SNV:CC - Sumatra Indonesia Update - Selat Panjang PSC
(TheNewswire)
Calgary, Alberta – TheNewswire – June 20, 2022- Sonoro Energy Ltd (the “Corporation “ or“Sonoro”) (TSXV:SNV) is pleased to provideshareholders an update on the Selat Panjang project in Sumatra,Indonesia where it holds a 25% ownership position in the Selat PanjangProduction Sharing Contract (“PSC”).
After over two years of dis-engagement with its projectpartner, PT Sumatra Global Energi(“SGE”) , Sonoro was invited and attended apartner working session in Jakarta, Indonesia on June 17th. At themeetings, Sonoro and SGE signed a binding Memorandum of Understandingwhereby Sonoro will commission and produce a detailed reserves report,compliant with 51-101 requirements and SGE will transfer a to bedetermined additional ownership position in the Selat Panjang PSC fora commiserate equity position in Sonoro.
In addition, SGE, as project operator, have advisedthat they have initiated the work towards a series of workover andwell interventions on three wells on the previously suspended Bakaufield at Selat Panjang. The operations are scheduled to take place inthe fourth quarter of 2022. These independent operations are not partof the committed Work Program established in 2019 under the PSC.
Mr David Kirk, President and CEO states that “this isa significant development for Sonoro for developing the projecttowards hydrocarbon production at the Selat Panjang PSC. We arere-engaging with our partner after a period of little contact duringthe covid restriction period and collaborating to resolve any previousissues that have stalled the progress of the PSC. Sonoro will commenceimmediate work to complete a detailed reserve report as per ourMemorandum of Understanding and we are looking forward to our partnersparticipation in Sonoro, which if executed, will increase theCompany’s ownership of Selat Panjang from our current 25% ownershipposition”.
The Company will provide further details ofdevelopments at Selat Panjang as they emerge.
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 ofmarkets, volatility of commodity prices, currency fluctuations,imprecision of reserve estimates, environmental risks, competitionfrom other producers, inability to retain drilling rigs and otherservices, delays resulting from or inability to obtain requiredregulatory approvals, changes in legislation including but not limitedto income tax, environmental laws and regulatory matters, and abilityto access sufficient capital from internal and external sources.Readers are cautioned that the foregoing list of factors is notexhaustive.
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.
For further information, please contact:
David Kirk, President
Sonoro Energy Ltd.
+61 432 450 878
www.sonoroenergy.com
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