BB was planned before Selat Panjang bid submission. Budong Budong, West Sulawesi
In November 2017, Sonoro drilled a well at its Budong, Budong property in West Sulawesi, Indonesia. The Company cased the well after encountering hydrocarbon indications . The Production Sharing Contract (“PSC”) required an extension in early 2018 to continue operations. Due to circumstances beyond Sonoro’s control , the PSC has not been renewed to date. Sonoro continues its discussions with the Ministry of Energy in Indonesia to obtain an extension to the PSC. Sonoro holds a 99.5% interest in the PSC.
Sonoro Energy Enters Into a Strategic Alliance Sepetember 11, 2018
September 11, 2018 / TheNewswire / Calgary, Alberta - Sonoro Energy Ltd. ("Sonoro" or the "Company") (SNV) has entered into a Strategic Alliance Memorandum of Understanding with one of Indonesia's largest companies to develop oil and gas activities in Indonesia as joint partners (the "Joint Cooperation"). This strategic relationship is focused on the pursuit of activities related to the Budong-Budong project in West Sulawesi, Indonesia and also includes other conventional oil and gas opportunities in Sumatra, Indonesia. The Indonesian entity is engaged in a diversity of businesses including property development, plantation ownership as well as trading both domestically and internationally.
With regards to the Joint Cooperation, Mr. Atkinson commented "We are pleased to have the opportunity to become joint venture partners with one of Indonesia's most successful private investment groups which has had an impressive track record over their various business endeavors in Indonesia and is now seeking to repeat that success with Sonoro in the oil and gas sector. The Joint Cooperation relationship will allow Sonoro to actively pursue additional opportunities in Indonesia ultimately providing a more diversified portfolio of assets in a country I personally know extremely well"