SNV:CC - Sonoro Energy Ltd. Provides Drilling Update with Completion of Four Multi-Lateral Horizontal Legs with Approximately 1600 Meters of Horizontal Section
(TheNewswire)
Calgary, Alberta – TheNewswire - December 21, 2023 - Sonoro Energy Ltd.("Sonoro" or the "Company") (TSXV:SNV) ispleased to provide an update for the drilling of 14-29-32-23 W3 wellin Saskatchewan, whereby it has finished the drilling portion of itsfirst Waseca multi-lateral horizontal well with 4 horizontal legs fora total lateral length of approximately 1,600 meters. The Wasecaformation was encountered structurally as expected and during thedrilling of the four lateral sections, each lateral encountered cleansands with strong oil shows at surface and in abundance on the chipsamples recovered.
The first of two slotted liners has been successfullyset. A second liner is expected to be run in the next 24 hoursdemonstrating a new technology to place multiple slotted liners intotwo separate legs of a multilateral horizontal well. The ability tohang slotted liners into multiple horizontal legs within one well canprovide the ability to achieve step rate increases in production rateand recoverable reserves.
Sonoro anticipates the rig release of this horizontalwell on December 22, 2023 and has initiated the planning forcompleting, procuring, and equipping this horizontal well. It isanticipated that with the holidays and lead time for equipment and acompletion rig, the well will be brought on production in the secondhalf of January with oil sales to occur shortly thereafter.
Sonoro is simultaneously in the process of planning todrill it’s next multilateral horizontal well with the inclusion ofmultiple lined horizontal and lined sections into its designplan.
Sonoro’s CEO Richard Wadsworth comments, “We arevery pleased with the results of Sonoro’s first multi-lateralhorizontal well and our ability to achieve this milestone along withthe strong oil shows seen in each lateral. We are enthusiastic to havethis well placed on production to see an expected higher wellproductivity resulting from this reservoir, multilateral well strategyand technology.”
The Company will provide a full update of the wellresults subsequent to rig release.
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 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
This press releaseis not to be disseminated in the United States
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