Sonoro Energy commences drilling on LG-1 Up-dip well in Indonesia
CALGARY, Cana da / TheNewswire / O ct. 2, 2017 —Sonoro Energy Ltd. (“Sonoro” or “the Company”) (TSX-V: SNV), is pleased to announce that drilling has begun at its LG-1 Up-dip appraisal well in Indonesia.
Sonoro’s drilling contractor, PTI Advanced Services Indonesia (“ASI”), has rigged up with all personnel and services on site at the LG-1 Up-dip wellsite on the Budong Budong Production Sharing Contract (PSC) lease in West Sulawesi, and has begun drilling operations with its Rig 3.
Sonoro is also pleased to announce that it has received further confirmation from Indonesia’s Directorate General of Oil and Gas (“MIGAS”) that the exploration period for the Budong Budong PSC remains valid through Jan. 15, 2018, and that Sonoro has until that date to drill, complete and test the LG-1 Up-dip well with no further conditions attached. A MIGAS representative visited the LG-1 Up-dip site in West Sulawesi this past weekend and performed an inspection to its satisfaction, enabling Sonoro to begin drilling operations.
“ We are pleased to have the continued support of the Indonesian government regulator SKKMIGAS and MIGAS to commence drilling operations with confidence,” said Sonoro CEO and Director Richard Wadsworth.
“ With this confirmation and inspection,” added Mr. Wadsworth, “we expect the initial drilling to now proceed cautiously in the top hole section, given the documented hydrocarbon overpressure encounters in the region, such that extra precautions are taken to be prepared for potential shallow gas kicks in the upper hole.”
Sonoro has posted additional photos of final LG-1 Up-dip rig preparation and establishment to its website, sonoroenergy.com.
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:
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.
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