SNV - Sonoro Energy Ltd. Commences First Production from 14-29-32-23 W3
(TheNewswire)
January 11, 2024 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. ("Sonoro" or the"Company") (TSXV:SNV) is pleased to announce thecommencement of production and positive results at its recentlydrilled 14-29-32-23 W3 well. The multilateralhorizontal well was run on production at 19:00 on January 10 and overan 11 hour period has produced at an equivalent rate of 178 bbl/d offluid. The well is currently producing at this rate with a strongvolume of casing gas and abundant fluid level in the well. Fieldstaff are attending to the well hourly and the well is being remotelymonitored with a SCADA system that was installed during completionoperations. The pump was started at the lowest speed correspondingto the fluid rate currently observed. The Company is in the processof taking initial samples to determine the oil percentage of theproduced fluids. Sonoro plans to optimize production rates bymethodically increasing pump speeds and drawing down the fluid levelas we aim to achieve the total production rates previously stated.Based on these initial results, Sonoro’s expectations remain thesame in terms of timing for clean up and optimized productionrates.
David Leung Chief Operating Officer comments,” We arepleased with these initial results and want to commend the field stafffor achieving first production and maintaining operations in a safemanner while under the current extreme weather conditions. We willcontinue to diligently monitor and optimize the well during thisinitial start-up phase. We are encouraged by the rates of fluid andgas along with abundant fluid level which validates the good reservoirdeliverability that we expected.”
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 willoccur. Such information, although considered reasonable by managementat the time of preparation, may prove to be incorrect and actualresults may differ materially from those anticipated. Forward-lookingstatements contained in this news release are expressly qualified bythis 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 regulatory authorities and may be accessed through theSEDAR website (www.sedar.com) or by contacting Sonoro. Theforward-looking statements contained in this news release are made asof the date of this news release and Sonoro does not undertake anyobligation to update publicly or to revise any of the includedforward-looking statements, whether as a result of new information,future events or otherwise, except as expressly required by securitieslaw.
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
This press releaseis not to be disseminated in the United States
Copyright (c) 2024 TheNewswire - All rights reserved.