Sonoro Energy Ltd. V.SNV

Alternate Symbol(s): SNVFF

Energy Oil & Gas E&P

Sonoro Energy Ltd. is a Canada-based oil and gas company. The Company is focused on oil and gas exploration and production in Canada and abroad, including the Middle East/North Africa (MENA) region. The Company has drilled two wells in Saskatchewan. The Well 11-30-32-23 W3 was a vertical well and the Well 14-29-32-23 W3 was a Waseca formation multi-lateral horizontal well with four horizontal legs for a total lateral length of approximately 1,600 meters. The Company’s subsidiary, Sonoro Energy Canada Ltd.

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Comment by RoyMax123on Nov 30, 2022 6:05pm

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Post# 35141292

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:SNV

it can also be 0... (yes I know I'm the half empty glass lol)

from the same NR

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% ownership position”.

ark88 wrote:

Jamarcus wrote:

ark88 wrote: If you're long, then one has to believe this narrative.

The facts as we know it is that SNV has 25% of the PSC and it will increase by another 24% if certain milestones are delivered.

No where was there a mention of SGE taking a stake in SNV commensurate to the additional 24% of PSC. The very first public mention of this was in the June 20, 2022 NR.

The "disagreement" between the parties, during the period from signing the PSC in Oct 2019 to June 20, 2022, was in fact due to SGE being not happy with just handing over the 24%.
This also explains SNVs position of not releasing the RR without the signing of the JoA.
A game of chicken ensued.

If this narrative is in fact what is presently unfolding, then yes things are coming together.
Of course, the issue of how to value the 24% into SNV shares is another matter altogether.
Clearly, there's a lot room for disagreement here and a lot of time required to get it right.

If this narrative is coming together, then SNV besomes the sole owner of the PSC, with SGE ownership of SNV commensurate to the PSC ownership structure.
GLTA!

Up to 24%. Could be anywhere from 1%-24%

Correct, sort of. There is no mention of the exact amount.

From the NR:
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.

Couple of critically important takeaways:
1. SGE signed something in concert with Sonoro for the very first time since 2019. Shared interest.
2. The MOU, contains a path forward to resolve the disagreement, i.e. SGE stake in SNV.