Sonoro Energy and Selat PanjangFor all you new parties there, ensure you perform your due dilligence instead of listening to the boards. This is currently a volatile stock due to missed quoted timelines due to government and partner in Indonesia (finalizing agreement) but there is significant up side and profit to be made here.
Sonoro and partner were awarded the Selat Panjang PSC by government in early May 2019 - they currently have a 25% interest, with option of additional 24% (we should know soon). It took sometime for the back and forth between partner and government but recent news release is they finalized on all the terms and are booking a meeting to sign the contract now.and expected to be closed within ..1.5 weeks now. I have to double check, I believe the partner put up $5Million signing bonus for hte contract. The partner has agreed to pay all costs up front for the first year and has a great reputation in Indonesia
Selat Panjang block was previously in production with
expected to produce oil of about 4,400 bopd and gas production of around 24 mscfd from the block backk in 2018 by Sughi Energy: https://www.rambuenergy.com/2014/09/sugih-energy-raises-oil-production-in-selat-panjang-block-to-860-bopd/
All of the assessments and data from the previous workers is there - it just needs to be validated for current state back then it was estimated that
Selat Panjang block has an oil reserve of 37.5 mmstb and gas content of 118.4 billion standard cubic feet of gas (bscfg).
You will hear both sides of the story, but regardless people are holding past experience against them - what they are not taking into account is Budong was an exploration block where this is confirmed production output with significant opportunity for growth. at .06 / .08 / .10 this is a steal.
Everyone do there own DD