Sonoro Energy Ltd. Commences Drilling First Well
This press release is not to be disseminated in the United States
Calgary, Alberta – TheNewswire – November 16, 2023 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it has commenced drilling the 11-30-32-23W3 well in Kerrobert, Saskatchewan.
The vertical development well is currently being drilled to a planned total depth of approximately 900 metres. The well is targeting the Wascana channel sand, which has been extensively delineated in this area. This is the same channel sand in which lies Baytex’s Kerrobert field that is producing over 1,800 bbls/d and directly offsets three Baytex wells that have produced over 252,000 barrels of oil. The well presents a low-risk step-out location that can be immediately brought into production. Completion operations are expected to commence immediately after rig release with subsequent oil sales occurring shortly afterwards.
Sonoro is also in the process of preparing the second location, which would represent it’s first multileg horizontal well and expects to license this well once surface land is acquired.
The Company will make further announcements as appropriate.
Richard Wadsworth, CEO, commented:
"Commencement of drilling signifies an early milestone in Sonoro’s strategy to establish cashflow for the Company in a demonstrated low cost region in Saskatchewan. Our objective is to drill a subsequent multi-lateral horizontal well shortly thereafter applying new technology and further proving our capabilities to improve productivity and reserves with the potential to then leverage this to opportunities being reviewed in the MENA region."
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the opportunities discussed.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resource and reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, the effectiveness of the technology to be employed by the Company, the Company’s ability to spud each well in accordance with the Farmin Agreement and its ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro’s reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward-looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information to participate in future financing, please contact the company at:
On behalf of the Board of Directors
of Sonoro Energy Ltd.
Dean Callaway, CFO and Director