSonoro’s reports on file with Canadian securities regulatoryauthorities and may be accessed through the SEDAR website(www.sedar.com) or by contacting Sonoro. The forward-lookingstatements contained in this news release are made as of the date ofthis news release and Sonoro does not undertake any obligation toupdate publicly or to revise any of the included forward-lookingstatements, whether as a result of new information, future events orotherwise, except as expressly required by securities law.
Neither the TSXVenture Exchange nor its Regulation Service Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease .
For further information to participate in futurefinancing, please contact the company at:
On behalf of the Board of Directors
of Sonoro Energy Ltd.
Dean Callaway, CFO and Director
+1.403.262.3252
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