SNV:CC - Sonoro Energy Ltd. rig releases after a successful multi-lateral multi-lined horizontal well in Saskatchewan
(TheNewswire)
Calgary, Alberta - TheNewswire - December 27,2023 - Sonoro Energy Ltd. (" Sonoro " or the" Company ") (TSXV:SNV) is pleased to announce that it hasrig released the 14-29-32-23 W3 well, and successfully installedliners into two of the four lateral sections of the horizontal well asplanned and under budget. Sonoro’s strategy for the installationof slotted liners into multiple horizontal legs is one of the first ofthese types for primary heavy oil multilateral horizontal wells in theLloydminster/Southwest Saskatchewan region. The liner design allowsfor Cold Heavy Oil Production with Sand (“CHOPS”) typeexploitation, allowing for enhanced primary production of this Wasecareservoir as compared to a single lined heavy oil horizontal well.
Preliminary strip log and sample reports indicate thatthe Waseca sand encountered in the lateral sections of the 14-29 wellwere very good with intergranular porosity sandstone exhibiting strongpetroliferous odor and abundant oil staining, along with heavilyconcentrated oil cut drilling fluid recovered at surface. Whiledrilling the lateral sections, Sonoro deployed the use of gamma rayand induction logging while drilling to ensure that the horizontalwell is situated in the upper most section of the Waseca zone andwhich has been confirmed based on offset logs that indicate over 15meters of productive Waseca oil bearing sand.
Sonoro also announces that this innovative multilateralhorizontal well technology utilized in the 14-29 well was developed incollaboration with Modern Wellbore Solutions, and grants Sonorofurther priority access. This strategic advancement of technology hasnow been proven to enable the installation of slotted liners atmultiple junction points within a single well, allowing forunparalleled access to multiple reservoir sections from one verticalwell bore. This capability surpasses traditional single-leg horizontaldrilling methods, which limit to hanging just one slotted liner perwell. By leveraging this technology, Sonoro expects enhancedproduction rates and recoverable reserves, cost savings, and areduction in our carbon footprint. The technology will provide Sonorowith a competitive advantage in the Western Canadian Sedimentary Basinand internationally in the Middle East and North Africa region wherewe are evaluating opportunities.
Sonoro has finalized the design of the 14-29 surfacelease facilities and downhole equipment, confirmed delivery of alllong lead items and anticipates first production from the well in thesecond half of January. In conjunction with initial oil sales,Sonoro is working with third-party marketing firms to obtain optimalpricing for the produced products.
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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