SNV - Sonoro Energy Ltd. provides update on Saskatchewan operations and development opportunities in MENA.
(TheNewswire)
This press releaseis not to be disseminated in the United States
February 5, 2024 – TheNewsw ire -- Calgary, Alberta – Son or o Energy Ltd. ("Sonoro" or the "Company")(TSXV:SNV) hereby provides an update on the recently completedinitialized production of the 14-29-32-23 W3 well in the WCSB. Sincecommencement of production, the well has exhibited CHOPs, Cold HeavyOil Production with sand, producing foamy oil with greater than 10%sand cuts and high initial gas pressures. The oil density was testedas 10.33 API and viscosity at 30C of 12,596 which further confirms apositive window for oil sand production and wormhole creation from theslotted liners. Upon completing the well in January, Saskatchewanencountered extreme cold weather conditions (reaching -55c at thewellsite) which created a back log of flushby’s and coil serviceswork that the well required to manage sand production. On severaloccasions the issue was rectified but without quick response servicesthis eventually resulted in an expected blown drain and the wellrequiring a service rig. Sonoro’s expectation for optimalproductivity of this well remains unchanged once the sand cuts reduce,wormholes have been created and the well has cleaned up.
The Company has ordered a service rig for requiredclean-up operations. This operation has been slightly delayed due tothe backup of rig availability as a result of warm weather thatcreated short-term road bans/closures in Saskatchewan. Sonoro expectsthat the well will be serviced and placed back on production withinthe next week. In addition, Sonoro is making additional improvementswith a recycle injection string to ensure continuous flow and velocityto produce oil and sand to surface in an optimum manner.
Sonoro will continue to evaluate this well as it isproduced and make design changes to the next multi-lateral well tofurther optimize the drilling and completion of the next well. A JointTechnical Committee has been formed with the Farmor to commenceplanning and for the coordinated exploitation of the Farm-In land basefor the next multi-lateral lined horizontal well.
In matters regarding our previously stated evaluationof opportunities in in the Middle East and NorthAfrica region, the Company has continued meetings in the region andare in discussions with various parties to advance these selectopportunities with no guarantees that these will or will not beconcluded.
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
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