Sonoro Energy Ltd. V.SNV

New Press Release - Sonoro Energy Ltd. to Resume Saskatchewan Drilling Program

(TheNewswire)Calgary, Alberta - TheNewswire - October 30, 2023 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV:SNV) is pleased to announce that it will resume operations at its Saskatchewan project pursuant to completion of an amended Farmin Agreement which has now been executed with its...read article.

[StratCap]

Game on folks.  The pivot to horizontal drilling strategy is going to be accretive to SNV's market cap quite quickly.  GLTA.

[Smoggy123]

Love the news but saw no reference to the Oct 30 deadline. That was supposed to be a horizontal well, so does this mean that is scrapped and that well will be horizontal but will take until Nov 30?

[RoyMax123]

Yes, new deadline is now Nov 30th "The Company has confirmed rig availability in order to spud the first well prior to November 30, 2023"

[copperplay]

  yes this is my interpretation also but if Rig becomes available in next week or so they start just could not give a firm date...Yet !

[StratCap]

If the amended agreement was just freshly signed, I am assuming that they can now apply for the drilling licence. The October 30 soft and vague deadline has now come and gone. Good to see things moving forward finally. Lets get the licence to drill approved and go from there.  GLTA

[copperplay]

  and also land the MENA deal $$$$

[RoyMax123]

The problem with MENA is that it will take a lot of money that we don't have. And we still don't know if they have to wait after the 5th wells before making money. As per that news, at 60 days between each well it will take a lot of time to drill the 5 first wells   

[StratCap]

Roy, what do you think might happen to SNV share price if they announce a MENA deal? We could be talking a 20,000 BOE/D monster. What would happen if SNV acquires majority of a project then has a major farm-in that could provide SNV with a free ride?  Lots of ways things can happen. I think its best to wait for these developments to take place before speculating on negative what ifs

[thorgb1]

First well is still vertical, and yes the horizontals will take longer but could potentially replace 3-5 vert wells. 

[FabiusCunctator]

Horizontal wells should do a few things: Initial productioon should be significant higher 200-300% more for a successful well Increase the ultimate recovery Increase the reserves on teh property All of which adds up to a higher cap by all measures.

[ark88]

Not the wording that i was expecting. I'm reading that the Amended Agreement has not completed yet. Also, 2 weeks ago drilling by end of October and now by end of November. Something else is going on that we're not being told with Proton.

[thorgb1]

  Not sure how much clearer it could be: "pursuant to completion of an amended Farmin Agreement which has now been executed with its farmin partner Superb Operating Company " Of course the timeline had to be extended based on the fact that they just only just signed off on the agreement.  

[MJB4231]

To paraphrase... The deal is signed