Communicators

are winners!

News

21.06.2017
Road and lease construction begins on Sonoro’s Budong Budong LG-1 Up-dip well location in Indonesia

Road and lease construction begins on Sonoro’s Budong Budong LG-1 Up-dip well location in Indonesia

 

CALGARY, Canada (June 21, 2017) Sonoro Energy Ltd. (“Sonoro” or “the Company”) (TSX-V: SNV) is pleased to provide a further update to its progress on the Budong Budong appraisal well project. 

 

The Company has engaged local contractors to commence construction of the LG-1 updip well location in the Indonesian province of West Sulawesi. Clearing of the road and site began on Saturday, June 17, and as of Tuesday, June 20, approximately 50% of the road and lease construction had been completed.

 

“The costs for road and lease construction are below our initial expectations,” says Sonoro’s Chief Executive Officer and Director Richard Wadsworth. We’re very pleased with the progress and quality of work that’s been done to date.”

 

The Company has also made progress in finalizing remaining drilling services, and expects that by the end of this week all letters of intent will be completed, with contracts then to be finalized.

 

With this progress, the Company remains on schedule to commence drilling in early August.

 

An updated corporate presentation has been placed on its website at www.sonoroenergy.com

The Company also announces it has engaged FronTier Merchant Capital Group (“FronTier”) to provide investor relations (IR) and marketing services. FronTier is an Investor Relations group with a home office in Toronto, Canada. FronTier will assist the Company by increasing market awareness for the company utilizing a number of financial market communications initiatives, including facilitating in-person introductions for the company with institutional and retail brokers in Toronto and other financial capitals, and through media distribution on national television, radio and multiple on-line channels.

 

Under the terms of the engagement, FronTier has been retained for a 12-month period at $87,000 (plus GST) per annum plus direct expenses. The Company will also grant 300,000 stock options to FronTier at an exercise price of $0.08 as per the Company stock option plan.

 

This agreement is subject to TSX Venture regulatory approval.

 

About Sonoro

 

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 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:

 

RICHARD WADSWORTH

CEO and Director

+1.403.262.3252

www.sonoroenergy.com

 

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.



NEWSLETTER REGISTRIERUNG:



Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
Newsletter...

Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender verantwortlich.

Kostenloser Abdruck mit Quellenangabe erlaubt.