SNV - Sonoro Energy Ltd. Provides Update on Operations
(TheNewswire)
July 2, 2024 – TheNewswire - Calgary, Alberta – Sonoro Energy Ltd. (" Sonoro " or the“ Company ”) (TSXV:SNV) is pleased to provide shareholders an updateon operations in Saskatchewan and activities in the MENA region. InSaskatchewan, Sonoro continues to produce oilafter recently performing a pump change to improve downhole liftingefficiencies for enhanced oil production. This optimal pump sizeeliminates the continuous recycle while maintaining the option toperform periodic well flushes to ensure continuity of the CHOPSprocess and expected production improvements. Subsequent to thispump change, the well has averaged production of 91 barrels of oil perday since the we performed the workover, an estimated initial increaseof over 30% from our previous average production rate for the firsthalf of June. The Company will continue to focus on optimizingdrawdown and oil production at the site. Furtherto our farm-in partner in Saskatchewan, Superb Operating Company Ltd.(“Superb”) announcing a sales process for their oil and gasproperties which includes lands under our Farm-In Agreement, we lookforward to this concluding and proceeding with our operations toprogress the next multi-leg multi-lined horizontal well.
In MENA, the Company had previously announced aproposed share transaction with MENACo, as per Company news release onJune 3, 2024, whereby MENACo has signed Oiland Gas Well Management and EPC Master Services Contract (“MSA”)with a national oil company. MENACo has advanced its review and studyof various shut in wells and EPC projects and has submitted atechnical proposal for an initial 18 well intervention and flowlineproject. MENACo anticipates that the technical and commercial aspectswill be approved in the near term such that works may commence shortlywith the first work order planned to produce over 16,000 bopd, for thenational oil company, within a period of 3-4 months. MENACo and Sonoroare also advancing the final documentation amongst MENACo shareholdersand final Agreements for the transaction. The proposed transactionwill also be subject to all applicable TSX Venture Exchange approvals.
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 ability of the parties to negotiate satisfactory termsfor, and to execute, the Definitive Agreement; the satisfaction of allconditions precedent to the completion of the Proposed Transaction,including receipt of TSX Venture Exchange, regulatory and shareholderapprovals; the Company’s ability to continue as a going concern,general business, economic, competitive, political, and socialuncertainties; delay or failure to receive applicable approvals; andthe results of operations.
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 access sufficientcapital from internal and external sources. Readers are cautioned thatthe 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.sedarplus.ca) 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, please contact the companyat:
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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