SNVFF - Sonoro Energy Ltd Provides update on Warrant Incentive Program and Selat Panjang PSC in Indonesia.
(TheNewswire)
Calgary, Alberta - TheNewswire - October 7, 2020 -Sonoro Energy Ltd (the "Corporation "or "Sonoro")(TSX Venture: SNV) (TSXV:SNV) announces that 5,147,921 7.5 cent warrants were exercisedfor gross proceeds of $386,094 under the incentive warrant exerciseprogram announced on September 7, 2020. The program was open for onemonth to holders of the 10 cent warrants previously issued by theCorporation. All warrants not exercised will revert back to theoriginal terms and conditions of the 10 cent warrants. In addition tothe exercise of the incentive warrants, 5,147,921 new 7.5 cent warrants will beissued to holders who exercised.
As previously announced, Sonoro has engaged RISCAdvisory, an independent oil and gas consultancy firm with globaloperations and specific expertise in South-East Asia, to complete aNI-51-101 compliant reserve assessment and report for the SelatPanjang PSC. RISC is a globally recognizedreserve consultancy firm with extensive experience and expertise withcertification of reserves and resources for both conventional andunconventional resources. RISC has previously worked on reservecertification at Selat Panjang with a previous operator of the PSC andas a result is well familiar with the prospects and potential in thearea. RISC has previously produced NI 51-101 compliant reports forother TSX listed companies. RISC is presently working on the reportwith an expectation for completion of a draft report in October andfinalization shortly thereafter.
The Selat Penjang PSC is a 923 sq km area located inRiau province, Central Sumatra and is approximately 925 km fromJakarta and 110 km from Pekanbaru (capital city of Riau Province). Theblock is surrounded by producing PSC's, has produced oil and gas inprior years and holds substantial upside for regenerating pastproduction and new discoveries based on previous data assessed.
Forward-looking Statements
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 PSC.
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 reserve estimates,environmental risks, competition from other producers, inability toretain drilling rigs and other services, delays resulting from orinability to obtain required regulatory approvals, changes inlegislation including but not limited to income tax, environmentallaws and regulatory matters, and ability to access sufficient capitalfrom internal and external sources. Readers are cautioned that theforegoing 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 TSX Venture Exchange nor its RegulationService Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
This press releaseis not to be disseminated in the United States
For further information, please contact:
Sonoro Energy Ltd.
+1.403.262.3252
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