Sumatra, Indonesia Update - Selat Panjang PSC
Calgary, Alberta – TheNewswire – June 20, 2022 - Sonoro Energy Ltd (the “Corporation “ or “Sonoro”) (TSXV:SNV) is pleased to provide shareholders an update on the Selat Panjang project in Sumatra, Indonesia where it holds a 25% ownership position in the Selat Panjang Production Sharing Contract (“PSC”).
After over two years of dis-engagement with its project partner, PT Sumatra Global Energi (“SGE”), Sonoro was invited and attended a partner working session in Jakarta, Indonesia on June 17th. At the meetings, Sonoro and SGE signed a binding Memorandum of Understanding whereby Sonoro will commission and produce a detailed reserves report, compliant with 51-101 requirements and SGE will transfer a to be determined additional ownership position in the Selat Panjang PSC for a commiserate equity position in Sonoro.
In addition, SGE, as project operator, have advised that they have initiated the work towards a series of workover and well interventions on three wells on the previously suspended Bakau field at Selat Panjang. The operations are scheduled to take place in the fourth quarter of 2022. These independent operations are not part of the committed Work Program established in 2019 under the PSC.
Mr David Kirk, President and CEO states that “this is a significant development for Sonoro for developing the project towards hydrocarbon production at the Selat Panjang PSC. We are re-engaging with our partner after a period of little contact during the covid restriction period and collaborating to resolve any previous issues that have stalled the progress of the PSC. Sonoro will commence immediate work to complete a detailed reserve report as per our Memorandum of Understanding and we are looking forward to our partners participation in Sonoro, which if executed, will increase the Company’s ownership of Selat Panjang from our current 25% ownership position”.
The Company will provide further details of developments at Selat Panjang as they emerge.
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 PSC.
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 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, and 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, please contact:
David Kirk, President
Sonoro Energy Ltd.
+61 432 450 878