Tickers: PINX:SNVFF, XTSX:SNV
Tags: Oil & Gas
CALGARY, Canada / TheNewswire / September 14, 2017– Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV), is pleased to announce that the drilling rig from PT Advanced Services Indonesia ("ASI") has mobilized from Balikpapan, sailed across the Makassar Strait, and is now moored and being unloaded in the Indonesian province of West Sulawesi.
Sonoro expects to have the drilling rig moved in the next week to its LG-1 Up-dip site on the Budong Budong Production Sharing Contract (PSC) lease, where it will be readied for drilling operations along with other drilling services. Spudding of the LG-1 Up-dip appraisal well–targeting the Pliocene Lisu sands, with a potential unrisked 15.9 million barrels-of-oil equivalent resource as previously reported–is expected to occur the week of Sept. 25, 2017 or possibly sooner, depending on weather, road conditions, and final inspection and approval by SKKMIGAS to begin drilling.
"Our team and ASI’s team are now fully focused on mobilizing to the LG-1 Up-dip well site, and getting the rig set up to start drilling operations. It took a lot of effort from everyone involved to get to this point–and now we’re excited to get going, and focused on carrying out drilling operations diligently and safely," says Sonoro’s Chief Executive Officer and Director Richard Wadsworth.
"With this being the first well drilled in West Sulawesi since the original LG-1 well in 2010, there is a lot of interest in this well being a success," he adds.
Sonoro has posted additional photos to its website, detailing the various activities and chronicling the progress made in advance of Budong Budong PSC drilling activity.
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in W.Sulawesi Indonesia. The Company has commenced operations for a one well appraisal drilling program on the Budong Budong license offsetting the LG-1 well. For further information please contact:
CEO and Director
Forward-looking Statements. Certain information in this press release constitute forward-looking statements under applicable securities law. Any statements that are contained in this press 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 press release contains forward-looking information regarding the pursuit of new opportunities in the region of the Budong Budong black.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated 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.
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