(TheNewswire)
Calgary, Alberta / TheNewswire / March 12, 2018 – Sonoro Energy Ltd
. (“Sonoro” or the “Company”) (TSXV: SNV) has been advised by SKKMIGAS, the energy regulatory in Indonesia, that
it has not renewed the Company’s Production Sharing Contract (“PSC”) for the Budong Budong PSC in West Suliwesi, Indonesia.
The Company has contacted SKKMIGAS to seek
immediate clarification of the situation as the Company had been given verbal assurance that the extension was
forthcoming and there is no explanation or rationale provided in the notice received. The Company is working urgently with
the relevant authorities in Indonesia to restore the PSC and will continue these efforts.
On March 9, 2018 the Company announced the closing of the first tranche of a private placement. Closing of that
placement will be delayed pending resolution of this situation.
The Company will provide an update as soon as additional information regarding the status of the PSC
becomes available.
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.
Forward-looking Statements
Certain information in this news release constitutes forward-looking statements under applicable securities
laws. Any statements that are contained in this news 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 news
release contains forward-looking information regarding the PSC.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks
associated with 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 .
For further information please contact:
Richard Wadsworth
CEO and Director
or
Dean Callaway
CFO
+1.403.262.3252
www.sonoroenergy.com
This press release is not to be disseminated in the United States
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