(TheNewswire)
CALGARY, Canada / TheNewswire / August 25, 2017— Sonoro Energy Ltd. (“Sonoro” or “the Company”)
(TSX-V: SNV), is pleased to announce that its representatives have met with SKKMIGAS, Indonesia’s national oil and gas regulator,
and confirmed a revised schedule for Sonoro’s Budong Budong Production Sharing Contract (PSC) appraisal well program in the
province of West Sulawesi.
The schedule calls for drilling of the LG-1 Up-dip well during the second half of September, testing in October, and time
for further evaluation of results, if necessary thereafter. It’s expected that SKKMIGAS will submit this information to MIGAS, the
oil and gas directorate general within Indonesia’s Ministry of Energy and Mineral Resources, which overlooks the Budong Budong PSC
and its license extension.
Sonoro representatives have also toured the field with PT Advanced Services Indonesia (“ASI”) to review the logistics
involved in transporting ASI’s drilling rig to the LG-1 Up-dip site. Despite the significant rains during this trip and over the
past few weeks, the road conditions and lease are in excellent shape. Timing for mobilization of the drilling rig is on track for
the first week of September.
“ Our team is currently in Balikpapan coordinating with ASI to ensure that all the components and equipment
for the rig will integrate with our services and equipment already mobilized to Sulawesi,” says Sonoro’s Chief Executive Officer
and Director Richard Wadsworth.
“ After visiting our team in Sulawesi and our site last week, I have renewed confidence in our team’s ability
to deliver this well safely, in the time frames now planned—and, even given these delays, at a cost now below our
budget.”
Sonoro has also agreed to a mutual release with PT Pontil, the previous drilling rig contractor, on a contract
termination, as well as the return of both the performance bond held by Sonoro and the deposit held by PT Pontil.
The Company has filed its Q2, 2017 Financial Statements and Management and Discussion Analysis on SEDAR.
About Sonoro
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast
Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia. The Company has commenced operations for a
one well appraisal drilling program on the Budong Budong license offsetting the LG-1 well .
For further information please contact:
RICHARD WADSWORTH
CEO and Director
+1.403.262.3252
www.sonoroenergy.com
Forward-looking Statements. Certain information in this press release
constitute forward-looking statements under applicable securities law. Any statements that are contained in this press release that
are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often
identified by terms such as "may," "should," "anticipate," "expects," "estimates,", "seeks" and similar expressions. In particular,
without limiting the generality of the foregoing, this press release contains forward-looking information regarding the pursuit of
new opportunities in the region of the Budong Budong black.
Forward-looking statements necessarily involve known and unknown risks, including, without
limitation, risks associated oil and gas exploration, development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition
from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required
regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters,
and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned
not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations
upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation,
may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in
this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial
results are included in Sonoro’s reports on file with Canadian securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of
the date of this news release, and Sonoro does not undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by
securities 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 .
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