Up 50% today. This is news from a few days ago.
Sonoro Energy signs MOU with PT Sumatra for Selat
2022-06-20 10:11 ET - News Release
Mr. David Kirk reports
SUMATRA, INDONESIA UPDATE - SELAT PANJANG PSC
Sonoro Energy Ltd. has provided shareholders an update on the Selat Panjang project in Sumatra, Indonesia, where it holds a 25-per-cent ownership position in the Selat Panjang production sharing contract (PSC).
After over two years of disengagement with its project partner, PT Sumatra Global Energi (SGE), Sonoro was invited and attended a partner working session in Jakarta, Indonesia, on June 17. At the meetings, Sonoro and SGE signed a binding memorandum of understanding whereby Sonoro will commission and produce a detailed reserves report, compliant with 51-101 requirements, and SGE will transfer a to-be-determined additional ownership position in the Selat Panjang PSC for a commiserate equity position in Sonoro.
In addition, SGE, as project operator, has advised that it has initiated the work toward a series of workover and well interventions on three wells on the previously suspended Bakau field at Selat Panjang. The operations are scheduled to take place in the fourth quarter of 2022. These independent operations are not part of the committed work program established in 2019 under the PSC.
David Kirk, president and chief executive officer, states: "This is a significant development for Sonoro for developing the project towards hydrocarbon production at the Selat Panjang PSC. We are re-engaging with our partner after a period of little contact during the COVID restriction period and collaborating to resolve any previous issues that have stalled the progress of the PSC. Sonoro will commence immediate work to complete a detailed reserve report as per our memorandum of understanding and we are looking forward to our partners participation in Sonoro, which if executed, will increase the company's ownership of Selat Panjang from our current 25-per-cent ownership position."
The company will provide further details of developments at Selat Panjang as they emerge.
We seek Safe Harbor.