SNV:CC - Sonoro Energy Ltd. Secures Drilling Rig and Regulatory Approval for its First Well
(TheNewswire)
Calgary, Alberta - TheNewswire - November 6,2023 - Sonoro Energy Ltd. (" Sonoro " or the" Company ") (TSXV:SNV) is pleased to announce that it hasreceived the well license from the Saskatchewan Minister of Energy andResources to commence drilling on the first Saskatchewan drillinglocation which will be a vertical well as originally planned. Sonorohas secured a drilling rig and services for this well with an intendedspud date of November 22, 2023.
The vertical well is targeting the Waseca formationthat lies in the same channel that offset’s Baytex’s Kerrobertfield that is producing over 1,800 bbls/d and specifically offsetsthree Baytex wells that have produced over 252,000 barrels ofoil.
A second well location has been selected and will bedeveloped with a multi-lateral well to be drilled immediately afterthe vertical well. The well will utilize the same drilling rig tominimize mobilization costs and time. The multilateral horizontal wellis engineered to have approximately 2,000 meters of lateral extensionsfrom four horizontal legs utilizing drilling technology advancementsallowing for multiple lined and open hole sections. Other heavy oiloperators have seen increases in initial production rates frommultiple open hole laterals of up to 100-300%. Both wells are plannedto be completed and equipped for production following the release ofthe drilling rig, with the anticipation of first oil sales before theend of the year.
With the successful application of deploying thesetechnologically advanced drilling techniques and tools, Sonoro plansto extend the technology to the next multi-lateral wells on theFarm-In Agreement lands and leverage this capability to our ongoingpursuits of opportunities in North Africa and the Middle East.
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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