RE:Sonoro Financials March 31 2021 Highlightslooks like their donkeys are still not moving
copperplay wrote: During 2020, the Company has been working with its partner to advance the development of the Selat Panjang PSC in Sumatra, Indonesia. The progress has not been significant due to many factors including Covid-19 issues in Indonesia. The first-year work program is minimal and has been completed for PSC purposes. It is imperative that the partnership progress the project and complete milestones such as execution of a JOA, a second year work program submission to SKK MIGAS, a third party reserve report and develop a strong working relationship with its partner to ensure seamless joint operation.
The Company has no cash flow from operations, and current cash resources are insufficient to fund its entire business plans. The Company will require substantial additional cash resources prior to achieving sufficient free cash flow to fund its operations. Sonoro expects to fund these cash requirements through future financings involving the sale of equity or debt securities, through joint venture or farm-out arrangements, or by other means.