TSX Venture Exchange Symbol: SNV
CALGARY, Feb. 11, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the
"Company") (TSX-V: SNV) is pleased to announce the following
operational and corporate updates.
Drilling Permit
The Company has received written correspondence from the Salah ad Din
Province of Iraq (the "Province") regarding the status of the drilling
permit application that the Company, through its subsidiary, Sonoro
Energy Iraq BV ("Sonoro Iraq"), had submitted to the Federal Government
of Iraq. Key highlights of this correspondence are as follows:
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The Province is pleased with the progress and the effort of the Company
and continues to support Sonoro under its license to enable it to
commence exploration work as planned and is working closely with the
required branches of the Federal Government to obtain consent for the
planned drilling program.
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The Federal Government has requested clarification as to the specific
area in which the initial drilling program will occur, Sonoro Iraq
registration in Iraq and further items which were previously provided
by the Company to the Province.
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The Province stated that it continues to follow up in order to receive
final permits for drilling from the Federal Government, is working
closely with the relevant ministries in Baghdad to complete the
process, and that when the process is completed, Sonoro Iraq will
receive the requested drilling permit.
The Company is pleased with the support, progress and the efforts being
made by the Province and, in particular, the constructive coordination
and cooperation the Province has had with various branches of the
Federal Government. The Company has recently met with officials from
the Federal Government and has now responded to the requests by
addressing each of these points and expects Federal Government consent
to proceed.
Drilling Rig
The drilling rig remains stacked in the Middle East and is ready for
transport once the drill permit and import license have been obtained.
Exploration Opportunities
Exploration activities over the past 6 months have included an extensive
exploration study based on our geological and geophysical data covering
the license area and other parts of Iraq. Within the shallower Tertiary
reservoirs alone, the Company has now identified 47 individual leads
and prospects across the Province. Of these, more than a half dozen
prospects are believed to have sufficient data to be drillable with
little additional data acquisition or analysis required. Initial
internal evaluations show these prospects have significant size, with
some comparable to or larger than the North Salah ad Din and Sherqat
prospects. This additional exploration work confirms that there is
significant resource potential that remains to be identified and
exploited, adding further support to the Company's previously disclosed
NI 51-101 report. That report outlined prospective resources exceeding
5 billion barrels in the Province based on estimates at that time.
Following the North Salah ad Din ("NSD") and Sherqat programs, the
Company is investigating how the current program may be extended to
include drilling additional identified drillable exploration prospects.
About Sonoro
Sonoro is an international oil exploration and development company. Our
current focus is a pure play on asphalt (heavy oil) resource
exploration and development in Iraq. Sonoro has initiated the
evaluation of resource opportunities under our asphalt license
agreement in the Salah ad Din Province.
Sonoro plans to drill exploration wells in the NSD and Sherqat prospects
in the Salah ad Din Province in the Republic of Iraq. An initial
development program to develop NSD and Sherqat, and a further
exploration program, including sub-surface data acquisition, in the
Salah ad Din Province have been outlined and are planned to be executed
following a successful NSD and Sherqat program.
Forward Looking Information
This press release contains forward looking information, including but
not limited to Sonoro's planned exploration at Sonoro's NSD and Sherqat
prospects and exploration and development activities. The forward
looking information is based on current expectations that involve a
number of risks and uncertainties, which could cause actual results to
differ materially from those anticipated. These risks include, but are
not limited to risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of resource estimates; the
uncertainty associated with geological interpretations; the uncertainty
of estimates and projections in relation to production, costs and
expenses and health, safety and environmental risks), the risk of
commodity price and foreign exchange rate fluctuations, risks
associated with the implementation of new technology, risks associated
with obtaining, maintaining and the timing of receipt of regulatory
approvals, permits, and licenses, uncertainties relating to access to
capital markets, in-country political risks and the risk of volatile
global economic conditions.
Due to the risks, uncertainties and assumptions inherent in forward
looking information, prospective investors in the company's securities
should not place undue reliance on forward looking information. Forward
looking information contained in this press release is made as of the
date hereof and are subject to change. The company assumes no
obligation to revise or update forward looking information to reflect
new circumstances, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sonoro Energy Ltd.
