August 27, 2020 – TheNewswire – Calgary, Alberta – Sonoro Energy Ltd (the “Corporation “or “Sonoro”) (TSXV:SNV), and its wholly owned subsidiary company Zamatra Bakau Straits Ltd, is pleased to update shareholders on the operations in Indonesia at the Selat Panjang Production Sharing Contract (“PSC”) in Sumatra, Indonesia.
Sonoro has engaged RISC Advisory, an independent oil and gas consultancy firm with global operations and specific expertise in South-East Asia, to complete a NI-51-101 compliant reserve assessment and report for the Selat Panjang PSC.
RISC is a globally recognized reserve consultancy firm with extensive experience and expertise with certification of reserves and resources for both conventional and unconventional resources. RISC has previously worked on reserve certification at Selat Panjang with a previous operator of the PSC and as a result is well familiar with the prospects and potential in the area. RISC has previously produced NI 51-101 compliant reports for other TSX listed companies.
Operationally, Sonoro continues to work with its project partner PT Sumatra Global Energi (“SGE”) to complete a Joint Operating Agreement (“JOA”), a second year work program and liaise with SKKMIGAS on the project and specifically for final sign-off on the year one work commitment which has been completed. Developments have been slow over the past few months due to various matters with the project partner including Covid-19 delays.
The project partners have commenced operations for a field rehabilitation program at Selat Penjang that initially focuses on the Bakau field facilities including tanks, offices and housing, as well as improving road access. The Bakau field was commercially discovered in 2005 and has produced during various periods from the Lower Marine Sihapas structure, a small, low relief, roughly symmetrically dipping anticlinal/dome closure of about 1.2 km2 and the Non-Marine Sihapas which is a larger faulted 3-way dip closure The multiple stacked oil reservoirs have good porosity & permeability within a small closure and oil water contact in each sand layer. The field production facilities currently in place require small capital expenditures to allow for effective trucking or barge of any crude oil production.
Any and all operations performed during the Covid-19 pandemic will follow Indonesian government protocol for operating in this environment.
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:
Sonoro Energy Ltd.
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